The 10-Year Rule: How Returning Buyers Can Reclaim First Home Buyers Benefits.

For many Australians, stepping back into the property market after years of renting or life changes can feel daunting. But there’s good news — under the expanded Australian Government 5% Deposit Scheme, you may now qualify as a first home buyer again if you haven’t owned property in Australia within the past 10 years.

What Is the 10-Year Rule?

Recent updates to the scheme mean that eligibility isn’t limited to people buying for the very first time. If you previously owned a home but sold it more than a decade ago, you’re considered a “first home buyer” once again. This is designed to support those re-entering the market — whether due to family changes, financial setbacks, or lifestyle shifts.

Why It Matters

This rule gives returning buyers a genuine second chance at home ownership. It opens access to the same powerful benefits as first-timers, including:

• Buying with as little as a 5% deposit

• No Lenders Mortgage Insurance (LMI) — saving tens of thousands

• Higher property price caps, reflecting today’s market

• No income limits, so more Australians can qualify

An Example

If you sold your home in 2015 and have been renting ever since, you could now purchase a new property under the scheme as if you were a first home buyer. That means accessing government backing for the remaining 15% of your deposit — helping you get into the market sooner, without years of saving.

The Bigger Picture

By recognising life’s changes and creating pathways for people to re-enter the market, this initiative is not just about affordability — it’s about inclusivity. It’s giving Australians a second chance to find their place, their security, and their haven.

Thinking about buying again after a long break? Reach out to the team at Haven Real Estate for tailored advice and guidance on how this new 10-year rule could work for you.