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According to The Australian’s Mackenzie Scott, more than 102,000 Australians have used the federal government’s 5% first-home buyer (FHB) deposit scheme since it was expanded on 1 October 2025.
Source: REA Group
Analysis by realestate.com.au suggests about 1,143 households that took the offer of buying a home with a deposit of just 5% were likely in negative equity in September, equivalent to 2.4% of purchasers. This compares with just 89 in negative equity in July.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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