How the New 5% Deposit Scheme Is Helping Gold Coast and Tweed Heads Buyers Get into Their First Home

Introduction

If you’ve been trying to buy your first home on the Gold Coast or in Tweed Heads, but saving a big deposit feels impossible — there’s some great news. Thanks to the Government’s 5% deposit scheme Gold Coast and Tweed Heads first home buyers can now get into the market sooner — without needing a 20% deposit or paying expensive Lenders Mortgage Insurance (LMI).

At Gold Coast Lending Services, we help first home buyers take advantage of this 5% deposit home loan and get into their new home sooner.

What Is the 5% Deposit Scheme Gold Coast Buyers Are Talking About?

The First Home Guarantee Scheme (sometimes called the 5% deposit scheme or first home loan deposit scheme) is a government initiative designed to help first home buyers purchase a property sooner.

Normally, if your deposit is under 20%, you have to pay Lenders Mortgage Insurance (LMI) — often thousands of dollars. Under this government-backed LMI scheme, the Australian Government acts as your guarantor, covering up to 15% of the property’s value. That means you can buy your first home with just 5% down and avoid paying LMI altogether.

Who Can Apply for the First Home Guarantee Scheme?

The scheme has recently been expanded to make it easier for more Australians to qualify. You can now apply if you:

• Are an Australian citizen or permanent resident, aged 18 or over

• Are a first home buyer who has never owned property before

• Plan to live in the property (it can’t be an investment)

• Are buying within your region’s price cap

  
  

Property price caps:

• Gold Coast: up to $1,000,000

• Tweed Heads: up to $800,000

  
  

No income limits — the previous salary caps have been removed

No cap on places — applications can be made all year round

Flexible applicants — friends and family can now apply together

At Gold Coast Lending Services, we’ll confirm your eligibility, compare participating lenders, and help you secure the best low deposit home loan for your situation.

Why the 5% Deposit Scheme Is Helping So Many Gold Coast and Tweed Heads Buyers

For buyers across the Gold Coast and Tweed Heads, this scheme is a game changer. With property prices continuing to climb, waiting to save a 20% deposit can take years. The First Home Guarantee Scheme allows you to enter the market sooner and start building equity right away.

Here’s why it’s so popular:

• Buy with just 5% deposit

• No LMI — save thousands upfront

• Apply with friends or family

• No income or place limits — more flexibility than ever

• Fast-tracked access to the property market

  
  

We’ve seen clients from Burleigh Heads, Robina, Palm Beach, Tweed Heads South, and Banora Point successfully use this scheme to buy their first homes sooner than they thought possible.

How a Local Mortgage Broker Can Help You Access the Scheme

As your local Gold Coast mortgage broker, we specialise in helping first home buyers understand and access the First Home Guarantee Scheme.

We’ll help you:

• Check if you qualify for the 5% deposit scheme

• Compare rates from multiple approved lenders

• Find the best home loan option for your goals

• Handle all paperwork and communication

• Guide you through the process from start to finish

We simplify everything — so you can focus on finding your new home in Tweed Heads, Coolangatta, Burleigh Waters, or anywhere across the Gold Coast.

Common Questions About the 5% Deposit Scheme

Do I have to repay the government?

No. The government simply guarantees part of your loan — you repay your mortgage as normal.

Can I use it with the First Home-Owner Grant?

Yes. You can often combine the First Home Guarantee Scheme with the First Home-Owner Grant (FHOG) or stamp duty concessions to maximise your savings.

I’m self-employed — can I still apply?

Certainly. We’ll help assess your income structure and find lenders who support self-employed or contract workers.

Ready? Start Your Home Journey Today

The First Home Guarantee Scheme is now more flexible than ever — with no income limits and no limit on places. If you’ve been thinking about buying your first home on the Gold Coast or in Tweed Heads, now is the perfect time.

If you’re ready to take advantage of the 5% deposit scheme Gold Coast and Tweed Heads, talk to your local expert at GC Lending Services — we’ll help you navigate the process and find the right home loan

Give me a call on 0450 616 638 or visit GC Lending Services to get started today.