To take advantage of this scheme, buyers must meet these criteria:
There's a price cap in place with this scheme. This means that to be eligible to access the scheme, your property's purchase price needs to be at or below the threshold.
Every city and region has a different price cap, reflecting the differences between various property markets in Australia.
| City/state region | Price cap |
|---|---|
| NSW – capital city and regional centres | $950,000 |
| NSW – rest of the state | $750,000 |
| VIC – capital city and regional centres | $850,000 |
| VIC – rest of the state | $650,000 |
| QLD – capital city and regional centres | $700,000 |
| QLD – rest of the state | $550,000 |
| WA – capital city | $600,000 |
| WA – rest of the state | $450,000 |
| SA – capital city | $600,000 |
| SA – rest of the state | $450,000 |
| TAS – capital city | $600,000 |
| TAS – rest of the state | $450,000 |
| ACT - capital city and regional centres | $750,000 |
| ACT - rest of territory | $600,000 |
| NT - capital city and regional centres | $600,000 |
| NT - rest of territory | $550,000 |
| Response | |
|---|---|
| Yes | 43.08% |
| No | 29.23% |
| Unsure | 27.7% |
There are many first home buyer support policies from state and federal governments. Most of these policies help Australians enter the market with the following:
The Help to Buy Scheme is similar to the First Home Guarantee Scheme and New Home Guarantee in that you can also avoid LMI and buy with a low deposit. But it will be available not just to first home buyers but to eligible buyers who don't currently own any property.
However, the scheme is unique in that the government is essentially co-buying the property with you. This is because it is a shared equity scheme. The most similar policy is the Victorian government's Homebuyer Fund. In this state scheme, you can buy with a 5% deposit and the state government contributes up to 25% of the price.
The NSW government has also launched a shared equity scheme with similar criteria.
The Help to Buy scheme requires legislation to pass parliament before it comes into effect. Right now, there is no way to apply for the scheme.
It is due to launch in 2024 and when the scheme does begin, the application process will be clearer. But if the Help to Buy Scheme follows the same approach as the First Home Guarantee Scheme, the buyers will need to apply for a home loan with a lender participating in the scheme first.
There are no official details yet on how to apply for the Help to Buy scheme, but it would be through Housing Australia, like the Home Guarantee Scheme. Other programs include:
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The scheme the federal government promised in the last election, shared equity scheme. Has it started yet ? Is there a government website ?
Hi Robert,
The scheme is planned to commence in 2023 and is expected to accept applications during two financial years (2022-23 and 2023-24). You can visit your state government’s website for more information.
Thanks,
Rebecca
Hi, just wondering where you found information about this being for first home buyers only. The ALP website says the scheme is for anyone who doesn’t currently own property. In fact this was a big selling point of the scheme. Has this since changed?
Hello Jane,
We have updated a reference on the page to clarify that the policy will (assuming no changes) be available for any eligible buyer who doesn’t currently own property. Thanks for pointing that out!
Kind regards,
Richard
how can we apply for this scheme is there an application for this and if there is when will it come available
Hi Gianfranco,
At this time, there is no set application process released for the Help to Buy Scheme yet. Please feel free to visit our page from time to time to check the latest updates on the scheme.
Kind regards,
Rebecca
Where it says You need to earn $90,000 a year or less, is this taxable income or earnings – my accountant is asking me and I’m not sure
Hi Donna,
No further details have been provided about the scheme as it isn’t live yet. However, you can reach out to your chosen home loan lender or mortgage broker to assist you with the Help to Buy application.
Kind regards,
Richard
How do I apply for the help to buy scheme….I have noticed on some cites that it commences on 1 July 2022, however I can not find how to apply for it because of meeting the requirements.
Hi Glenys,
You can reach out to your chosen home loan lender or mortgage broker to assist you with the Help to Buy application.
Kind regards,
Richard