Darling Downs Bank is proud to support more first home buyers in our community to achieve home ownership through participation in the Australian Government 5 per cent Deposit Scheme.
The Scheme allows eligible home buyers to purchase a home with as little as a 5 per cent deposit, while single parents or legal guardians may qualify with a minimum deposit of just 2 per cent without the added cost of Lenders Mortgage Insurance (LMI), helping remove one of the biggest barriers to entering the property market.
At a time when many Australians are finding it increasingly difficult to save for a home, this initiative provides a pathway for individuals and families to enter home ownership.
John Ford, CEO of Darling Downs Bank, said, “Lender’s Mortgage Insurance is typically paid by the borrower and can cost up to $26,000 on a $600,000 home. Eligible first home buyers can avoid this upfront cost by taking out a 5 per cent Deposit Scheme loan with Darling Downs Bank. This effectively brings forward home ownership as prospective first home buyers do not need to save up a large deposit”.
The 5 per cent Deposit Scheme, administered by Housing Australia on behalf of the Australian Government, enables eligible buyers to purchase a home with a smaller deposit, removing the need for LMI. Darling Downs Bank is now an authorised Participating Lender under the Scheme.
Darling Downs Bank works closely with first home buyers to help them understand the Scheme, check their eligibility, and navigate the process with confidence.
The organisation’s participation reflects its broader commitment to supporting financial wellbeing and creating stronger, more resilient communities.
The 5 per cent Deposit Scheme is available to eligible applicants, with income caps and property price limits applying.
For more information, visit www.ddbank.com.au/australian-government-5-deposit-scheme/ or contact Darling Downs Bank on 1300 72 44 33 or enquiries@ddbank.com.au
