Supporting home ownership: James’s story
James, a mortgage broker by profession, was well aware of the challenges first home buyers face - and of the opportunity the Australian Government 5% Deposit Scheme could provide.
As a single applicant, James had been saving while renting for around two years, carefully planning his pathway to home ownership. When his rental property was put up for sale, the timing aligned with the expansion of the Scheme in October 2025 - creating the right opportunity to move forward.
“The Scheme expansion really made the difference,” James said.
With the removal of income caps and increased property price limits, James was able to purchase his first home without needing to pay lenders mortgage insurance (LMI) - a cost he believes he would otherwise have needed to absorb to enter the market.
The stability of owning his own home has already had a significant impact.
“This has put me in a much more stable position than I would have been otherwise,” he said.
James purchased in Melbourne’s Bayside region, where he had been searching for what he calls a “diamond in the rough”.
“I found exactly what I was looking for,” he said. “I consider myself very lucky.”
While James spends his professional life guiding clients through the home buying process, experiencing it firsthand had a powerful impact.
“Going through it personally reminded me just how emotional buying a home can be,” he said. “That’s something I’m really keen to share with my clients, to help support them when they begin their journey.”
James says the expanded 5% Deposit Scheme has been exceptional - not only for his own experience, but for many of the clients he now assists.
For James, the Scheme didn’t just make home ownership possible - it delivered stability, confidence and a deeper appreciation of what buying a home truly means.