Buying your first home is a significant step, and while you handle numbers for a living, first home lending sits in its own specialist corner that even a financially literate buyer can find opaque. With property prices high, serviceability tight because lenders assess every loan at the actual rate plus 3 percentage points under Australian Prudential Regulation Authority (APRA) rules, and the first home buyer schemes recently overhauled, there are now more levers to pull than most people realise. For an accountant, the opportunity is that two separate sets of advantages, the government schemes and the concessions tied to your profession, can be combined to get you in sooner and at a lower cost.
Knowing which lever to pull, and which lender will honour it, is exactly where a specialist mortgage broker for accountants earns their place. This article explains the first home buyer schemes worth knowing in 2026, the professional advantage many accountants miss, how to decide between them, and what really drives your borrowing power.
You May Qualify for More Help Than You Realise
Most first home buyers approach the process from one angle, either chasing a government scheme or simply saving a deposit, and rarely consider both paths at once. As an accountant you sit at the intersection of two sets of advantages: the first home buyer schemes available to everyone, and the professional lending concessions available specifically to your qualification. Understanding how they work, and which combination suits your situation, is the difference between a good outcome and the best one available to you.
The First Home Buyer Schemes Worth Knowing in 2026
Several schemes can reduce your deposit hurdle or your upfront costs, and the headline one changed materially in late 2025. Eligibility and price caps vary and are worth confirming for your region before you act.
The Australian Government 5% Deposit Scheme
Formerly the First Home Guarantee, this scheme lets eligible first home buyers purchase with a 5% deposit while the government guarantees the gap to 20%, so no Lender’s Mortgage Insurance (LMI) is payable. From 1 October 2025 the income caps were removed entirely, the cap on the number of places was abolished, and the property price limits were lifted significantly, for example to $1.5 million in Sydney. The removal of income caps is the change that matters most for accountants, because the previous limits of $125,000 for singles and $200,000 for couples had excluded many higher earners who can now access the scheme. It applies to owner-occupied purchases within the regional price caps, with a requirement to move in within six months.
The First Home Super Saver Scheme
The First Home Super Saver (FHSS) scheme lets you make voluntary contributions into superannuation and later withdraw them, within limits, to put toward your deposit. You will appreciate the tax efficiency better than most, since the contributions and earnings are taxed concessionally compared with saving the same amount in an ordinary account. It works alongside, rather than instead of, the deposit schemes.
State Grants and Stamp Duty Concessions
On top of the federal options, most states offer a First Home Owner Grant (FHOG), generally aimed at new builds, and stamp duty exemptions or concessions for first home buyers up to certain price thresholds. These vary considerably by state and change periodically, and in some states a shared-equity option may also be available. Because they are state-specific, they are worth checking for your particular location and property type.
The Professional Advantage First Home Buyers Often Miss
Separate from any government scheme, eligible accountants can access lending concessions tied to their qualification, and these apply to first home buyers too. A number of lenders will waive LMI up to 90% loan to value ratio (LVR), and in some cases 95%, for current, practising members of bodies such as Chartered Accountants Australia and New Zealand (CA ANZ), CPA Australia, or the Institute of Public Accountants (IPA).
This gives you a second, independent route to avoiding LMI that does not depend on the government scheme or its price caps. For a first home above the scheme’s regional cap, or where you would rather not be bound by the scheme’s conditions, the professional waiver can be the better path. The trade-off is usually a slightly larger deposit, since the waiver typically applies at 90% rather than the scheme’s 95%.
Scheme or Professional Waiver: How to Decide
Because both the 5% scheme and the professional waiver achieve the same headline result of avoiding LMI, the decision comes down to the detail of your purchase. A few factors usually point clearly one way.
- Deposit size: the scheme needs only 5%, while the professional waiver typically applies at 90% LVR, meaning a 10% deposit.
- Price cap: the scheme is limited to regional price caps, whereas the professional waiver is not, so a higher-priced first home may favour the waiver.
