The Australian Government Help to Buy Scheme has officially opened for applications — and for thousands of Australians dreaming of home ownership, this could be the opportunity that finally turns “one day” into “today.”
With rising property prices and cost-of-living pressures making it harder to save a traditional 20% deposit, the government’s shared-equity model is designed to bridge the gap. Whether you’re a first-home buyer or returning to the market after a setback, Help to Buy could help you step confidently into home ownership with a much smaller deposit and mortgage.
What Is the Help to Buy Scheme?
The Help to Buy Scheme is a national shared equity program that helps eligible Australians purchase a home with a government contribution of up to:
- 30% for existing homes
- 40% for new builds
This contribution dramatically reduces the amount you need to borrow — and therefore the size of your deposit and monthly repayments.
The scheme offers 10,000 places each year, supporting 40,000 households over four years.
How the Help to Buy Scheme Works
Unlike a grant, the government becomes a co-owner of the property, holding an equity share proportional to their contribution. You retain full rights to live in the home, and when you eventually sell or buy out the government’s share, the gain (or loss) is split in the same proportion.
What you need to participate:
- Minimum 2% deposit
- A home loan from a Participating Lender
- Meet the eligibility criteria (age, income, citizenship)
What the government provides:
- 30% or 40% equity contribution
- Reduced mortgage amount
- Lower deposit requirements
- Support in purchasing sooner, even if you’re not able to meet traditional lending barriers
This structure means you could enter the market years earlier, especially in high-demand areas.
Help to Buy Eligibility Criteria
To qualify for Help to Buy, applicants must meet the following requirements:
Personal eligibility
- Must be 18 years or older
- Must be an Australian citizen
- Income caps:
- $100,000 or less (individuals)
- $160,000 or less (single parents or joint applicants)
- Apply solo or with one other person
Property eligibility
- Must be used as your principal place of residence
- Cannot be an investment property
- Must be within local price caps
- Can be:
- A new or existing home
- Vacant land + building contract
- A knockdown-rebuild project
Ownership rules
- You cannot currently own property, in Australia or overseas
- Exceptions apply for single parents who co-own and want to buy out the other owner
Location restrictions
- Available in all states and territories, except:
- Western Australia and Tasmania (pending legislation)
How to Apply for Help to Buy
You cannot apply directly through Housing Australia. Instead, applications must go through a Participating Lender, who will:
- Assess your eligibility
- Review your financial position
- Submit your application
- Provide conditional approval (valid for 90 days)
- Support you through settlement
Once approved, you’re free to make an offer on a home within your price range.
Ongoing Obligations Under the Scheme
Participants must:
- Live in the home full-time
- Maintain and insure the property
- Update their income and personal details during annual reviews
The scheme isn’t meant to last forever; it’s a stepping stone to full home ownership. You can exit by:
- Making voluntary repayments to increase your equity
- Refinancing and buying out the government’s share
- Selling the home
Currently on Bank of Australia and Commonwealth bank are participating in help to buy. Updated participating lenders here.
Case Study: How Help to Buy Makes Home Ownership Possible
Emma, a 32-year-old nurse from Brisbane, earns $84,000 per year. After years of renting and saving, she had only managed to put aside $12,000 — nowhere near the 20% deposit required for homes in her area.
Under Help to Buy:
- She found a new townhouse for $600,000
- Her required deposit was 2% → $12,000 (exactly what she had saved)
- The government contributed 40% ($240,000)
- Emma only needed a mortgage for $348,000 (after her deposit)
This reduced her monthly repayments by more than $1,200, making home ownership not just possible but comfortable on her salary.
Emma plans to gradually buy back her equity share as her income grows.
Statistics: Why Schemes Like Help to Buy Matter
- The average Australian home price passed $920,000 in 2024 (CoreLogic).
- Only 31% of renters say they believe they can buy a home without assistance.
- First-home buyers now take an average of 8–12 years to save a traditional deposit in major cities.
- The number of people accessing shared-equity or low-deposit programs has more than doubled since 2020.
Help to Buy aims to reduce those barriers so more Australians can build long-term financial security through home ownership.
The help to buy intergovernmental agreement. Click here
Other Government Support for Home Buyers
5% Deposit Scheme (Expanded 2025)
From 1 October 2025, the government expanded its 5% Deposit Scheme with:
- No income caps
- No caps on the number of places
- Higher price caps
- A special 2% deposit option for single parents
First Home Super Saver Scheme
Allows you to save up to $50,000 of voluntary contributions in your super and withdraw them (plus earnings) for a deposit. This boosts savings through lower super tax rates.
Final Thoughts: Is the Help to Buy Scheme Worth It?
For many Australians, the Help to Buy Scheme provides a rare opportunity to break into the property market with:
- A much smaller deposit
- Lower borrowing costs
- Shared risk in case prices fall
- A manageable pathway to full ownership over time
If you’re struggling to save or your borrowing power isn’t quite enough, Help to Buy could be the game-changer that puts your name on a title deed sooner.
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