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The Help to Buy Scheme , an initiative by the Labor Party to provide equity contributions to low- and middle-income families to purchase homes, has been confirmed to begin in 2024 by Prime Minister Anthony Albanese.
This nationwide shared equity initiative has received approval from all states and territories to advance the necessary legislation for its implementation. Originally intended to launch in 2023, the Help to Buy scheme was postponed to its current start date 2024.
Under this scheme, the government will cover up to 40% of the property price for new homes and 30% for existing properties, requiring eligible participants to only pay a 2% deposit without needing Lenders Mortgage Insurance (LMI). However, there are income caps for single and joint applicants at $90,000 and $120,000, respectively. Those wanting more about this scheme may visit the Help to Buy Scheme page.
Those who cannot wait until 2024 to purchase their homes can explore other nationwide and statewide schemes, such as the Home Guarantee Scheme, a guarantor scheme administered by the National Housing Finance and Investment Corporation (NHFIC), which allows eligible homebuyers to purchase with a deposit as low as 2% of the property value without LMI.
The scheme has three options: First Home Guarantee, Regional First Home Buyer Guarantee, and Family Home Guarantee. In addition, first-home buyer grants ranging from $10,000 to $30,000 are available, subject to different eligibility criteria in various states and territories.
Certain states also have their own shared-equity initiatives, such as NSW’s Shared Equity Home Buyer Helper and Victorian Home Buyer Fund.
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