Minimum first-home deposit
Eligible first-home buyers can apply through a participating lender. A separate pathway offers eligible single parents or legal guardians a minimum 2% deposit.
First-home buyer guide / Victoria
A smaller deposit.
A clearer starting point.
Understand the Australian Government 5% Deposit Scheme before you shortlist a home.
The essentials
What the scheme
actually does.
A guarantee to the lender
The government guarantee can remove the need for Lenders Mortgage Insurance. It is not cash towards your deposit; you remain responsible for the loan and costs.
A home to occupy
The scheme is for owner-occupiers, not investment purchases. Lender approval and ongoing scheme requirements still apply.
No income cap applies, but lenders still assess affordability and eligibility. Official scheme overview ↗
Victoria price caps
Check the postcode.
Then the whole price.
Both the purchase price and lender-assessed value must be within the applicable cap. For separate land and building contracts, the combined land and build costs count.
- Melbourne & Geelong*
- $950,000
- Other Victorian areas*
- $650,000
*Scheme-defined areas, not Luna’s search regions. Check the exact address using the official postcode tool and confirm it with your lender.
Check official postcode caps ↗For a house & land purchase
Three checks
before committing.
Start with your lender
Ask a participating lender to assess your eligibility, borrowing capacity, deposit and purchase costs. Luna can help with your property search; we do not approve scheme applications or loans.
Compare the complete package
Bring the land price, proposed build contract, inclusions, site-work allowances and potential extras into the same discussion. A headline price is not a substitute for the written scope.
Check the timetable
Ask your lender and conveyancer how title timing, settlement, construction deadlines and moving in affect this purchase. Have the contracts reviewed before signing.
Useful questions
Know what
to ask next.
Does a 5% deposit cover every upfront cost?
No. For example, 5% of a $600,000 purchase is $30,000. That arithmetic is not a loan quote or approval. Ask your advisers to budget separately for conveyancing, applicable duty, inspections, lending costs and a contingency.
Is every Luna package scheme-eligible?
No eligibility is implied by appearing in our catalogue. Your lender must assess you, the property, the combined price and the contract arrangements. Luna can prepare a shortlist around the budget and areas you have discussed with your lender.
Can I apply through Luna Homes?
Applications go through participating lenders. We help you explore properties and organise the information to discuss with your finance professional. You can also contact a participating lender directly.
Is this the First Home Owner Grant?
No. Grants, stamp-duty concessions and the deposit scheme are different forms of support with separate rules. Ask your advisers which, if any, apply to your circumstances.
Your property search
Find options that
fit your brief.
Share the budget and areas you’re considering. We’ll help you compare the home, land and details you need to check.