A federal government scheme that lets eligible first home buyers purchase with as little as a 5% deposit and pay no Lenders Mortgage Insurance. The government guarantees the portion of your deposit that falls short of 20%, so the lender doesn't need LMI to cover its risk.
You're not borrowing the difference and you're not giving up any share of your home. The guarantee simply sits behind your loan, and it falls away as you build equity.
The scheme was expanded significantly, and a lot of the advice still circulating hasn't caught up:
Income caps removed — your salary no longer restricts access
Places unlimited — the old annual quota is gone, so there's no rush to beat a cut-off
Price caps lifted — $800,000 for the Dubbo region and most of regional NSW
If you were told a year or two ago that you earned too much or that places had run out, that advice is out of date. Worth checking again.
Australian citizen or permanent resident, 18 or over
You generally must not have owned property in Australia before
At least 5% genuine deposit
Purchase price at or under $800,000 in the Dubbo region
You must live in the home, not rent it out
The loan must be with a participating lender
On a $600,000 purchase, a 5% deposit is $30,000 instead of $120,000. You also avoid an LMI premium that on that loan size can run well into five figures.
For most people it isn't about saving the premium — it's about buying four years earlier than they otherwise could.
The deposit isn't the whole story:
Conveyancing or solicitor's fees — $1,500 to $2,500
Building and pest inspection — around $400 to $800
Stamp duty — often nil for eligible first home buyers, but confirm at your price point
Transfer and mortgage registration fees
Rates adjustments and home insurance
On that $600,000 purchase, allow $3,000 to $5,000 on top of your $30,000.
Not every lender participates, and those that do apply their own credit policy on top of the scheme rules — so qualifying for the guarantee doesn't automatically mean qualifying for the loan. We check both, match you to a participating lender that suits your situation, and manage the application.
Robert B
I had an outstanding experience with the team at Dubbo Mortgage Brokers. A huge thank you to Adam, Brad, and Caitlin for all of their hard work and support throughout the entire process. They were professional, knowledgeable, and genuinely committed to helping me secure the best possible deal. They all worked together seamlessly, making the process smooth and stress-free. No matter how many questions I had, they were always available to provide clear advice, keep me informed, and make sure I understood every step along the way. I highly recommend Dubbo Mortgage Brokers to anyone looking for a reliable and professional mortgage broker. Their communication, dedication, and customer service were exceptional, and I couldn’t be happier with the outcome. I’ll definitely be using them again in the future. Thanks again, Adam, Brad, Caitlin, and the whole team!
Marivic Cabrera
Thank you so much to Adam and Brad for supporting us every step of the way in purchasing our home. Their quick responses and superb communication made the whole process smooth, easy and stress-free. We truly couldn’t have done it without them. Mavic & Mickael
Michael Skupien
Can't speak highly enough of Adam and the team at Dubbo Mortgage Brokers. They kept us in the loop the whole time and were always reachable if we had questions.
Dana Wales
I would highly recommend using Dubbo mortgage brokers to help with buying a house, the team there, especially Brad, were amazing and extremely helpful. They broke everything down for me and ensured I understood the process and what was needed, which was amazing for a first home buyer when it is all so overwhelming. I can’t recommend these guys enough, I am extremely grateful for their help and I now have a beautiful home thanks to them.
Brayden Cracknell
The team at Dubbo Mortgage Brokers went above and beyond in the process of getting my home loan process, kept me updated the whole way through. Made everything less stressful and confusing, and made it a breeze. Will definitely be coming back for the next home!
Ashlea Skupien
We honestly can’t say enough good things about our experience with Dubbo Mortgage Brokers. Our situation was complex and far from cookie cutter, but Adam made the whole process feel easy and completely stress-free. His knowledge and experience really stood out, and we always felt like we were in safe hands. Adam and Brad went above and beyond to get us exactly what we were hoping for, and even saved us money along the way. Nothing ever felt like too much trouble, and they were so easy to deal with from start to finish. If you’re looking for someone who genuinely cares and knows what they’re doing, we couldn’t recommend them more highly.
Dubbo Mortgage Brokers ABN: 24 828 996 302. Credit Representative 453008 of My Local Broker Pty Ltd is authorised under Australian Credit Licence 481374
Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.
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