Single Parents

The Australian Government 5% Deposit Scheme helps you into your new family home if you have saved a minimum 2% deposit.

Australian government support for single parents

The Australian Government 5% Deposit Scheme helps single parents or legal guardians who have saved a minimum 2% deposit to buy a new home with a government guarantee. 

The Australian Government 5% Deposit Scheme gives you the flexibility to choose the type of home that suits your lifestyle, location and budget, right across Australia. 

Both the purchase price and the home’s value (as assessed by your Participating Lender) must stay at or below the cap. For building a new home on vacant land with separate contracts, the total land price plus build costs need to come in under the cap too. 

 

Check the Postcode Search Tool to find the price cap for your desired location. It’s only a guide – confirm with your Lender for any home you’re considering buying. 

For regional centres in NSW (for example Newcastle and Lake Macquarie) the price cap is $1.5million and for other areas (for example Maitland) the cap is $800,000. 

Housing Australia also has a Borrower Eligibility Tool to help home buyers identify your borrower eligibility for the Scheme. 

How to Apply

 

Frequently Asked Questions

Single parents or legal guardians with a minimum of 2% deposit. 

There are unlimited places available under the Australian Government 5% Deposit Scheme from 1 October 2025. 

Lenders Mortgage Insurance (LMI) is a one-off premium added to your home loan if you do not have a 20% deposit. It is an insurance policy which covers the lender against the losses they may suffer if the borrower can no longer pay loan repayments. If a borrower defaults on their mortgage, LMI means the lender can recover what is owed to them by repossessing the property the home loan is tied to. If the property’s value has fallen, the lender can suffer a loss. This is the risk LMI covers. 

Learn more about Lenders Mortgage Insurance 

  • Australian citizen or permanent resident, at least 18 years old
  • Saved a minimum deposit of 2%
  • Single parent or single legal guardian of one or more dependent children
  • Not have any other property interest once your new home settles
  • Buying a home in Australia priced at or below the location’s price cap
  • Planning to live in the home as an owner-occupier (no investment properties)
  • Applying for an owner-occupier home loan with Principal and Interest repayments from a Participating Lender, up to 30 years (plus up to 3 years to build a new home)
  • Applying on your own (no joint applications)

Explore our home loans

Calculators

Ready to plan your next step? Our easy-to-use calculators can help you estimate your repayments and understand how much you could borrow, so you can move forward with confidence.

View all our online calculators →

  • 1

    Rate only available for new loans with a minimum loan amount of $150,000, for the relevant fixed period and product purpose. Annual Package fee of $395 payable. Offer can be withdrawn at any time. On expiry of the fixed rate period the rate will revert to the relevant Standard Home Loan Variable Rate minus the contracted margin.

  • 2 Comparison rate calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. For variable rate interest-only loans, the comparison rate calculation is based on an initial 5-year interest-only term. For fixed rate interest-only loans, the comparison rate calculations are based on an initial interest-only term equal to the fixed rate term.
  • 3

    Rate only available for new loans with a minimum loan amount of $20,000, for the relevant fixed rate period and product purpose. On expiry of the fixed rate period the rate will revert to the relevant Standard Home Loan Variable Rate minus the contracted margin if applicable.

  • 4

    First Home Buyer Special Offer: Rate includes a discount margin off the applicable Owner Occupied Budget Home Loan Variable Rate. Margin and rate subject to change. Offer is available to First Home Buyers for new loans with a minimum amount of $500,000 with a LVR up to 95%. Offer may be withdrawn at any time. Non-First Home Buyers Special Offer: Rate includes a discount margin off the applicable Owner Occupied Budget Home Loan Variable Rate. Margin and rate subject to change. Rate only available for new loans to The Mutual Bank with minimum new loan amount of $100,000 and maximum LVR of 80%. Offer may be withdrawn at any time.

  • 5 Comparison rate calculated on a loan amount of $150,000 over a term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate.

The Australian Government 5% Deposit Scheme eligibility criteria apply. Eligibility criteria, terms, conditions, fees, and charges apply to all home loans and are available on application. 

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Any advice or information on this site does not take into account your personal objectives, financial situation, or needs and you should consider whether it is appropriate for you. Please review our Product Disclosure Statement, Target Market Determinations, Terms and Conditions, Financial Services Guide, and Credit Guide before deciding to acquire a product.

Eligibility and lending criteria, conditions, fees, and charges apply to all loans. Interest rates, fees, and charges may change without notice. Information is current as at date of appearance and is subject to change. We use reasonable efforts to provide accurate and up to date information. However, mistakes may still occur from time to time, and we cannot guarantee that this website is free from any errors, inaccuracies or omissions. Maitland Mutual Limited trading as The Mutual Bank ABN 94 087 651 983 AFSL/Australian credit licence 238139.

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We acknowledge the Traditional Owners of the lands on which we operate and pay our respects to Elders past and present, and to emerging community leaders. We also acknowledge the important role Aboriginal and Torres Strait Islander peoples continue to play within the communities in which The Mutual Bank operates and where our team members reside.