The Australian Government will go guarantor for people who have saved a 5% deposit.

1. Visit a participating bank or their broker: Tell them you’d like to be considered for the scheme.
2. Reserve a place: Your chosen participating lender will assess if you are eligible for a spot in the scheme. If you are, and there’s a spot available, they will reserve a place on the scheme for your loan. You’ll be required to provide proof of your full name and date of birth; your Medicare number; your Notice of Assessment for your taxable income for the 2018-19 year, and other documents your lender may require for their assessment.
3. Finalise your budget: After that, you have 10 days to obtain conditional approval for a loan (also known as pre-approval) from a lender. This will determine how much you can borrow and therefore how much you can spend on a home.
4. Find a house: You then have 90 days to find, negotiate for and sign a contract on a property, ensuring the home is priced below the property price threshold for its location. Price caps vary according to state and region. It could be wise to stay in contact with your lender during this time and update them regularly.
5. Buy the house: When you sign a contract to buy your chosen house, you then have up to 30 days for the settlement period – to allow time for the bank to finalise the loan, and for the usual legal processes that allow a house contract to settle.If you are having trouble completing this process on time due to delays stemming from the COVID-19 crisis, the NHFIC says that you could be eligible for a 90-day extension. Ask your lender: “We recommend that you do so at least two weeks prior to the expiry of your pre-approval to allow your participating lender sufficient time to determine whether you are in fact eligible and process your extension request”, the agency states.
6. Move in: You must then be living in the house within six months of settlement.

Source: First Home Loan Deposit Scheme information booklet