THE HON KRISTY MCBAIN MP
Member for Eden-Monaro

From today, first home buyers will be able to buy a home with only a 5 per cent deposit across Eden-Monaro.

Through the expanded 5 per cent deposit scheme, the Albanese Government will guarantee a portion of a first home buyer’s loan, so they can purchase with a lower deposit and not pay Lenders Mortgage Insurance.

In Eden-Monaro, almost 1,000 people have already been able to buy their first homes thanks to the Home Guarantee Scheme.

From 1 October 2025, all first home buyers in Eden-Monaro will have access to 5 per cent deposits, with no caps on places or income limits.

Property price caps will also be set higher, in line with average house prices, providing access to a greater variety of homes.

That means property price caps in Eden-Monaro will be raised from $750,000 to $800,000 – meaning a first home buyer will have more options to choose from.

For a first home buyer in Eden-Monaro looking to purchase a $800,000 home, the 5 per cent deposit will save them $120,000.

To find out more, visit www.housingaustralia.gov.au/home-guarantee-scheme.

Quotes attributable to Member for Eden-Monaro Kristy McBain

“From today, all first home buyers in Eden-Monaro will be able to buy a home of their own with a deposit of just 5 per cent – cutting years off the time it takes to save for a deposit.

“We’re removing barriers, not building them. This program means more people in Eden-Monaro can stop renting and start building a future in their own home.”