By Chaice Paterson, CEO & Founder, Low Deposit Homes | Updated June 2026
Buying a first home in Australia works differently from Zimbabwe, and the rules reward those who understand them. This is the plain-English guide to the whole process, written for Zimbabweans. The headlines: you can buy a brand-new home with a 5% deposit and no Lenders Mortgage Insurance through the federal 5% Deposit Scheme; permanent residents qualify for almost every scheme from the day PR is granted; and one rule sits behind everything — these schemes lower your deposit, but your income still has to service the loan. Because Zimbabweans are one of Australia’s most highly educated communities (76.4% tertiary-qualified, vs 51.8% nationally), most buyers are professional households well placed to service a loan. Here’s the whole process.
Step 1: Work out what you can actually borrow
Everything starts with serviceability — how much a lender will lend based on your income, minus commitments and living expenses. A few points:
- The schemes mainly reduce your deposit, not your loan. The 5% Deposit Scheme and Family Home Guarantee cut the deposit you need — and because they waive LMI and can come with a competitive scheme interest rate, they can also lift your borrowing capacity a little. Only Help to Buy reduces the loan itself.
- Sensible limits apply. A responsible loan rarely exceeds roughly 6.5 times a single income, or 6 times where you support dependants.
- Your income type matters. Registered nurses usually have overtime and allowances counted at 100%. NDIS and support workers across multiple casual jobs need the lender that aggregates all streams, not just the main job.
- Commitments count. Remittances to Zimbabwe, and parents living with you (dependants), reduce capacity — but never disqualify you.
Step 2: Build your deposit
With the 5% Deposit Scheme, your target is just 5% of the package — for example $36,000 on a $720,000 Victorian growth-corridor home or $44,000 on an $880,000 Brisbane home. You can build it from Australian savings, the First Home Super Saver Scheme ($15,000/yr counted, $50,000 lifetime per person), a mukando (“rounds”) payout (documented and disclosed), a gift (with a statutory declaration), or accessible funds brought from Zimbabwe through compliant channels and documented.
The universal rule: every dollar of your deposit must be evidenced and disclosed. Never leave an unexplained lump sum on a bank statement.
Step 3: Get a full approval BEFORE you choose a home
This is where the way we work protects you. You get a full bank approval before you’re placed on any package — you never sign for a home you’re not approved to finance. Your finance is handled by our finance partners, who are licensed mortgage brokers — they review your borrowing capacity and match you to the right lender.
Step 4: Choose the right new-build package
For a house-and-land package, you’re buying land plus a build contract. Our standard is a 4-bed, 2-bath, 2-car home with a multi-purpose room — the best layout for your family within budget, with no upselling. We build across Queensland and Victoria, and many Zimbabwean clients buy in Brisbane’s growth corridors (the western Ipswich corridor — Collingwood Park, Redbank, Redbank Plains, Ripley — and Logan; packages typically $830,000–$1 million) or in Victoria’s more affordable growth corridors (the western, northern and south-eastern corridors and Geelong; packages frequently $650,000–$850,000). These are examples of where the value is strong — we match you to the corridor that suits your work, family and budget, not the other way around.
Step 5: Understand settlement vs handover
Settlement is not handover.
- Settlement is when the land title transfers into your name — the legal completion of the land purchase.
- Handover is when you get the keys to the finished home — often months later, after the build is complete.
In a new-build estate, your deal may sit as “conditional, awaiting registration” while the land is formally registered. That’s completely normal. The build then proceeds through stages — slab, frame, lock-up, fixing, completion — to handover.
How do the schemes fit together?
| Scheme | What it does |
|---|---|
| 5% Deposit Scheme (zero LMI) | 5% deposit, no LMI; caps $1M Brisbane / $950K Melbourne |
| Help to Buy (citizens only) | Up to 40% equity on a new build — shrinks the loan; caps $100K single / $160K couple-family |
| QLD FHOG $30K → $15K from 1 Jul 2026 / VIC FHOG $10K | Grant on a new build under $750K |
| QLD/VIC stamp duty exemptions | New-build duty relief |
| First Home Super Saver Scheme | Build deposit inside super |
| Family Home Guarantee | 2% deposit for single parents |
Permanent residents (189/190/186) qualify for everything except Help to Buy from the day PR is granted; citizens add Help to Buy. Temporary visa holders (e.g. 482) are excluded and should transition to PR first.
A typical journey, end to end
You book a free consultation. We assess your serviceability and confirm which schemes your visa unlocks. You build your 5% deposit from savings, FHSSS, a mukando or a gift. Our finance partners secure your full approval. We match you to a new-build package your income comfortably services — say a $720,000 home in one of Victoria’s more affordable growth corridors with the full Victorian stack, net cash in around $30,000. You sign, the land registers (settlement), the build runs its stages, and months later you collect the keys (handover) — never stretching beyond what your income carries.
How does Low Deposit Homes help?
We guide every step: serviceability, scheme selection, deposit structuring, package selection, and the build journey to handover — with no upselling. Your full approval runs through our finance partners — licensed brokers who review your borrowing capacity and match you to the right lender.
We build across Queensland and Victoria — from the Ipswich and Logan growth corridors in Brisbane to Melbourne’s western, northern and south-eastern growth corridors and beyond — and match you to the area that fits your life, not the other way around.
Frequently asked questions
How much deposit do I really need?
With the 5% Deposit Scheme, 5% of the package plus some fees — far less than 20%, and no LMI.
Do the schemes let me borrow more?
Mostly they lower your deposit rather than your loan — but because they waive LMI and can come with a discounted scheme interest rate, they may lift your borrowing capacity slightly. Help to Buy goes further and lowers the loan itself. Your income is still the main driver of how much you can borrow.
Why do I need approval before choosing a home?
So you never commit to a package you can’t finance. It protects you.
What’s the difference between settlement and handover?
Settlement transfers the land title; handover is when you get the keys, often months later.
Can a permanent resident do all this?
Yes — everything except Help to Buy, from the day PR is granted.
Do I have to buy in a particular suburb?
No. The corridors mentioned are examples of where we build and where the value is strong — we build across Queensland and Victoria and match you to the area that suits your work, family and budget.
Your next step
Book a free 15-minute consultation and we’ll walk you through your numbers and the whole process.
Book your free call → Book your free call | 1800 920 172
Related reading: Zimbabwean First Home Buyer Guide (pillar) · First Home Buyer Schemes by Visa for Zimbabweans · How Low Deposit Homes Works · Where Zimbabweans Buy in Brisbane.
Related guides: Queensland first home buyer guide · Victoria first home buyer guide · Grant Eligibility Calculator · Borrowing Power Calculator
Low Deposit Homes operates under Winning Homes Australia Pty Ltd (ACN 633 321 758). All calculations indicative. Not financial advice.