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The Albanese government has confirmed its Help to Buy scheme will commence on 5 December, more than two years after it was first unveiled in 2022.
Under the shared equity model, Housing Australia will contribute up to 40 per cent of the price of a newly built property – or 30 per cent of an established dwelling – for those who meet eligibility requirements.
The program targets low- and middle-income earners – including essential workers and families – with income caps of $100,000 for singles and $160,000 for couples and single parents. Buyers can enter the scheme with as little as a 2 per cent deposit.
Eligible properties include:
- A new or existing home, including house, town house, 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 there is a signed building contract with an eligible builder).
Help to Buy is intended for people who have demonstrated “reasonable” savings, but still need assistance to secure a suitable home. By lowering the required deposit and reducing the size of the mortgage needed, the scheme aims to shorten the path to home ownership and close the gap between borrowing capacity and property prices.
Over its first four years, the program is expected to support up to 40,000 owner-occupiers.
At launch, Help to Buy will be available in Queensland, Victoria, South Australia, NSW, the ACT and the Northern Territory. The other states (Western Australia and Tasmania) still need to pass their own laws before the scheme can start there. The federal government said it’s working with those states, so the scheme can roll out as soon as possible.
Price caps vary by jurisdiction to reflect differences in housing markets across states and territories.
Source: Housing Australia
Under Help to Buy, borrowers can combine the scheme with other government support, like stamp duty discounts, grants, or exemptions from local, state, or federal governments. They can also use the First Home Super Saver Scheme to help save for their deposit.
However, if borrowers use Help to Buy, they cannot get assistance from other government programs for buying a home, such as other shared equity schemes, government loans, or guarantees.
Applicants cannot currently own any property in Australia or overseas (however, exceptions apply for single parents who jointly own a property and want to buy out the other person’s share or plan to sell their existing property).
The government is assembling a lender panel to deliver the loans. At launch, only two banks – the Commonwealth Bank of Australia and Bank Australia – will offer the product, with more institutions expected to join in 2026.
Once a borrower has a pre-approval in place, their spot in Help to Buy is reserved. The borrower will then have 90 days to find a home (although extensions may be available).
Housing Australia CEO Scott Langford said: “For families and individuals, including essential workers, Help to Buy offers a meaningful pathway to home ownership. Housing Australia is proud to deliver this important initiative on behalf of the Australian Government, to help more Australians achieve the dream of home ownership.”
CBA’s retail bank group executive, Angus Sullivan, said: “We know it can be challenging for first home buyers or those returning to the market to take that step onto the property ladder. That’s why we’re pleased to partner with Housing Australia to support this Government initiative, aimed at making home ownership more accessible for more Australians.”
Bank Australia managing director Damien Walsh said: “Being selected to deliver Help to Buy is a proud moment for Bank Australia. It reflects our commitment to affordable and accessible housing and the communities we serve. As we continue to grow, it’s important we invest in areas that matter to our customers – and Help to Buy is a great example of this.”