Melbourne's Best Independent Mortgage Broker - available 7 days a week

What if We Finance

Help To Buy Scheme – Starting 2024

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.

elite-broker-logo Black
Independent Mortgage Broker
Word of mouth Service award 2024
Word of mouth Service award 2023
mortgage broker a blue shape
mortgage broker a blue shape
Family of 4 sitting in New house
Scheme Help Me If I Buy A Home For $500,000

What is the Help to Buy Scheme

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.

How Can I Buy Scheme

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.

How Can I Buy Scheme in australia
mortgage broker a blue shape
mortgage broker taking with client
mortgage broker a blue shape

Non Government Options for low deposit

Other home loan options include guarantor home loans, which allow borrowing up to 105% without paying LMI, and no-deposit or low-deposit (as low as 5%) home loans.

The Best Mortgage Broker Can Help

Mortgage broker What If We Finance can help individuals obtain approval for these schemes, grants, or home loan options. With our expertise, first-home buyers have achieved their dreams of owning their homes, and you could be next. Interested individuals may contact mortgage broker Melbourne at 03 8804 1354 or online.
The Best Mortgage Broker Can Help