Australian Government Help to Buy Scheme
The Australian Government Help to Buy Scheme is now open for applications, giving eligible home buyers the chance to step into home ownership sooner.
If you’ve saved as much as you can but still fall short of buying a home that meets your needs, Help to Buy could bridge the gap. This initiative is designed to make home ownership more accessible for Australians by reducing the upfront financial burden.
Key Features:
- 10,000 places available each year for eligible applicants.
- Open to first-time buyers and those returning to home ownership.
- Apply through one of the Participating Lenders listed below.
Whether you’re purchasing your first home or re-entering the property market, Help to Buy offers support to secure a place you can call home.
Brief overview
Eligibility requirements for the Governments shared equity Scheme
- Eligible home buyers
“Eligible buyers need a minimum deposit of at least 2% of the property’s purchase price in genuine savings in order be eligible for the scheme and finance.”
- The Australian Government
- 10,000 Places
How the Scheme works
Help to Buy is a shared equity Scheme where the Australian Government contributes towards the purchase price of your home.
Under the Help to Buy Scheme you will need to:
- Have a minimum 2% deposit
“In order to be eligible for the scheme and finance you will have had to save a minimum of 2% of the purchase price.”
- Obtain a home loan from a participating lender
The Australian Government will:
- Contribute towards the purchase
“The Australian Federal Government will contribute up to 30% of the purchase price for existing homes or 40% for newly built homes.”
Help to Buy makes home ownership possible sooner by bridging the gap between what you can afford and the price of a home that suits your needs. This scheme helps your deposit go further, enabling you to buy earlier and secure the property you want.
Eligibility criteria
In order to take advantage of the Scheme you need to
- Minimum age
- Have a minimum 2% deposit
“To be eligible for the scheme and finance you need to have saved a minimum of 2% of the purchase price.”
- Must be an Australian citizen
- Single or joint applicants
“You can apply for the scheme whether you’re single or in a partnership, however you both must meet the eligibility criteria.”
- Income
“Your annual income must be below $100,000.00 for an individual applicant of $160,000.00 for single parents, and joint applicants, as shown on your ATO Notice of Assessment for the previous year.”
- Owner-occupier
“You must live in the property as your principal place of residence whilst part of the scheme. Investment properties are not eligible.”
- Property ownership
“Cannot currently own any property in Australia or overseas. There are exceptions for single parents who own property jointly with someone else and want to buy out the other persons share or intend to sell their existing ownership.”
- Other Australian Government assistance
“You cannot be receiving help from other schemes, including shared equity schemes, loans or guarantees provided by Australian States or Territories to support the purchase. However, you can still benefit from stamp duty concessions, grants and other exemptions”
Current property price caps per region
| Location | Property Price Cap |
|---|---|
| NSW – capital city & regional centre | $1,300,000.00 |
| NSW – other | $800,000.00 |
| VIC – capital city & regional centre | $950,000.00 |
| VIC – other | $650,000.00 |
| QLD – capital city & regional centre | $1,000,000.00 |
| QLD – other | $700,000.00 |
| WA – capital city | $850,000.00 |
| WA – other | $600,000.00 |
| SA – capital city | $900,000.00 |
| SA – other | $500,000.00 |
| TAS – capital city | $700,000.00 |
| TAS – other | $550,000.00 |
| ACT | $1,000,000.00 |
| NT | $600,000.00 |
| Jervis Bay Territory & Norfolk Island | $550,000.00 |
| Christmas Island & Cocos (keeling) Islands | $400,000.00 |
Regional centres include:
New South Wales
- Newcastle and Lake Macquarie
- Illawarra
- Central Coast
- Mid-North Coast
- Coffs Harbour-Grafton
- Richmond-Tweed
Victoria
- Geelong
Queensland
- Gold Coast
- Sunshine Coast
Types of homes you can buy
Types of homes you can buy under the Australian Government Help to Buy Scheme
Help to Buy supports you to buy a newly built or existing home in Australia at or below the property price cap for the location.
You may use the Australian Government Help to Buy Scheme to purchase:
- a new or existing home, including house, townhouse, apartment, unit or duplex
- a vacant block of land for the construction of a new home or a property that’s being demolished and rebuilt, provided you’ve signed a comprehensive building contract with an eligible builder.
To find out the price caps per suburb or regional centre go to the handy tool provided by the Australian Federal Government.
The Australian Government Help to Buy Scheme is designed to get more Australians into their own homes, while staying within realistic and region-specific price limits.
Each participating state and territory has its own property price caps, which sets the maximum purchase price for homes eligible under Help to Buy. These caps reflect local market conditions and help ensure the Scheme remains fair and accessible across different regions.
Note: Not all states and territories may have passed the enabling legislation to participate in Help to Buy. Be sure to check with your Participating Lender whether your location is currently included.
Please note Tasmania has yet to pass enabling legislation to participate in the Scheme. This page will be updated to reflect when Tasmania can offer Help to Buy.
Help to Buy is available in all other States and Territories.
If this scheme is not for you then you may want to consider the Australian Government 5% Deposit Scheme. And if you are not quite ready to buy you may want to look at the Australian Government First Home Super Saver Scheme.
Participating lenders
You can apply for the Australian Government Help to Buy Scheme through one of the participating lenders with or without our assistance, the participating lenders are Bank Australia or Commonwealth Bank at this stage.
Your ongoing obligations and exist from the Scheme
While you are part of the Australian Government Help to Buy Scheme, you will need to continue meeting the eligibility criteria. This includes:
- maintaining your home
- keeping your home insured
- participating in reviews such as, but not limited to, providing your updated income details and information about key changes to your personal circumstances.
Help to Buy is designed to help you get into home ownership sooner, but it isn’t meant to be a lifelong commitment. Once you’re in your home, you can begin a journey toward full ownership buy out the Australian Federal Government.
There are a few ways to leave the Scheme:
- you can make incremental repayments from your savings to increase your equity share over time
- you can buy back all or some of the Government’s equity, through additional lending
- you can sell your home.
You may have other ongoing obligations once you are officially a participant in the Scheme. For more information on ongoing obligations and Scheme exit please see the Help to Buy Fact Sheet and Help to Buy Customer Guide.
