Australian Government Help to Buy Scheme

Helping you get into your first home sooner.

What is the Help to Buy Scheme?

The Australian Government Help to Buy Scheme is a shared-equity initiative designed to help more Australians buy a home.

Under the Scheme:

You contribute a minimum 2% deposit
You take out a smaller home loan
The Government contributes up to 30% for an existing home or up to 40% for a newly built home

This can reduce how much you need to borrow, lower your repayments, and help you buy a home that better suits your needs.

There are 10,000 places available each year, so eligibility and timing matter.

If you’re a first home buyer who’s saved what you can but still feels priced out, the Australian Government Help to Buy Scheme could be the extra support that gets you into a home sooner.

As a mortgage broker in Newcastle, we’re helping eligible buyers understand how Help to Buy works, whether it’s right for them, and how to apply through a participating lender like Bank of Australia.

Key Benefits of the Help to Buy Scheme

Minimum 2% deposit

Lower loan size and repayments

No Lenders Mortgage Insurance (LMI) In most cases

Buy sooner, without stretching your budget

Available for first home buyers and returning home owners

How Help to Buy Works

Help to Buy is a shared equity arrangement. That means:

You own and live in the home
The Government owns a percentage share based on its contribution
When you sell the property or buy back the Government’s share, gains or losses are shared proportionally

Example

Purchase price: $800,000

Your deposit: $16,000 (2%)
Home loan: $544,000
Government contribution: $240,000 (30%)

Your loan-to-value ratio (LVR) is 68%, which often means better lending outcomes and lower repayments.

How to Apply (and What Happens Next)

You apply through a participating lender, not directly with Housing Australia.

Here’s how it usually works:

Check eligibility and borrowing capacity
Apply through a participating lender (we can help via Bank of Australia)
Receive conditional approval (your place is held for up to 90 days)
Find a suitable home and sign a contract
Final approval, settlement, and you move in 🎉

We guide you through each step so the process feels clear and manageable.

You may be eligible if you:

Are 18 years or older
Are an Australian citizen
Have a minimum 2% deposit
Earn up to $103,000 (single) or $165,000 (couples or single parents) based on your last ATO Notice of Assessment
Do not currently own property in Australia or overseas (some exceptions apply)
Will live in the home as your principal place of residence
Are not using another shared equity or government loan scheme (stamp duty concessions and grants are still allowed)

We’ll help you confirm eligibility before you apply, so there are no surprises later.

How We Help as Your Newcastle Mortgage Broker

Help to Buy sounds simple, but the details matter. We:

Check if you’re eligible before you apply
Compare Help to Buy against non-government options
Structure your loan to support future buy-outs
Handle the application through Bank of Australia
Support you beyond settlement, as your situation evolves

Ready to See If Help to Buy Is Right for You?

If you’re a first home buyer in Newcastle or the Hunter Valley, we’re here to help you understand what’s possible clearly, calmly, and with your long-term goals in mind.