If you plan to get into the property market of Australia sooner, you can try the First Home Loan Deposit Scheme (FHLDS). Began on 1 January 2020, FHLDS is an initiative of the Australian Government for supporting eligible first-time homebuyers to fulfill their dream of owning a home. They will get a limited guarantee from the government to build or buy their first home with a deposit of as little as 5%. Apart from that, buyers need not take out LMI under this scheme. You must be an Australian citizen of more than 18 years old to be eligible for this scheme.