How does the Help to Buy Scheme work?

The Help to Buy Scheme allows first-time buyers to purchase a home with the government contributing equity to the property.

Eligibility criteria apply, including income caps and property price limits.

Key points include:

Government co-investment

Up to 40% for new homes, 30% for existing homes

Low deposit

Only a 2% minimum deposit required.

No Lenders Mortgage Insurance (LMI)

Save thousands as LMI is not required.

Shared equity

Government holds a share in your property; when you sell, they receive their proportionate share.

Am I eligible for the Help to Buy Scheme?

The Help to Buy Scheme is designed for first-time home buyers looking to enter the property market sooner. To qualify, you must meet criteria including income limits, property price caps, and a minimum deposit of just 2%.

faq item for Eligibility

Eligibility

To qualify for the Help to Buy Scheme, you must meet the following criteria:

  • First-time homebuyer: You must not have previously owned a home in Australia.
  • Income limits: Individual applicants must earn less than $100,000 per year, and joint applicants must earn less than $160,000 combined.
  • Property price caps: The home you wish to purchase must fall within the price caps set for your region.
  • Primary residence: The property must be intended to be your primary place of residence.
  • Minimum deposit: A minimum deposit of 2% of the property’s purchase price is required.

Register your interest today.
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