Funded by Origin MMS (Columbus Capital, AFSL 337303) and stackable with first home owner grants and the 5% Deposit Scheme

You are building your first home and you have heard about HomePay, the First Home Owner Grant, and the government's 5% Deposit Scheme. The question most buyers ask is whether these things can work side by side, or whether using one rules out another. The short answer is that they operate on different rails and can, in the right circumstances, be combined. What follows is a plain-English explanation of how each piece works.

How HomePay is funded and what it actually does

HomePay is Elite Wealth Creators' Build Now Pay Later product. During the construction period, there are zero monthly payments for the first 12 months. After that, standard repayments begin. It is not an interest-only loan and it is not a partial deferral.

The lending behind HomePay is provided by Origin MMS, a product operated by Columbus Capital Pty Ltd, which holds Australian Financial Services Licence 337303. That means the credit product itself sits with a licensed, regulated lender. EWC coordinates the property and the finance introduction; the mortgage contract is between you and the lender.

Because HomePay is a standard construction loan with a deferred payment feature, it does not interfere with your eligibility for federal or state first home buyer schemes. Those schemes look at the property type, the purchase price, your ownership history, and in some cases your residency status. They do not exclude you for using a particular lender or a deferred-payment structure during the build.

The federal 5% Deposit Scheme

On 1 October 2025, the Home Guarantee Scheme was renamed the Australian Government 5% Deposit Scheme. The mechanics are straightforward. It allows eligible first home buyers to purchase a home with as little as a 5% deposit, with the government guaranteeing the remaining 15% of the deposit. This means lenders treat the loan as if it has a 20% deposit, which eliminates the need to pay Lenders Mortgage Insurance.

The October 2025 changes were significant. From 1 October 2025, the changes to the Scheme meant no income caps, no waitlists and no Lenders Mortgage Insurance. The previous annual place limit of 35,000 guarantees per year, which meant places ran out and applicants had to wait, has been abolished. Every eligible applicant can now access the guarantee, with no annual quota and no waiting list based on places.

Property price caps do still apply and vary by location. Per Housing Australia, the key caps effective 1 October 2025 include New South Wales (Sydney and regional centres) at $1,500,000, Queensland (Brisbane and regional centres including the Gold Coast and Sunshine Coast) at $1,000,000, Victoria (Melbourne and Geelong) at $950,000, and Western Australia (Perth) at $850,000. Always confirm the cap for your specific address through Housing Australia before signing a contract.

The scheme also supports new builds. The scheme is flexible on property type. You can use it for an existing house, townhouse or apartment, a house-and-land package, an off-the-plan purchase, or vacant land with a separate building contract, as long as the total comes in under the cap. A house-and-land package funded through HomePay, where the total land-plus-build cost sits under the relevant cap, can therefore be eligible for the guarantee.

State First Home Owner Grants

The First Home Owner Grant is a state or territory measure. It is cash, paid once, and in almost every case it applies only to a new build. The amount depends on where you buy.

Grant amounts as at the time of writing (sourced from state revenue offices via mortgageworldaustralia.com.au and mozo.com.au, July 2026):

• Northern Territory: the largest cash grant at $50,000 for a new home.
• Queensland: the increased $30,000 amount continues for eligible contracts signed from 1 July 2026 onward.
• Tasmania: $30,000 with no property value cap.
• South Australia: $15,000 for new builds (confirm current eligibility at the SA Revenue Office, as conditions and timing windows apply).
• NSW, Victoria, WA: each sit at $10,000 for new builds.
• ACT: pays no cash grant, but from 1 July 2026 its full stamp duty exemption can be worth more than a $10,000 grant on a typical purchase.

Grant amounts and caps move at state budgets. Confirm the current amount on the linked government page before you commit to a purchase.

The First Home Super Saver Scheme

For buyers who have been making voluntary super contributions, there is a third federal scheme worth understanding. The First Home Super Saver Scheme is an Australian Government program administered by the ATO that helps you save a deposit for your first home using your super. It lets you make extra voluntary contributions to your super fund, grow your savings faster, and take advantage of lower tax rates.

Using the FHSS scheme, you can contribute up to a maximum of $15,000 in any one financial year and up to a maximum of $50,000 across all years. The ATO adds deemed earnings to that amount when calculating your release figure. Concessional (pre-tax) contributions are taxed at 15% going in and the released amount is taxed at your marginal rate less a 30% offset, per the ATO.

FHSS funds can be used as part of a deposit alongside the 5% Deposit Scheme guarantee. They cannot be used for an investment property. The scheme is for your principal place of residence. Eligibility is assessed individually, the rules are strict on timing, and the release process runs through the ATO, so discuss the sequencing with a licensed adviser before making additional contributions with this goal in mind.

How they fit together: a worked scenario

Consider a couple in Queensland building a new home priced at $750,000 (land plus build, all-in).

1. 5% Deposit Scheme: they purchase with a 5% deposit ($37,500) and pay no LMI. The government guarantees the remaining 15% to the lender.
2. Queensland FHOG: if eligible, they may receive a $30,000 cash grant on the new build contract (confirm current eligibility at the Queensland Revenue Office).
3. HomePay: the construction loan sits with Origin MMS (Columbus Capital, AFSL 337303), with zero monthly payments for the first 12 months during the build. Standard repayments begin once that period ends.
4. FHSS (if applicable): if either applicant has been salary sacrificing into super, they may be able to draw on up to $50,000 in eligible voluntary contributions (plus deemed earnings) toward the deposit, subject to ATO approval.

None of these four items directly cancels out the others. Each has its own eligibility rules, timing requirements, and lender or government body to deal with. Getting the sequencing right, particularly around deposit verification, FHSS release timing, and grant payment milestones, requires careful coordination between your broker, conveyancer, and the relevant agencies.

What to do next

1. Check your scheme eligibility. The Housing Australia website has the current price caps and eligibility criteria for the 5% Deposit Scheme. Your state revenue office has the FHOG details. A licensed broker can assess whether your deposit structure works for participating lenders.
2. Talk to an SMSF specialist accountant or financial adviser. If you are also considering how your super fits into this picture, whether through FHSS or a broader super strategy, that conversation needs to happen with a licensed professional before you sign anything.
3. Book a call with the EWC team. We source the property, introduce you to licensed brokers who work with construction finance and the HomePay structure, and coordinate the moving parts. Start at https://elitewealthcreators.com/booking/ or visit /contact to send an enquiry. You can also read more about how we work at /services.

General information only, not personal financial advice. Speak with a licensed adviser before acting.