Last reviewed: 3 November 2026, against the official Australian Government pages listed under Sources. Scheme rules, caps and lender lists can change, so check those pages before you act.
Saving a 20% deposit can take years. Help to Buy is an Australian Government shared-equity scheme designed to help eligible home buyers, including first home buyers, purchase a home sooner with a minimum 2% deposit.
Under the scheme, the government contributes towards the purchase price, which lowers the amount you need to borrow. This guide explains how it works, who may be eligible, which homes it covers, and what the application steps look like.
What is the Help to Buy scheme?
Help to Buy is a shared equity scheme: the Australian Government contributes up to 30% of the purchase price of an existing home, or up to 40% for a newly built property. Because the government contributes, your loan is smaller.
- Minimum deposit: at least 2% of the purchase price, from your own savings. You are expected to contribute the maximum reasonable deposit you can afford.
- Government contribution: up to 30% (existing home) or up to 40% (new build).
- Lenders Mortgage Insurance (LMI): Lenders Mortgage Insurance is not payable under the Help to Buy Scheme.
You own the home, and the government holds an equity share in it. You pay no rent or interest on that share, but it moves with the property's value: the government shares proportionally in any increase or decrease in value when its share is repaid or the property is sold. You can buy back the government's share in part (voluntary partial repayments must be at least 5% of the home's value) or in full. Housing Australia reviews your income at least every five years, and you may be asked to repay some or all of the share if your income stays above the threshold for two consecutive financial years and you can afford to. The Help to Buy customer guide explains how the amounts are worked out. A mortgage broker can walk you through it before you decide.
Who may be eligible?
Help to Buy has strict criteria. In summary, you may be eligible if:
- You are an Australian citizen. All applicants must be citizens at the time of application.
- You apply alone, or with one other person (two applicants maximum) who also meets the criteria. If you could buy using your savings and borrowing capacity alone, you are not eligible.
- Your annual taxable income is at or below $103,000 for an individual applicant, or $165,000 for joint applicants, single parents and single legal guardians. This is based on your ATO Notice of Assessment for the previous financial year. The thresholds are indexed each 1 July, so check the current figures.
- You will live in the home as your principal place of residence while you are part of the scheme. Investment properties are not eligible. You can't rent out the property or use it for business without written approval from Housing Australia, and only limited exceptions apply, such as approved temporary absences.
- You do not currently own, or beneficially own, any property in Australia or overseas. Detailed exceptions apply, such as for some single parents who own property jointly with someone else and plan to buy out the other owner's share or sell.
- Help to Buy generally cannot be combined with another government shared-equity scheme, loan or guarantee for the property purchase. However, eligible participants may still use stamp-duty concessions, grants, exemptions and the First Home Super Saver Scheme.
Eligibility and lending criteria apply, and meeting these points does not guarantee you will be approved. See the official Help to Buy page and the Help to Buy FAQs for the current criteria.
What can you buy, and what are the price caps?
You can use Help to Buy for a new or existing home, including a house, townhouse, apartment, unit or duplex. You can also use it for a vacant block of land to build a new home, or for a property that is being demolished and rebuilt, provided you have signed an eligible building contract with an eligible builder. Other conditions apply: the purchase must be at arm's length, building contracts must be fixed-price with a licensed builder, off-the-plan construction must already have started when you sign, and you generally need to settle within 90 days of final approval.
The property must also be under the price cap for its location:
| State or territory | Capital city and regional centres (A$) | Rest of state (A$) |
|---|---|---|
| New South Wales | 1,300,000 | 800,000 |
| Victoria | 950,000 | 650,000 |
| Queensland | 1,000,000 | 700,000 |
| Western Australia | 850,000 | 600,000 |
| South Australia | 900,000 | 500,000 |
| Tasmania | 700,000 | 550,000 |
| Australian Capital Territory | 1,000,000 | Not applicable |
| Northern Territory | 600,000 | 600,000 |
The regional centres include the Central Coast, Coffs Harbour–Grafton, Illawarra, Mid-North Coast, Newcastle and Lake Macquarie, and Richmond–Tweed in New South Wales; Geelong in Victoria; and the Gold Coast and Sunshine Coast in Queensland. Caps also apply to these territories:
- Jervis Bay Territory and Norfolk Island: $550,000
- Christmas Island and Cocos (Keeling) Islands: $400,000
Caps are set by the government and can change. See the official price caps page for the current figures.
