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The 20% deposit is a myth now. See what 5% really buys.

Since October 2025 the government's 5% Deposit Scheme has been uncapped. You can buy with a 5% deposit and skip LMI, and the old income limits and the cap on places are both gone. Most first home buyers still have no idea it changed. Drag your deposit below and watch the suburbs you can actually afford light up in your city. Same money, four times the buying power.

Updated June 2026 Median house prices across the greater metro of each capital, from the state Valuer-General, REIWA and CoreLogic. Price caps from Housing Australia.

Pick your city
Drag your deposit: $40k
On a 20% deposit$200kbuying power
On the 5% scheme$800k4 times the buying power
LMI you skip$33kno lenders mortgage insurance
Suburbs you can now reach+7out of 29 we checked
Affordable on a 20% deposit tooUnlocked by the 5% schemeStill out of reach
Logan Central: $715,000 median houseMarsden: $730,000 median houseInala: $770,000 median houseKingston: $771,000 median houseRedbank Plains: $776,000 median houseCrestmead: $780,000 median houseBeenleigh: $800,000 median houseIpswich: $805,000 median houseZillmere: $806,000 median houseDeception Bay: $815,000 median houseCaboolture: $825,000 median houseGoodna: $828,000 median houseWoodridge: $830,000 median houseAcacia Ridge: $850,000 median houseWynnum West: $1,100,000 median houseCapalaba: $1,100,000 median houseChermside: $1,128,000 median houseAspley: $1,250,000 median houseCleveland: $1,260,000 median houseWynnum: $1,400,000 median houseAnnerley: $1,400,000 median houseCarindale: $1,700,000 median houseCoorparoo: $1,750,000 median houseIndooroopilly: $1,779,000 median houseBulimba: $1,873,000 median housePaddington: $1,900,000 median houseHamilton: $2,225,000 median houseAscot: $2,400,000 median houseNew Farm: $3,063,000 median house15 above cap$400k$500k$600k$700k$800k$900kyour 5% reach$1M cap

Every dot is one suburb, by its median house price. Tap one, or a suburb below, to see it.

Newly in reach with your $40k:

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Where this data comes from, and the honest fine print

A few honest notes on the data. Every dot is a suburb median HOUSE price, so it is a like-for-like comparison across the city. Suburbs span the greater metro of each capital, which means some sit in neighbouring councils (for Brisbane that includes places like Ipswich and Logan, which are part of Greater Brisbane). These are 12 month median sale prices, not a valuation of any one home, so they lag the latest month a little. Sources by city: Melbourne from the Victorian Valuer-General; Adelaide, Canberra and Darwin from CoreLogic via propertyvalue.com.au; Perth from REIWA; Hobart from CoreLogic via Your Investment Property; Brisbane from Domain; Sydney from Australian Property Data. Because providers differ, expect a 5 to 10 per cent spread depending on the window. The price cap is a ceiling on what you can pay, not a test of the median, so you can still use the scheme in a pricier suburb by buying below the median. A units view is coming. Darwin cap is 600,000 dollars now and rises to 750,000 dollars on 1 July 2026. Caps confirmed against firsthomebuyers.gov.au in June 2026. Always confirm the live cap for your exact suburb there, and remember your borrowing power still comes down to the lender income and serviceability check. All prices rounded to the nearest 1,000 dollars.

This is general information, not financial or credit advice. The suburb prices are a guide and rounded off. Confirm the live cap for your exact suburb at firsthomebuyers.gov.au, and remember your borrowing power still comes down to the lender's income and serviceability check.

Why a 5% deposit beats a 20% deposit by so much

It is simple maths that almost nobody has updated in their head. Your deposit is a percentage of the price. On a 20% deposit, $40,000 only gets you to a $200,000 property, and nothing sells for that in an Australian capital. On the 5% scheme that same $40,000 is 5% of $800,000, so your buying power jumps to $800,000. The deposit didn't change. The rule did.

On top of that, the government guarantees the gap up to 15% of the value, so you skip Lenders Mortgage Insurance completely. That is usually $15,000 to $35,000 you would otherwise pay or add onto the loan. The catch: your buying power is capped at your area's price limit, and you still have to pass the lender's normal income and serviceability check.

How to read it

Every dot is a real suburb across the greater metro, placed by its median house price. Green means you could afford it even on a 20% deposit. Gold is the good part: suburbs the 5% scheme just put in reach for your deposit, the ones you could not touch the old way. Grey means still beyond your deposit, or above the scheme's price cap for that city.

Want the full eligibility picture, not just price? Run the free eligibility checker (every scheme in two minutes), size your repayments with the borrowing power calculator, or read the full First Home Guarantee guide.

Want a broker who actually knows this scheme?

Not every lender is set up for the 5% scheme. We match you with a broker who actually knows it, for free. The lender pays them, not you.

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