Do you want to buy and think that you can’t afford to get on the market?
Think again.
The recent proposed changes from the government in the first home guarantee have opened the door for a huge number of outskirts for first home buyers by launching five percent deposits from 1 October, instead of next year as it originally planned.
Due to the extensive scheme, the government will guarantee part of the loan of a first homebuyer, so that eligible buyers can buy with a considerably lower down payment and cannot pay mortgage insurance for lenders.
More news:
Shock $ 20k hack change Aussie -Levens
‘Impossible Gamble’: Hidden Nightmare of Aus Home Renos
Bindi Irwin announces to the US apartment
Block Fever Sparks Mad Rush for Rundown Homes
Aussie Island Property Sale for a Steel – but there is a catch
Many banks currently prefer a deposit of 20 percent.
The decrease in the required savings in the Upfront makes it considerably easier to enter the market in theory, since a five percent deposit on the national median house price of $ 844,000 would only be $ 42,200.
A deposit of 20 percent at the same value would be $ 168,800.
Prime Minister Anthony Albanese hopes that bringing in the deposit plan of five percent more will help young people in home ownership. Photo: Newswire / Martin Ollman
Prime Minister Anthony Albanese said he wanted to help young people and buyers of the first home reach the dream of home ownership.
“Bringing the start date of our 5 percent deposit scheme will do exactly that,” he said.
“Labour was re-elected with a clear mandate to bring down the deposit deterioration for the buyers of the first house, and we deliver.”
More news:
‘Aussie John’ quietly attracts $ 200 million+ at home from sale
Vast vic home set to turn the heads
Mansion Sale Smashes 2025 State Record
Regional Sa Leading Home Value Growth
Photographer Peter Dombrovskis’ Historical Home Hits Market
Beer icon James Boag III’s house for sale
So, where is the cheapest place to enter the market in your state?
We have cracked the figures of Proptrack to reveal the suburbs in every state where you need the least in savings to enter the market.
It may be surprised to see how little you need to touch that magical deposit of five percent.
Click here to find every suburb and city in our searchable table
And without further delay, here are the top 10 of each state.
New South Wales
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Brew | H | $ 57,500 | $ 2,875 |
| Baradine | H | $ 162,500 | $ 8,125 |
| Just like that | H | $ 165,000 | $ 8.250 |
| Boot | H | $ 172,000 | $ 8,600 |
| Disgust | H | $ 187,900 | $ 9,395 |
| Emmaville | H | $ 190,000 | $ 9,500 |
| Ardlethane | H | $ 192,500 | $ 9,625 |
| Ardlethane | H | $ 192,500 | $ 9,625 |
| Broken hill | H | $ 200,000 | $ 10,000 |
| Is it | H | $ 217,500 | $ 10,875 |
![Bridge](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1280 720"%3E%3C/svg%3E)
It is hoped that the 5 percent schedule will help to break into the first homebuyers in the most competing housing market in the country. Photo: Jonathan Ng
VICTORIA
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Jeparit | H | $ 158,000 | $ 7,900 |
| Minyip | H | $ 180,000 | $ 9,000 |
| Merbein | YOU | $ 182,500 | $ 9,125 |
| Canva | H | $ 184,500 | $ 9,225 |
| Kill | H | $ 185,000 | $ 9.250 |
| Warnabeal | H | $ 210,000 | $ 10,500 |
| Rainbow | H | $ 219,500 | $ 10,975 |
| Mermaid | H | $ 225,000 | $ 11,250 |
| Newborough | YOU | $ 232,500 | $ 11,625 |
| Seymour | YOU | $ 238,000 | $ 11,900 |
The move can help thousands of Victorians enter the market. Photo: Jake Nowakowski
South Australia
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Andamooka | H | $ 68,500 | $ 3,425 |
| Coober Pedy | H | $ 77,500 | $ 3,875 |
| Why Alla | YOU | $ 173,000 | $ 8,650 |
| Peterborough | H | $ 180,000 | $ 9,000 |
| Port Pirie West | H | $ 185,000 | $ 9.250 |
| Hackham | YOU | $ 210,000 | $ 10,500 |
| Whyalla Stuart | H | $ 220,000 | $ 11,000 |
| Tumby Bay | YOU | $ 230,000 | $ 11,500 |
| Crown | H | $ 235,000 | $ 11,750 |
| Can | H | $ 238,500 | $ 11,925 |
South -Australian buyers can enter the market with only $ 3425 in savings. Photo: delivered by Knight Frank
Queensland
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Slavery | H | $ 67,500 | $ 3,375 |
| South Stradbroke | YOU | $ 90,000 | $ 4,500 |
| Cunnamulla | H | $ 92,250 | $ 4,613 |
| Bucasia | YOU | $ 132,750 | $ 6,638 |
| Scottville | H | $ 141,000 | $ 7,050 |
| Hughenden | H | $ 150,000 | $ 7,500 |
| Sapphire Central | H | $ 162,500 | $ 8,125 |
| Charleville | H | $ 165,000 | $ 8.250 |
| Collinsville | H | $ 171,500 | $ 8,575 |
| Mitchell | H | $ 180,000 | $ 9,000 |
Queenslanders can enter the market with only $ 3375 in savings. Photo – Istock
TASMANIA
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Queenstown | H | $ 173,000 | $ 8,650 |
| Heech | H | $ 175,000 | $ 8,750 |
| Rosebery | H | $ 188,000 | $ 9,400 |
| Rosebery | H | $ 188,000 | $ 9,400 |
| Miena | H | $ 316,250 | $ 15,813 |
| St Marys | H | $ 345,000 | $ 17,250 |
| Newnham | YOU | $ 355,000 | $ 17,750 |
| Mayfield | H | $ 362,000 | $ 18,100 |
| George Town | H | $ 375,000 | $ 18,750 |
| Gagebrook | H | $ 380,000 | $ 19,000 |
Tasmanian buyers only need $ 8650 to enter the market. Photo – Istock
West -Australia
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Norman | H | $ 105,000 | $ 5,250 |
| Southern Cross | H | $ 140,000 | $ 7,000 |
| The age of the gala | H | $ 160,000 | $ 8,000 |
| West End | H | $ 172,500 | $ 8,625 |
| Kambalda West | H | $ 185,000 | $ 9.250 |
| Coolgardy | H | $ 200,000 | $ 10,000 |
| Quirade | H | $ 227,500 | $ 11,375 |
| South -Carnarvon | H | $ 230,000 | $ 11,500 |
| Boulder | YOU | $ 235,000 | $ 11,750 |
| Kellerberrin | H | $ 235,000 | $ 11,750 |
Perth downtown City Skyline CityScape from Australia at sunset. Photo – Istock
Northern Territory
| Suburban | Type | Median selling price 12 months | 5 percent down payment required |
| Dundee Forest | H | $ 250,000 | $ 12,500 |
| Larapinta | YOU | $ 255,000 | $ 12,750 |
| East side | YOU | $ 270,000 | $ 13,500 |
| Wage | YOU | $ 273,750 | $ 13,688 |
| Scream | YOU | $ 275,000 | $ 13,750 |
| To rock | YOU | $ 275,000 | $ 13,750 |
| Hundred | YOU | $ 275,000 | $ 13,750 |
| Gray | YOU | $ 280,000 | $ 14,000 |
| The gap | YOU | $ 280,000 | $ 14,000 |
| Malak | YOU | $ 281,000 | $ 14,050 |
Northern Territory buyers can come in with only $ 12,500 in savings.
* Source: Proptrack
#deposit #percent #Australian #suburb #city #government #home #guarantee #realestate.com.au