Australian Government Help to Buy Scheme
Shared Equity scheme
The Australian Government’s Help to Buy scheme is a shared equity initiative that allows eligible buyers to purchase a home with a deposit as low as 2%. The Government contributes up to 40% for new builds and 30% for existing homes, permanently lowering your upfront costs and mortgage burden.
How the Shared Equity Works
- Government Share: The Government provides an equity contribution to bridge your deposit and borrowing capacity.
- Repayments: You do not pay rent or interest on the Government’s share while living in the property.
- Exiting the Scheme: You can voluntarily buy back the Government’s equity share in increments over time, or repay the balance in full when you decide to sell the home.
Key Eligibility Criteria
- Citizenship: Must be an Australian citizen and at least 18 years old.
- Income: Annual taxable income must be $103,000 or less for individuals, or $165,000 or less for joint applicants and single parents.
- Property Ownership: You cannot currently own any property in Australia or overseas.
- Owner-Occupier: You must live in the home as your primary residence; investment properties are not eligible.
- Price Caps: The purchase price cannot exceed the regional property cap for your area (e.g., in Victoria, caps are $950k for Melbourne, NSW, $1.3 million for Sydney. Check postcode search tool in firsthomebuyers.gov.au for other areas.http://firsthomebuyers.gov.au
See Frequently Asked Questions (FAQ) for more information about eligibility on the Government website.
Paul can help you with applying for the Help to Buy scheme, to make the process as simple as possible.
How to Apply
The scheme is administered by Housing Australia, https://www.housingaustralia.gov.au with 10,000 spots available nationally each year.
To secure your place:
- Check your eligibility using the Housing Australia Scheme Selector Tool.
- Book an appointment with Paul Sheedy.
Currently, applications are processed through a large number of Banks (see separate list of lenders), with many lenders actively joining the panel by 2026.
