Income caps removed October 2025
Earn over $125k? You can now buy with 5% down and no LMI.
The government’s 5% Deposit Scheme no longer has income caps. Buy in Melbourne or Geelong up to $950k without paying lenders mortgage insurance. Check if you qualify in 60 seconds.
- No income cap, single or couple
- Skip LMI, which can cost tens of thousands
- No limit on places, no waiting list
Kade Kolodjashnij
Ex-professional athlete turned lending specialist, GSC Finance
- 5.0 on Google (250+ reviews)
- Free
- No credit check
- No obligation
What clients say
5.0250+ Google reviews★★★★★
“As first home buyers, we felt supported every step of the way. Professional, efficient and genuinely caring.”
★★★★★
“They were professional, supportive, transparent and always willing to answer questions or explain things clearly.”
★★★★★
“Fast and efficient and very easy to deal with. Very grateful for all his advice.”
How it works
Four quick taps
Your income, price range, deposit and timing. No documents.
Pick a time
Book a free 20-minute call, including after hours.
Get your plan
Whether the scheme suits you, what you could borrow and the participating lenders that fit.
Why me
A good income doesn’t mean a simple loan.
High earners often have bonuses, overtime, contracts or fast-rising pay that standard bank calculators undercount. Many also assume government schemes aren’t for them.
I check whether the 5% scheme or another option, like a profession-based LMI waiver, gets you in sooner and keeps more cash in your pocket. Then I do the legwork with the lender.
Quick answers
We earn over $200k together. Can we really use it?
Yes. Since 1 October 2025 the 5% Deposit Scheme has no income caps for singles or couples. Before that, it was capped at $125,000 for singles and $200,000 for couples.
What are the price caps in Victoria?
$950,000 in Melbourne and Geelong, and $650,000 in the rest of Victoria. For house-and-land, the cap covers land and build together.
Who is eligible?
Australian citizens or permanent residents aged 18+, buying a home to live in, who haven’t owned property in Australia in the last 10 years. You need at least 5% genuine savings, and you still need to qualify for the loan with a participating lender.
Should I use it if I have more than 5% saved?
Sometimes. It can let you keep cash for a buffer, an offset account or renovations, but a smaller deposit means a bigger loan and higher repayments. We’ll compare both on the call.
Does this cost anything?
No. The call and your plan are free. If you go ahead, I’m usually paid a commission by the lender, and I’ll disclose it before you proceed.
Find out if you qualify
60 seconds. Free. No credit check.