How to Complete the 5% Deposit Scheme Declaration Form: Step-by-Step Guide
The First Home Guarantee (often called the 5% deposit scheme) lets eligible first home buyers purchase with as little as a 5% deposit and no Lenders Mortgage Insurance, because the government guarantees part of the loan. To take part, you complete a declaration form. Here is how to do it, step by step.
Before you start — what you need
Have these ready: your identification, your Notice of Assessment for the most recent financial year (to confirm your taxable income against the scheme thresholds), evidence of your deposit (at least 5% genuine savings), and details of the property or your price range for the area you are buying in.
Step-by-step
1. Confirm eligibility. You must be an Australian citizen or eligible permanent resident, at or over 18, buying your first home to live in, and within the income and property price caps for your area. 2. Complete your personal details exactly as they appear on your ID. 3. Declare your income using your latest Notice of Assessment. 4. Declare the property — its address or your intended price range, confirming it is under the cap. 5. Sign and date the declaration truthfully — it is a legal declaration. 6. Return it to your participating lender or broker with your supporting documents.
Common mistakes to avoid
Using an old Notice of Assessment, misreporting income, choosing a property above the price cap, or leaving fields blank are the most common reasons a form is sent back. If you are unsure about any answer, ask before you sign.
Want us to check it for you?
Brokio works with First Home Guarantee lenders every week. We confirm your eligibility, help you complete the declaration correctly the first time, and manage the lender paperwork for you — at no cost. Message us and we will walk you through it.