- Conditions: the scheme requires an owner-occupied purchase and moving in within six months, while the waiver rests on your professional membership rather than scheme rules.
- Combination with other levers: an FHSS withdrawal or a family guarantee can sit alongside either path to strengthen your deposit position.
This is precisely the modelling a broker does for you, comparing the paths against the specific property and your numbers rather than assuming one is always better.
Understanding Your True Borrowing Power
Whichever path you take, the amount you can borrow is decided by serviceability, and online calculators rarely capture it accurately. Lenders assess you at your actual rate plus the 3 percentage point buffer, which has a real effect on the figure.
Several factors specific to accountants feed into this. A Higher Education Loan Program (HELP) debt, common for recently qualified professionals, reduces your assessed capacity, as do credit card limits, which are assessed on the limit rather than the balance. If you are self-employed or already running your own practice, the income a lender recognises depends on how your financials are read, including which add-backs apply, so the right lender can make a meaningful difference. A broker can establish your genuine borrowing power and arrange pre-approval, so you are ready when you find the right home.
How a Broker Helps a First Home Buyer Accountant
Bringing these threads together is where the value sits, and it is more than just comparing rates. A broker who works with accounting professionals can do the following for a first home buyer.
- Confirm your eligibility for both the first home buyer schemes and the professional concessions, rather than just one.
- Model the 5% scheme against the professional waiver for your specific property and deposit.
- Establish your true borrowing power using the right reading of your income, including any add-backs.
- Organise pre-approval so your offer is credible when you find the home.
- Match you to a lender that offers the professional waiver or participates in the scheme, and guide the paperwork through to settlement.
Frequently Asked Questions (FAQs)
Can high-earning accountants use the 5% deposit scheme?
Yes. Since 1 October 2025 the income caps on the Australian Government 5% Deposit Scheme have been removed, so first home buyers can access it regardless of income, provided they meet the other criteria such as the regional price cap and the owner-occupied requirement. This is a notable change for accountants who would previously have been excluded by the income limits.
Do I have to choose between the government scheme and the professional LMI waiver?
For the purpose of avoiding LMI, it is generally one path or the other, and which is better depends on your deposit, the property price, and the conditions attached. A broker will model both against your situation, and other levers such as an FHSS withdrawal or a family guarantee can be used alongside whichever path you choose.
How much deposit do I need as a first home buyer accountant?
Under the 5% scheme you need a 5% deposit with no LMI, while the professional waiver typically applies at 90% LVR, meaning a 10% deposit. A family guarantor can reduce the deposit requirement further. In every case you still need to satisfy the lender’s serviceability assessment.
Does my HELP debt affect how much I can borrow?
Yes. Compulsory Higher Education Loan Program repayments are treated as an ongoing commitment and reduce your assessed borrowing capacity. It does not prevent you from borrowing, but it is one of the factors a broker will account for when estimating your true borrowing power.
Can I use the professional waiver if I am self-employed in my own practice?
Generally yes, provided you meet the eligibility criteria, though your income will be assessed differently, usually from around two years of tax returns and financials. The professional concession itself is not removed by self-employment; the difference is in how the lender reads your income, which is where the right lender match matters.
Is the First Home Owner Grant the same as the 5% deposit scheme?
No. The First Home Owner Grant is a state-based grant, usually for new builds, that contributes a lump sum toward your purchase. The Australian Government 5% Deposit Scheme is a federal guarantee that lets you buy with a smaller deposit without paying LMI. They are separate measures, and depending on your circumstances you may be able to use more than one.
The Bottom Line
As a first home buyer who is also an accountant, you have two sets of advantages working in your favour: the first home buyer schemes, recently expanded so that even higher earners can now use the 5% deposit option, and the professional concessions tied to your qualification, which give you a second route to avoiding LMI. The skill is in combining them well, and that is where a broker who understands both the schemes and the professional policies adds the most value, confirming what you qualify for, modelling the options, reading your income correctly, and matching you to the right lender. Scheme details and price caps change, so confirm the current position for your region, and you can step into your first home sooner and at a lower cost than you might expect.