Help to Buy Scheme: Am I Eligible? | Home Loan Experts

The Help to Buy Scheme will be available only if the Australian Labor Party wins the election taking place on 21 May 2022.


What Is The Help To Buy Scheme?

The Help to Buy Scheme, introduced by the Australian Labor Party, is a shared equity scheme wherein the government helps first-home buyers purchase a home by contributing up to 40% of the property price for a new home and up to 30% for an existing one. Participants need just a 2% deposit and do not have to pay Lenders Mortgage Insurance. They also do not have to pay rent on the portion of the home the government owns and they can buy out the government’s share when they are able.

The scheme is designed to help with the longstanding affordability crisis. There would be 10,000 places available for eligible Australians each year.

Visual representation of help to buy scheme with a real-life scenario

When Will It Be Available?

The scheme would be available beginning in the financial year 2023 but only if the Labor party wins the May 2022 election.

Who Is Eligible For The Help To Buy Scheme?

Criteria Eligibility Requirements
  • Individual gross income must not exceed $90,000 a year
  • Gross income for couples applying together must not exceed $120,000 a year
  • If income exceeds the maximum allowed for two consecutive years, participants will have to repay the government’s financial contribution in part or whole, as their circumstances permit.
  • Property ownership and residency
  • Must be a first-home buyer with no land or property under your name in Australia or overseas
  • Property purchased through the scheme must be participants’ primary residence
  • Age and citizenship
  • Must be at least 18 years old
  • Must be an Australian citizen
  • Permanent residents aren’t eligible
  • Deposit and other expenses
  • Minimum deposit 2%
  • Participants must pay legal costs, conveyancing fees, stamp duty, and any related taxes or expenses
  • Type of housing Participants can purchase a new or existing home that is one of the following types:

  • Stand-alone house
  • Semi-detached house
  • Duplex
  • Townhouse
  • Unit
  • Other requirements
  • Must pass the serviceability test of the lender and qualify for a home loan
  • Let our Home Loan Experts navigate the requirements of the scheme for you. We’ll sort out whether you qualify. Call us on 1300 889 743 or fill in our free assessment form today.

    How Much Will I Save?

    The savings on a property through the scheme will depend on the property’s price. Based on the price cap for different locations, a 40% equity contribution from the government for purchasing a new house can save you anywhere from $120,000 to $380,000. A 30% equity contribution from the government to purchase an established home can save anywhere from $120,000 to $285,000.

    The chart below shows price caps for properties in different locations and the maximum the government would pay under the scheme, based on the property type.

    Region Property Price Cap Savings On New Home At Maximum Price Savings On Existing Home At Maximum Price
    NSW – Sydney and regional centres
    (Newcastle, Lake Macquarie and Illawarra)
    $950,000 $380,000 $285,000
    NSW – rest of state $600,000 $240,000 $180,000
    VIC – Melbourne and regional centre
    $850,000 $340,000 $255,000
    VIC – rest of state $550,000 $220,000 $165,000
    QLD – Brisbane and regional centres
    (Gold Coast and Sunshine Coast)
    $650,000 $260,000 $195,000
    QLD – rest of state $500,000 $200,000 $150,000
    WA – Perth $550,000 $220,000 $165,000
    WA – rest of state $400,000 $160,000 $120,000
    SA – Adelaide $550,000 $220,000 $165,000
    SA – rest of state $400,000 $160,000 $120,000
    TAS – Hobart $550,000 $220,000 $165,000
    TAS – rest of state $400,000 $160,000 $120,000
    ACT $600,000 $240,000 $180,000
    Northern Territory $550,000 $220,000 $165,000

    How Does This Affect A First Home Buyers Loan?

    Participants in Help to Buy do not have to pay rent on the portion of the home the government owns. They can also buy out the government’s equity – at least 5% at a time – when they are able.

    How To Apply For The Help To Buy Scheme

    We at Home Loan Experts can assist you with applying for the Help to Buy scheme when the government starts accepting applications for it.

    Coalition’s Super Home Buyer Scheme

    The Coalition proposed the Super Home Buyer Scheme ahead of the federal election in May 2022. It is designed to help first-home buyers purchase a home sooner by using part of their super as a deposit. The plan will go into effect only if the Coalition wins re-election. You can get all the details of the scheme here.

    Even if you don’t qualify for the scheme, there are other programs for you to choose from, including the following:

    With limited places available, competition for a spot in this scheme is sure to be fierce. Don’t delay! Discuss your situation with our mortgage brokers today, and we’ll find the best home loan scheme for your situation.

    Call us on 1300 889 743 or fill in our free assessment form.

    Why use us?

    We aim to set an example by delivering what we promise: a higher level of service, better advice and better home loans.


    Australia-wide services

    We finance properties anywhere in Australia for people anywhere in the world.


    Get incredible interest rates

    Our relationships with our panel of lenders allow us to negotiate your interest rate.


    We get tough loans approved

    We can help you navigate the often complex pre-approval and application process.


    Our customers love us

    We receive hundreds of love letters from our customers.

    Discover more reasons to use Home Loan Experts

    How we find you the right solution

    We get a complete understanding of where you’re at and what your ultimate goals are.
    You’ll get a recommendation in just a few simple steps.

    free assessment

    Complete our free assessment form or call us.


    We assess your situation.


    We look at all the options from our panel of lenders.

    suitable home loan deals

    We will find you the most suitable home loan deals.

    Testimonials for Home loan experts

    about us


    lenders on
    our panel


    lent Australia-wide
    and counting

    Common Wealth
    St George
    Pepper Money
    Me Bank

    of our borrowers get
    approved with a major bank


    of our borrowers get a discount
    below the bank standard variable rate