The Elate Lending Resource Library
Plain-English guides for first home buyers and property investors.
No jargon. No fluff. Just the stuff you actually need to make confident decisions about property and lending, written by someone who's been through it himself.
The Australian Government 5% Deposit Scheme, explained
The scheme lets eligible first home buyers purchase with as little as a 5% deposit.
Since October 2025 it has unlimited places, no income caps, and higher property price caps.
It can help eligible buyers skip Lenders Mortgage Insurance (LMI), which can save a chunk of money.
Buying with a smaller deposit means borrowing more, so it's worth understanding the trade-off.
Whether it's a fit depends entirely on your situation. That's what a chat with a broker is for.
Offset vs Redraw: Which One Actually Helps First Home Buyers?
An offset account is a separate account linked to your loan. The balance reduces the interest you're charged, and the money stays instantly accessible.
Redraw puts extra repayments straight onto your loan balance, which you can request back later, though access isn't always instant.
Most first home buyers do better with an offset, purely for the flexibility and instant access.
Redraw can suit you if you know you're tempted to dip into easy savings. The bit of friction actually helps.
If the property might become an investment later, offset is generally the cleaner structure for tax purposes.
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