Buy your new home with just a 2% deposit

The Australian Government Help to Buy Scheme (Help to Buy) is an Australian Government shared equity scheme. This means that the Australian Government pays a percentage of your home’s purchase price for you, by way of a loan. In exchange, the Australian Government takes a corresponding share in your home. Your name will be on the property title, you own the home and live in it, but the Australian Government holds a financial interest that grows or shrinks with your home’s property value over time. A shared equity arrangement isn’t like a normal home loan. Once you’ve purchased your home, you won’t need to make monthly repayments to the Australian Government. You can choose to buy back the Australian Government's share in increments or as a whole; either voluntarily over time or as required as your financial position improves. Each buy back repayment is a step towards you fully owning your own home. You also don’t pay any rent or interest to the Australian Government while you are living in your home. When you eventually sell the property or buy back all the Australian Government’s share, the Australian Government receives the value of its share at that point in time.

Home buyers need to meet the range of eligibility criteria to qualify for Help to Buy. These include:

• Deposit – minimum 2% of the home purchase price.

• Single and joint applicants – apply to the Scheme either alone or together with one other person, provided you both meet the eligibility criteria.

• Income – must have an annual taxable income at or below $100,000 for individual applicants or $160,000 for single parents and joint applicants, as shown on the ATO Notice of Assessment (NOA) for the previous financial year. These income thresholds will be indexed on 1 July annually and updated figures will be published on First Home Buyer's website at firsthomebuyers.gov.au.

• Owner-occupier – must live in the home as your principal place of residence whilst a part of the Help to Buy Scheme (investment properties are not eligible).

• Property ownership – cannot currently own any property in Australia or overseas. There are exceptions for single parents who own property jointly with someone else and want to buy out the other person's share or intend to sell their existing ownership.

• Other Australian Government assistance – cannot receive help from other schemes, including shared equity schemes, loans or guarantees provided by States or Territories to support the purchase.

• Citizenship – must be Australian citizens.

• Minimum age – must be at least 18 years old.

A 'new home', eligible for an up to 40% Government contribution, is a property that meets any of the following criteria:

• Property purchased ‘off the plan’, where construction has started and the settlement date is within 90 days.

• A detached home that is yet to be built, whether through a house-and-land package or a separate land purchase and building contract.

• A newly constructed home that has never been lived in, rented out, or previously sold.

Bank Australia & Commonwealth Bank. Help to Buys is only available through a Participating Lender.

Under Help to Buy, home buyers can use Help to Buy in conjunction with stamp duty concessions, grants and other exemptions at a local, state or federal government level. You can also use the First Home Super Saver Scheme to help you save a deposit before purchasing a home under Help to Buy.

However, home buyers under Help to Buy cannot participate in or receive assistance from other government programs such as other shared equity schemes, loans or guarantees provided by local, state or federal government for the purchase.

For more detailed information about eligibility, deposits, participating lenders and how the scheme works, visit the Australian Government First Home Buyers FAQs page. View more

For general information only. Eligibility criteria, property requirements, income thresholds, and scheme details may change over time. For the most accurate and up-to-date information, please visit the official Australian Government Help to Buy website: Learn more here.