Brokers now have another low-deposit option for first home buyers
Non-bank lender Resimac has joined the Australian Government 5% Deposit Scheme, giving mortgage brokers another option for first home buyers and single parents looking to buy without paying lenders mortgage insurance (LMI).
Resimac confirmed its participation this Thursday.
Under the scheme, administered by Housing Australia, eligible first home buyers can purchase with a deposit from 5% and single parents or legal guardians from 2#, with the federal government guaranteeing part of the home loan.
The move makes Resimac one of the few non-banks on a panel long dominated by the major banks, mutuals and regional lenders.
It follows specialist lender Liberty Financial, which in August became the first non-bank lender approved for the 5% Deposit Scheme after a competitive request for proposal process run by Housing Australia.
John Athanas (pictured), general manager sales and distribution at Resimac, said the scheme could help address the deposit barrier that keeps many otherwise creditworthy borrowers out of the market.
“Joining the Scheme broadens Resimac’s offering in the home loan space, giving brokers more ways to help clients whose main barrier to buying a home is saving a deposit,” Athanas said. “Some clients have the capacity to repay a home loan but may not have a large deposit.”
He positioned the broker channel at the centre of the rollout.
“There is no single path into home ownership,” Athanas said. “Brokers understand that better than anyone. They know their clients and can help them navigate the options available.”
Resimac noted that loans under the scheme remain subject to eligibility requirements, property price caps and its own lending criteria. Being eligible for the government guarantee does not guarantee a lender will approve the loan.
Who else has joined the 5% Deposit Scheme panel in 2026?
Resimac is the latest in a string of lenders added since Housing Australia opened the panel to new applicants in late 2025, with newly appointed lenders commencing in tranches from March 2026.
ANZ was first out of the gate. On 10 March 2026, it became the last of the big four banks to join, after the scheme had run for years with only Commonwealth Bank, NAB and Westpac alongside 37 non-major lenders.
At the time, Housing Australia said additional lenders would join throughout 2026 and be listed on the First Home Buyers website as they began accepting applications.
Liberty Financial followed in August, breaking the panel’s bank-and-mutual mould.
