| Region | FY 2021-22 | FY 2022-23 | Difference |
|---|---|---|---|
| NSW – Sydney & regional centres (Newcastle, Lake Macquarie & Illawarra) |
$800,000 | $900,000 | $100,000 |
| NSW – rest of state | $600,000 | $750,000 | $150,000 |
| VIC – Melbourne & regional centre (Geelong) |
$700,000 | $800,000 | $100,000 |
| VIC – rest of state | $500,000 | $650,000 | $150,000 |
| QLD – Brisbane & regional centres (Gold Coast & Sunshine Coast) |
$600,000 | $700,000 | $100,000 |
| QLD – rest of state | $450,000 | $550,000 | $100,000 |
| WA – Perth | $500,000 | $600,000 | $100,000 |
| WA – rest of state | $400,000 | $450,000 | $50,000 |
| SA – Adelaide | $500,000 | $600,000 | $100,000 |
| SA – rest of state | $350,000 | $450,000 | $100,000 |
| TAS – Hobart | $500,000 | $600,000 | $100,000 |
| TAS – rest of state | $400,000 | $450,000 | $50,000 |
| ACT | $500,000 | $750,000 | $250,000 |
| Northern Territory | $500,000 | $600,000 | $100,000 |
| Jervis Bay Territory & NorfolkIsland | $550,000 | $550,000 | – |
| Christmas Island and Cocos (Keeling) Islands | $400,000 | $400,000 | – |
All of the schemes allow you to buy a property with a deposit of as little as 2% or 5%, without paying Lenders Mortgage Insurance (LMI). Usually, LMI is applicable when you borrow more than 80% of the property value.
- First Home Guarantee: First home buyers can buy or build a home with a 5% deposit.
- Family Home Guarantee: Single parents can buy or build a home with a 2% deposit.
- Regional Home Guarantee: The new Regional Home Guarantee will provide up to 10,000 places each year from 1 October 2022. The price caps for this scheme are yet to be announced.
- A guarantor home loan is the best option that allows you to borrow 100% of the property value.
- Lenders also offer no deposit and small deposit home loan options, if you’ve saved at least a 5% deposit for a home loan.