Home / 5% Deposit Scheme IN Gladstone QLD

Gladstone QLD

5% Deposit Scheme IN Gladstone QLD

Buy your first Gladstone home with a 5% deposit and no LMI through the federal First Home Guarantee Scheme. Check eligibility with Coral: 0409 311 985.

0409 311 985

Skip the 20% Deposit. Skip the LMI.

The federal government’s First Home Guarantee lets eligible first home buyers purchase with as little as a 5% deposit. The government guarantees up to 15% of the loan value to the lender, so you avoid Lenders Mortgage Insurance entirely. Unlike Queensland’s Boost to Buy shared equity scheme, this is not a co-ownership arrangement, you own 100% of your property from day one and owe the government nothing.

As your mortgage broker in Gladstone, Coral will assess which guarantee suits your situation and connect you with the right participating lender.

5% Minimum deposit (first home buyers)

2% Minimum deposit (single parents)

$0 Lenders Mortgage Insurance

100% You own the property outright

No cap Income limits removed Oct 2025

Single Parent? You May Only Need a 2% Deposit

The federal government’s Family Home Guarantee is a separate track within the same scheme designed specifically for single parents and single legal guardians raising at least one dependent child. Instead of 5%, you only need a 2% deposit, and the government guarantees up to 18% of your loan value so you still pay no LMI.

Importantly, this is not a shared equity arrangement. The government does not take a stake in your home. You own 100% of the property, and the guarantee simply removes the LMI cost. It is also open to previous homeowners who do not currently own property, not just first home buyers.

Key eligibility: You must be legally single (no spouse or de facto partner), have at least one dependent child living with you, be an Australian citizen or permanent resident, and not own any other property at settlement. The loan must be in your name only, and the property must be owner-occupied. Speak to Coral about whether you qualify before approaching a participating lender.

Key Difference from the $30,000 FHOG Grant

The $30,000 First Home Owner Grant is a cash payment for new builds only. This scheme is completely separate and applies to both new and established properties. For most Gladstone buyers purchasing existing homes, the 5% Deposit Scheme is the more relevant starting point.

Income caps were removed in October 2025. If you previously checked and were over the threshold, check again, both guarantees now have no income limit.

How the Schemes Compare

QLD Grant
$30,000 FHOG

Cash grant for new builds only. Never repaid. Property must be under $750k. Expires June 2026.

Applies to
New builds only
You own
100%
This Page
5% Deposit Scheme (Federal)

First home buyers: 5% deposit, govt guarantees 15%. Single parents: 2% deposit, govt guarantees 18%. No LMI, no shared equity.

Applies to
New or existing homes
You own
100% from day one
QLD Scheme
Boost to Buy (2%)

QLD Government co-owns up to 25% of your home. Only 2% deposit needed. Government equity must be repaid on sale.

Applies to
New or existing, up to $1M
You own
Partial until buyout

Eligibility at a Glance

All criteria must be met at the time of application. Coral will confirm your eligibility as part of your first home buyer consultation in Gladstone.

First Home Buyer Guarantee
- Australian citizens or permanent residents
- Genuine first home buyers, or not owned property in the last 10 years
- Singles or couples purchasing together
- Owner-occupiers only
- Any income level, caps removed Oct 2025
- Minimum 5% genuine savings deposit
- Investment purchases are not eligible
Family Home Guarantee (Single Parents)
- Australian citizen or permanent resident, 18+
- Legally single, no spouse or de facto partner
- At least one dependent child living with you
- Open to first home buyers AND previous homeowners
- Any income level, caps removed Oct 2025
- Minimum 2% genuine savings deposit
- Loan must be in your name only, no joint applicants
- Must not own any other property at settlement
Property Requirements (Both Guarantees)
- Residential property: house, townhouse, or apartment
- New builds, established homes, house and land packages, off-the-plan
- Purchase price within the regional cap for your area
- Investment properties are not eligible
- Commercial or mixed-use properties are not eligible

Document Checklist Progress

0 of 16 items completed (0%)

Identity and Citizenship Documents

Proof of Identity (100-point check)

Driver’s licence, passport, birth certificate, or a combination totalling 100 points. All documents must be current. Coral can certify copies as a Commissioner for Declarations.
Proof of Australian Citizenship or Permanent Residency

Australian passport, birth certificate, or citizenship certificate. Permanent residents must include visa grant notice or ImmiCard.
Tax File Number (TFN)

Required by the lender as part of standard loan application processing.

