If you're hoping to buy your first home but feel like you’re still a fair way off, I’ve got good news — the rules changed from 1 October 2025, and a lot more people are now eligible to buy with just a 5% deposit and no Lenders Mortgage Insurance (LMI).
As a financial adviser on the Gold Coast, I work with plenty of first-home buyers who assume they need $100,000 saved before they can even look — but with these new concessions, you may be closer to buying than you realise.

What Changed from 1 October 2025?

The Federal Government expanded the Home Guarantee Scheme. This scheme allows eligible first-home buyers to purchase a property with just a 5% deposit without paying Lenders Mortgage Insurance — which can normally add tens of thousands to your loan or be lost upfront.
From 1 October, the following improvements came into effect:

• There are no income limits anymore, which means higher-income earners can now use the scheme.
• Places are now unlimited, so there’s no risk of missing out because the quota ran out.
• Property price caps have increased, allowing up to $1 million purchases in Brisbane / Gold Coast / Sunshine Coast.
• Separate regional schemes have been merged into one simplified program.
• The rollout was brought forward earlier than planned, meaning it’s already active.

What Does This Mean in Real Terms?

Let’s say you’re looking at a $750,000 to $1,000,000 home. Previously you would normally have needed a 20% deposit — that’s $150,000 to $200,000.
Under the new scheme you may only need 5%, so roughly $37,500 to $50,000, and you avoid paying LMI altogether.
That’s a potential saving of $100,000 or more upfront, plus avoiding $30,000–$50,000 in insurance premiums that don’t benefit you.

Bonus Savings for Queensland Buyers — Stamp Duty

If you’re buying in Queensland, there’s another layer of savings available.
From 1 May 2025, first-home buyers purchasing new homes or vacant land to build on can receive a full exemption from stamp duty.
If you’re buying an established property, you may still receive a concession depending on the price and contract date.
The best part? You can combine the Queensland stamp duty concession with the 5% deposit / No LMI scheme.

Who Can Apply?

You’re likely eligible if:

• You’re a first-home buyer and plan to live in the property.
• You have at least 5% deposit saved (or even partially gifted — depending on lender policy).
• The property you’re buying is under your area’s price cap.

Even if you think you earn too much or don’t have enough savings, it’s worth checking — the new rules are far more flexible.

My Advice as a Financial Adviser

Don’t rule yourself out until you’ve had the numbers checked.

Most people I speak to are closer to buying than they think. The biggest difference between someone who buys next year and someone who waits another five is usually just a strategy — not income.
If you want a clear answer, simply send me:

• Your rough savings amount, and
• The suburb or price range you're aiming for

I’ll tell you:

• Whether you could qualify now
• How much deposit you actually need
• Whether stamp duty and LMI can be completely avoided

Want to Find Out If You’re Ready Sooner Than You Think?I’m always happy to run the numbers for you — no pressure, no sales pitch — just straight advice.
Click here to book a First Home Buyer Strategy Call