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ASX-listed lender Resimac has officially joined the panel of participating lenders in the flagship home ownership program administered by Housing Australia that enables eligible first home buyers to access a mortgage for their first owner-occupier home with as little as a 5 per cent deposit without paying lenders mortgage insurance.
Resimac, which has a long-established presence in third-party broker distribution with prime, specialist, and near-prime residential loan solutions, has become the second non-bank to join the lender panel (after Liberty joined earlier this year) and the 55th lender overall.
The non-bank’s 5 per cent Deposit Scheme loans, called the Resimac Quickstart – 5 per cent Deposit Scheme product, offers features such as redraw and offset accounts and no application or ongoing fees. However, a settlement fee applies.
Given the scheme’s requirements, the loan is only available to Australian citizens or permanent resident adults and applies a serviceability buffer of 3 per cent to scheme loan applications.
A completed, signed and witnessed Australian government 5 per cent Deposit Scheme Home Buyer Declaration must be provided at the time of submitting the loan application via ApplyOnline.
Resimac has told brokers that it will provide a range of enhancements to support first home buyers using the 5 per cent Deposit Scheme, including pre- and post-settlement call and emails to support them during the loan process, complimentary access to a budgeting tool for 12 months and ongoing customer engagement through periodic emails.
The 5 per cent Deposit Scheme – an expanded evolution of the Home Guarantee Scheme – allows eligible FHBs to purchase with a deposit as low as 5 per cent and single parents or legal guardians with as little as 2 per cent, without paying lenders mortgage insurance.
The government, via Housing Australia, provides a guarantee that covers the gap between the borrower’s deposit and the usual 20 per cent equity buffer.
On 1 October 2025, income caps were removed, annual place limits were scrapped, and property price caps were lifted.
Since then, 102,594 buyers have signed up to the federal government’s scheme.
One in two first home buyers nationally are now using a first home buyer scheme to get into the market, with more than 320,000 people having been helped since its inception.
[Related: 5% Deposit Scheme welcomes first non-bank lender]
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