Income and Employment Documents

Two Most Recent Payslips

From all applicants. Must show employer name, gross income, and pay frequency.
Most Recent Group Certificate or PAYG Summary

Annual tax summary from your employer for the most recently completed financial year.
Employment Confirmation Letter (if recently started)

Letter from your employer confirming your position, start date, salary, and employment type (permanent, contract, or casual).
Two Years Tax Returns and ATO Assessments (if self-employed)

ATO-lodged returns and Notices of Assessment for the last two financial years.

Savings and Deposit Evidence

Bank Statements (last 3 months, all accounts)

Showing your deposit funds. Lenders look for a genuine savings pattern, regular contributions over time, not a lump sum received shortly before application.
Evidence of Other Assets (if applicable)

Statements for shares, term deposits, or managed funds contributing to your deposit.
Gift Letter (if receiving family assistance)

A signed statutory declaration confirming the funds are a non-repayable gift. Coral can witness this declaration as a Commissioner for Declarations.

Existing Debts and Liabilities

Credit Card Statements

Most recent statements for all credit cards showing the credit limit. Lenders assess the limit as a potential liability, not just the current balance.
Personal Loan Statements (if applicable)

Statements showing the outstanding balance and monthly repayment amount.
Car Loan or Vehicle Finance Statements (if applicable)

Current statement showing balance, repayment, and remaining term.
HECS/HELP Debt Balance (if applicable)

Your current HECS balance from the ATO online portal. Lenders factor this into their serviceability assessment.

Property Documents

Signed Contract of Sale

Fully executed purchase contract signed by all parties. Must be within the eligible property price cap for your region.
First Home Buyer or Single Parent Declaration

Statutory declaration confirming your eligibility for the relevant guarantee track. Single parents will also need evidence of dependent children (e.g. birth certificate or guardianship order). Coral can witness these as a Commissioner for Declarations.

Things to Know Before You Apply

Apply through a participating lender: Both guarantees run through Housing Australia via approved lenders. Coral will identify which participating lenders suit your situation and credit profile.
Single parents, 2% deposit: Since 1 October 2025 both tracks have unlimited places and no waiting list, so there is no queue to beat. Apply when your deposit and your paperwork are ready rather than until you have found a property.
Genuine savings matter: A pattern of regular saving over 3 to 6 months is far stronger than a recent lump sum. Do not move funds around just before applying.
Stacking with the FHOG: If you are building new, you may be eligible for both a guarantee and the $30,000 First Home Owner Grant simultaneously.
No income caps since October 2025: Both guarantees previously had income thresholds. Those restrictions are now gone entirely.

Common Issues That Can Derail Applications

Irregular savings pattern raising lender concerns • Credit card limits reducing borrowing capacity • Not using a participating lender • Property price above the regional cap • Attempting to restructure finances to appear eligible • Undisclosed debts • Insufficient employment history • Single parents: separated but not yet legally divorced (you must be legally single at the home loan date) • Single parents: joint loan applicants (loan must be in your name only)

Related Pages for Gladstone First Home Buyers

First Home Buyer Loans Gladstone

Full guide to grants, loan options, and the buying process

$30,000 FHOG Document Checklist

Grant for new builds only, get your paperwork right

Boost to Buy: 2% Deposit QLD

Queensland shared equity scheme, 2% deposit, limited places

Mortgage Broker Gladstone QLD

Coral Jacobs, local expert, 7am to 7pm, 7 days

Not Sure Which Scheme Suits You?

Coral works with first home buyers across Gladstone seven days a week, including single parents navigating the Family Home Guarantee. She will assess your full picture, identify every scheme you qualify for, and connect you with the right lender. No office visit required.

Call Coral: 0409 311 985

This page provides general information only and does not constitute financial advice. The Family Home Guarantee and First Home Guarantee are administered by Housing Australia. Scheme eligibility criteria, property price caps, available places, and lender requirements are subject to change. Always confirm current details at housingaustralia.gov.au or with an accredited mortgage broker before making any decisions. Lending criteria apply and approval is not guaranteed.

Let's work out what this means for you. Call Coral on 0409 311 985