Breaking into the property market is about to get easier for first home buyers in Perth. From 1 October 2025, the Federal Government’s expanded Home Guarantee Scheme will officially roll out – well ahead of the original 2026 start date.
This updated program is designed to remove the traditional hurdles of saving a 20% deposit and paying expensive lenders mortgage insurance (LMI). With as little as a 5% deposit, eligible buyers can purchase their first home while the government steps in to guarantee the remaining 15%.
Here’s what buyers can expect
- Unlimited access: There’s no cap on the number of people who can take part – if you qualify, you’re in.
- No income thresholds: Higher-earning buyers can now apply, removing previous restrictions.
- Increased property limits: In Perth, the new price cap rises to $800,000.
- More lender choice: With over 30 participating banks and customer-owned lenders, buyers have a wide range of options.
What This Means for You
For many Perth locals, saving a deposit has been the toughest barrier to buying a first home. Under the new rules, a property worth $800,000 could be secured with just $40,000 upfront. On top of that, skipping LMI can save buyers tens of thousands of dollars.
And it doesn’t stop there – this scheme can be stacked with other state government incentives, such as first home buyer grants, providing an even bigger boost for those ready to step into the market.
How to Get Started
If you’re looking to make the most of the new scheme, here’s the process from October:
- Confirm your eligibility using Housing Australia’s updated online tool.
- Check the new property price caps to see what you can afford in your area.
- Speak with a participating lender (more than 30 options available).
- Get pre-approval and start searching for your first home.
Ready to Take the Leap?
The expanded Home Guarantee Scheme represents a huge opportunity for Perth’s first home buyers – especially those who have been locked out by rising property prices and deposit requirements.
With no limits on places, higher property thresholds, and earlier access, there’s never been a better time to prepare for your first step into home ownership.
👉 Contact us today to find out how the 5% Deposit Scheme can help you secure your dream home.
