5% Deposit Mortgage.
In 2020, the Liberal-National coalition introduced the free government-backed lenders’ mortgage insurance to buyers with deposits of as little as 5 per cent.
This helped many first home buyers to buy a property, without the need for the 20 per cent deposit they would normally require, if a bank was willing to lend to them.
In 2022, when the Labor Party won the Federal Election, they continued with this policy.
In 2025, the Albanese Labor government has pledged to extend this 5% deposit scheme, if they are re-elected.