Non-bank lender Resimac has joined the Australian Government 5% Deposit Scheme, giving mortgage brokers another lender option for clients who can afford repayments but are struggling to save a full deposit.
The move means eligible first-home buyers can purchase with a deposit from 5%, and single parents or legal guardians from 2%, without paying lenders mortgage insurance (LMI). The government guarantees part of the loan, which removes the need for LMI and lowers the deposit hurdle.
The scheme was expanded from 1 October 2025, with income caps removed, the limit on places scrapped, and property price caps lifted. In the year since, 102,594 first-home buyers have used the expanded scheme, according to Housing Australia data released by the government, and one in two now use a first-home buyer scheme to enter the market.
The scheme’s growth has also drawn scrutiny. Economists have flagged concerns about its effect on entry-level prices, and ABS figures show total first-home buyer lending rose less than 3% as uptake surged, suggesting the scheme has largely shifted first-home buyers onto government backing rather than adding many new ones.
Resimac general manager of sales and distribution John Athanas (pictured) said the scheme widens the lender’s home loan offering.
“Joining the Scheme broadens Resimac’s offering in the home loan space, giving brokers more ways to help clients whose main barrier to buying a home is saving a deposit,” he said.
Athanas said the scheme suits buyers whose repayment capacity runs ahead of their savings.
“Some clients have the capacity to repay a home loan but may not have a large deposit,” he said.
For brokers, the addition of another participating lender gives more choice when matching entry-level buyers with a suitable loan, particularly where a client’s profile may sit better with a non-bank lender than a major bank.
Buyers can’t apply to Housing Australia directly, only through a participating lender, and loans remain subject to eligibility requirements, location-based property price caps, and Resimac’s own lending criteria.
Athanas said there is no single path into home ownership, and that brokers are well placed to guide clients through the choices available.
“Brokers understand that better than anyone. They know their clients and can help them navigate the options available,” he said.
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