Can you build your first home with a 5% deposit in Victoria?

Saving for a deposit can feel like the biggest step towards your first home. If you’re considering building, the Australian Government 5% Deposit Scheme could help eligible buyers get started with a minimum 5% deposit, without paying Lenders Mortgage Insurance.

The scheme can support eligible new builds, including vacant land purchased with a separate building contract. There are no income caps, although your lender still needs to assess your borrowing capacity and approve your loan. Read the government scheme overview.

Start with the whole budget

When you’re building, the land and home need to be considered together.

Victoria’s scheme price caps are $950,000 for Melbourne and Geelong and $650,000 for the rest of the state. Your combined land purchase price and construction cost must fit within the applicable cap, and the lender’s valuation must also qualify. Always confirm the specific location with your participating lender. Check the official price caps.

From a building perspective, it helps to understand the block before settling on a design. Site conditions, service connections, inclusions and the work needed to finish your home all deserve a place in the budget.

What could your first home look like?

At Bevnol Homes, our designs are just a starting point. We can discuss changes to suit your lifestyle, the land and your budget—whether that means a more practical kitchen, another living space or a layout that makes better use of the block.

As a family-owned Victorian builder established in 1989, we can help you understand the building side of the process and what needs to be considered before you commit.

Take the next step

Speak with a participating lender about your eligibility and borrowing capacity, then talk to Bevnol about your preferred location and building plans.

Looking at land in Melbourne’s south-east, Warragul or Drouin? Send us the block details and your overall budget, and let’s discuss what may be possible.

Contact Bevnol Homes at mail@bevnol.com.au.

General information only, current September 2026. Eligibility, property caps, construction requirements and lender approval apply. Additional funds beyond the deposit may be required.