First Home Buyer Grants, Schemes and LMI Waivers: What IT Professionals Can Do to Buy a Home

IT income can include base pay, bonuses, contract rates and share-based pay, so how a lender counts it can change what you can borrow. The RBA raised the cash rate by 0.25 percentage points to 4.85% on 3 November, and the ABS reported annual inflation of 4.3% in the year to September. Grants, concessions and LMI options can reduce the cash and insurance you need upfront, and this guide covers what is available to IT professionals.

Key takeaways

• The 5% Deposit Scheme has no income caps, no place limits and no LMI, so it's the first thing to check.
• Every state and territory has its own grants or stamp duty concessions, and the rules differ, so check your state's revenue office.
• A few lenders waive or pay LMI for IT professionals, and the conditions are narrow.
• Employer lists, degrees and certifications decide eligibility, so check them first.
• You can often combine a grant, a concession and a super release, so check each one's conditions.

Federal help: deposit schemes and super

There are three federal options for a first home: the 5% Deposit Scheme, Help to Buy and the First Home Super Saver Scheme. Each has its own rules and trade-offs, and rules, caps and dates change and apply on the contract date.

5% Deposit Scheme

The 5% Deposit Scheme lets you buy with a deposit as low as 5%, or 2% for single parents and legal guardians, with no LMI because the government backs part of the loan instead. It has had no income caps and no limit on places since 1 October 2025, and Treasury says property price caps rose at the same time.

First home buyers can use it, as can people who haven't bought in the last 10 years. Single parents and guardians with a dependent can use the 2% stream even if they have owned before.

You apply through a Participating Lender as part of a home loan application, not directly. After pre-approval you have 90 days to find a home and sign a contract. Price caps vary by location, so check the price cap tool for the area you want. You must live in the home as an owner-occupier, or the lender may require LMI or other costs.

Help to Buy

Help to Buy is a shared equity scheme, where the government owns part of your home alongside you. It contributes up to 30% of an existing home's price, or up to 40% of a new home's, and you need a deposit of at least 2%. When you sell or buy out the government's share, it shares in any gain or loss in proportion to its contribution.

The income caps from 1 July 2026 to 30 June 2027 are:

• $103,000 for a single applicant
• $165,000 for single parents and joint applicants

Applicants must be Australian citizens aged 18 or over who don't own property in Australia or overseas, and must live in the home. Help to Buy can't generally be combined with other government help for the purchase, such as another shared equity scheme or a state or territory loan. Stamp duty concessions and grants are still allowed.

First Home Super Saver Scheme

The First Home Super Saver Scheme lets you release voluntary super contributions of up to $15,000 a year, to a total of $50,000, for a first home. The ATO says non-concessional contributions release in full and concessional contributions release at 85%, both with associated earnings. The assessable amount goes in your tax return with a 30% tax offset, so it's worth speaking with an accountant about the tax effect.

The ATO also requires you to request a determination before ownership transfers, which is generally before settlement. You must move in as soon as practicable and live there for at least 6 of the first 12 months. Eligibility is individual, so each partner can use their own contributions for the same property.

If your pay includes bonuses, contract rates or share-based pay, ask the lender how each is assessed, as lenders vary. Our guide on using RSUs and bonuses as genuine savings covers this in more detail.

State and territory grants and stamp duty

Every state and territory offers its own grants or stamp duty concessions, the rules differ, and many grants are for new homes only. Amounts, price caps, thresholds and dates change, so check the relevant state or territory revenue office for current figures before you rely on them. They depend on the state where you buy, which may differ from where your employer is based.

Prior ownership rules matter more than most buyers expect. They vary by state, so check the rules for the state where you plan to buy.

Five ways to avoid or reduce LMI

There are five main ways to avoid or reduce LMI, and each has a trade-off. LVR is the loan-to-value ratio, which is your loan as a percentage of the property's value. LMI is lenders mortgage insurance: it usually applies when you borrow more than 80% of a property's value, and it protects the lender, not you. At 20% equity it generally doesn't apply.

1. Use the 5% Deposit Scheme, which removes LMI on a deposit as low as 5%, subject to price caps and a Participating Lender.
2. Qualify for a profession LMI waiver, where LMI would normally apply but isn't charged because of your job.
3. Choose lender-paid LMI, where the loan is still insured but the lender pays the premium, which is reflected in the pricing.
4. Pick a no-LMI product, which some lenders offer to any borrower at up to 85% or 90% LVR.
5. Save a larger deposit.

Most waivers go up to 90% LVR, and some lenders reach 95% for doctors and dentists. A waiver saves the LMI cost, but compare the rate, fees and features too. Risk fees, lender-paid LMI and different pricing can sometimes cost more over time than paying LMI.

Each lender sets its own conditions on repayment type, loan size and income. Lender criteria change often, and all lending is subject to credit approval.

Can IT professionals avoid paying LMI?

Some lenders waive LMI for some IT professionals, which means LMI would normally apply but isn't charged because of your job. Here are examples available at the time of writing, and a lender missing from this list may still have an option.

Lenders that waive LMI for IT professionals

• Bankwest: waives LMI for PAYG employees of listed technology employers with six months' employment, up to a maximum LVR just under 90%. Loan size and repayment conditions apply. Check whether your employer is on its list.
• Bank of Sydney: may waive LMI by exception up to 90% LVR for cyber security professionals holding CISM, CISA, CISSP or an equivalent certification. You'll need at least 50% of your income from the profession and three years in the field.

How to compare them

• Eligibility differs, so check each lender's income, registration, work history and employment conditions against your situation.
• Several options are for buying an established home, so check this against what you plan to buy, as new homes, off-the-plan purchases and construction may be excluded.
• A waiver saves the LMI cost, but compare the rate, fees and features too, and weigh it against the 5% Deposit Scheme on total cost.

Lender criteria change often, and a broker can check which options you qualify for, including through our pages on LMI waivers for tech industry workers and no LMI loans. All lending is subject to credit approval.

How to combine the options

You can often layer a federal scheme, a state grant or concession, a super release and an LMI option, but the order matters. If you're buying your first home, work through these steps in order:

1. Check federal eligibility first: the 5% Deposit Scheme and Help to Buy suit different buyers, and Help to Buy can't generally be used alongside other government help for the purchase.
2. Add your state or territory support: the grant, the stamp duty concession and whether the home needs to be new.
3. Start a super release early: contributions are made in advance and an ATO determination is needed before settlement.
4. Match your situation to an LMI option and compare it against the 5% Deposit Scheme on total cost, not just on LMI.
5. Check prior ownership and residency rules: most programs require you to live in the home, often for 6 to 12 months, and prior ownership rules vary by state.

Price caps and income caps decide more outcomes than the headline amounts, so confirm them for the exact property and your income before you sign a contract.

Small steps taken early can give you more options later. Call one of our team or [Book an appointment] at a time that suits you, and bring recent payslips, your employment contract or letter and your savings records.

This article is general information only and doesn't consider your personal circumstances. Grants, concessions and lender policies change, and all lending, including any LMI waiver, is subject to lender criteria and credit approval. Speak with your accountant about tax.

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