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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Why does your example only state 15% and not the 40% as government contribution
Hi Jenny,
The government contributes up to 40% of the price. This means it can be less than 40%. It’s simply an example. Most borrowers are unlikely to buy a home with the full 40% amount from the government, although it is an option.
Kind regards,
Richard
I had to sell my house in a property settlement in 2015.
I’ve never been able to re-enter the property market and I’m 48 yo single mum w two teenagers.
I’m thinking I’m not going to be eligible for either the federal or NSW home equity scheme as ive already owned a home.
Disappointed
Hi Clare,
Sorry to hear this. If you are referring to the Help to Buy, you can’t own (or have previously owned) any land or property to be eligible.
There is the family home guarantee, which helps single parents get home loans. You don’t need to be a first home buyer to qualify for this scheme.
All the best,
Richard