Not every lender offers Help to Buy
Help to Buy is only available through participating lenders, and the participating-lender list may change. It is important to confirm which available lender and loan option may suit your circumstances. As at 3 November 2026, the lenders listed on the official page are:
- Bank Australia
- Commonwealth Bank
- Teachers Mutual Bank
- Health Professionals Bank
- Firefighters Mutual Bank
- UniBank
- Queensland Country Bank
Each lender applies its own lending criteria and will tell you whether a place is available. Check the official participating lenders page or ask a mortgage broker before you apply.
Help to Buy compared with other first home buyer schemes
Help to Buy is one of three main government options. The right one depends on your income, residency status and goals.
| Scheme | How it works | Minimum deposit | Government equity stake | Income cap | LMI payable | Who can apply |
|---|---|---|---|---|---|---|
| Help to Buy | Government co-owns up to 30% (existing home) or up to 40% (new build), lowering your loan | 2% minimum | Yes, up to 30% (existing) or 40% (new) | $103,000 for an individual applicant; $165,000 for joint applicants, single parents and single legal guardians | No | Australian citizens only |
| 5% Deposit Scheme | Government guarantees part of your loan | 5% (2% for eligible single parents or legal guardians) | No, you own 100% | None | No | Citizens and permanent residents, subject to the scheme's property-ownership rules |
| First Home Super Saver | Voluntary super contributions (up to $15,000 a year, $50,000 in total) released for your deposit | Not applicable | No | None | Depends on your final deposit | Age 18+, never owned property in Australia (hardship exception), and you plan to live in the home |
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Eligibility and lending criteria apply to each scheme, and the rules can change. See the official pages for Help to Buy, the 5% Deposit Scheme and the ATO's First Home Super Saver eligibility.
How the application process works
The process has seven steps, and you have up to 90 days to find a home once your application is conditionally approved.
- Check your eligibility. Review the requirements above.
- Meet a mortgage broker. Assess your finances and your options.
- Select a participating lender. Confirm it suits your situation.
- Prepare your application. Gather the required documents. Your lender then applies to Housing Australia on your behalf, which leads to conditional approval. Conditional approval is not final approval.
- Find an eligible home. Your reservation lasts up to 90 days. If you need more time, your lender can request a further extension of up to 90 days from Housing Australia. The request must be made before the first 90 days expire, and an extension is not guaranteed.
- Sign the contract and pay your deposit. Speak to a solicitor or conveyancer first.
- Final approval and settlement. Sign the scheme documents and arrange insurance. You must settle within 90 days of final approval, and then you become a Help to Buy participant.
Talk to a Flatmart mortgage broker
Help to Buy has many moving parts: price caps, income limits, participating lenders and a 90-day window. A Flatmart mortgage broker can help you check whether the scheme could suit you, compare it with other options, and plan your next steps
Ready to get started?
Book a chat with a Finance & Mortgage Broker at Flatmart today.
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Book a free appointment, call 0485 937 168, or email enquiry@flatmart.com.au.
This article provides general information only and has been prepared without taking into account your objectives, financial situation or needs. It does not constitute legal, tax or financial advice. Eligibility, lending criteria and scheme rules apply and may change. Always seek professional advice about your own circumstances.
Khuong Thinh Australia Pty Ltd, ABN 29 601 123 559. Credit Representative #502238 is authorised under Australian Credit Licence #389328.
Sources
- Help to Buy scheme (First Home Buyers, Australian Government)
- Help to Buy frequently asked questions
- Help to Buy customer guide
- Help to Buy participating lenders
- Help to Buy property price caps
- Help to Buy Program Directions 2025 (Federal Register of Legislation)
- 5% Deposit Scheme
- First Home Super Saver Scheme
- ATO: eligibility for the FHSS scheme
- Treasury: home ownership support
