The Government has launched a new scheme which will assist first home buyers in purchasing their first home without the need to pay lenders mortgage insurance where they have a deposit of as little as 5%.

The scheme is only available to Australian citizens who are over 18 years of age who have never owned property within Australia before and only certain lenders have been selected to participate in the scheme.

There are income caps in place as well as price caps for different locations within Australia. Full details of the scheme including eligibility requirements can be found here.