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Straight Answers · First home
What's the scheme price cap where I live?
Bayley Clarke · Mortgage broker on the road · Last checked 16 October 2026 · 3 min read
The short answer
The caps on the 5% scheme are a lot higher than most people expect. In NSW, the capital city and the bigger regional centres now sit at $1.5 million, and for most first home buyers that is going to cover the price they're looking at.
Your exact cap depends on your postcode, and the government's property price cap tool will tell you in about ten seconds. What the cap doesn't cover is everything else: the 5% is your deposit, and stamp duty and costs sit on top of it.
The 60 second version, filmed from the driver's seat. The rest of this page is the detail underneath it.
How to find the cap for your postcode
Every state has its own set of caps under the Home Guarantee Scheme, and inside each state they split by area: the capital city and regional centres on one number, the rest of the regions on another. I don't carry every regional number in my head, and you don't need me to. The caps get reviewed, so the number in your head may already be out of date.
Go to the Housing Australia property price cap table, put in your postcode, and it tells you the cap for the area you're buying in. That's the number that matters. If the place you want is priced under it, the scheme is on the table. If it's over, the scheme can't be used for that purchase.
Why the cap isn't the whole budget
The scheme lets you buy with a 5% deposit without paying lenders mortgage insurance. On a $1.5 million purchase that's still $75k of your own money just for the deposit, before a single cost is paid. So for you that means a high cap is not the same thing as a high budget. The cap is the ceiling on the price, not a measure of what you can afford.
Then there's stamp duty. In NSW, first home buyers pay no duty up to $800k and get a concession between $800k and $1 million. Above $1 million, the concession is gone and you pay full duty, which is generally tens of thousands on top. If you're buying anywhere near the top of the cap, it's 5% plus your other costs. Just be mindful of that.
What the cap does and doesn't tell you
The cap tells you the most a property can cost and still qualify. It says nothing about how much a bank will actually lend you. That still comes down to your income, your debts and your spending, and the bank tests all of that the same way it would for anyone else. Plenty of people qualify for the scheme at a price the bank won't lend them.
So the order is: check the cap for your postcode, work out your deposit plus duty and costs, then get your numbers run so you know your real ceiling. For a lot of first home buyers, the 5% scheme is more than likely going to support the price they're looking at. The cap is rarely the thing that stops them. The costs and the borrowing are.
The honest bit: the website is clunky, but it's the source
The government site isn't the nicest thing to use, but it's the only place the caps are kept current, and they do change. I'd rather you check it yourself than rely on a number someone quoted you six months ago, including me.
If you're unsure whether your area falls in the city and regional centre band or the rest of the regions, put the postcode in and let the table decide. It takes less time than reading this paragraph.
Want to know what the scheme actually gets you?
A 30 minute call. We check where your price sits against the cap, work out the deposit, duty and costs in and out the door, and run what the banks will lend you so you know your real number.
No cost to you. The bank pays me when a loan settles. · How I get paid
Next question
I'm a single parent. Can I really buy with a 2% deposit?Yes. Single parents with a dependant can buy with a 2% deposit under the government scheme, no LMI, and you don't need to be a first home buyer.
Related answers
The full guide: The First Home Guarantee, explained I earn over the income cap. Can I still buy under the scheme? Can my friend and I use the 5% scheme to buy together? Do I have to put all my savings in under the 5% scheme, or can I keep a buffer?Not your question? Book a call and ask it, or call 0437 189 939.