Help to Buy Scheme Launches in 2024 to Assist Aussies in Securing Their Homes

The scheme, called “Help to Buy”, will kick off in 2024, so long as the requisite legislation passes in each state and territory, which leaders agreed to do during the latest meeting of the national cabinet.

With 40,000 places available, the program will see the government provide an equity contribution to eligible participants of up to 40 per cent for new homes and 30 per cent for existing homes.

With a focus on low and middle-income earners, this shared equity initiative by the Albanese government is set to allocate 10,000 opportunities annually, granting a significant boost to those aspiring to own a home. 

In this article, we delve into the mechanics of the scheme, its beneficiaries, and the essential details to navigate this transformative housing initiative.

Unpacking the Help to Buy Scheme:

The foundation of the Help to Buy Scheme rests on the principle of shared equity, designed to assist 40,000 individuals in purchasing their own homes. Under this plan, the government will contribute up to 40% of the value of a new home or 30% of an established home. This generous contribution aims to ease the financial burden of aspiring homeowners.Lenders mortgage insurance (LMI) is not required, which significantly lowers the financial load.

Affordable Pathway to Homeownership:

While the government’s contribution is substantial, homebuyers are required to have a minimum 2% deposit and secure a home loan with a participating lender to cover the remaining purchase cost. Importantly, the government’s share of the home won’t accrue rent charges, further supporting buyers in their journey to homeownership.

Eligibility Criteria:

The Help to Buy Scheme welcomes a broad range of participants, not limited to first-time homebuyers. Eligibility requires Australian citizenship, along with not currently owning a residential property or holding a share in one. Income thresholds apply, allowing singles to earn up to $90,000 and couples up to $120,000 annually.

Localized Property Price Limits:

The scheme acknowledges the diverse housing landscape across states by imposing property price caps. These caps are designed to make homeownership accessible in both metropolitan and regional areas.The price caps are shown below.

NSW capital city and regional centres: $950,000
Rest of state: $600,000

VIC capital city and regional centres: $850,000
Rest of state: $550,000

QLD capital city and regional centres: $650,000
Rest of state: $500,000

WA capital city and regional centres: $550,000
Rest of state: $400,000

SA capital city and regional centres: $550,000
Rest of state: $400,000

TAS capital city and regional centres: $550,000
Rest of state: $400,000

ACT: $600,000

NT: $550,000

Regional centres are Newcastle and Lake Macquarie, Illawarra, Central Coast, North Coast of NSW, Geelong, Gold Coast and Sunshine Coast.

Savings Potential and Long-Term Considerations:

Homebuyers can anticipate substantial savings on their home loans through Help to Buy. The government estimates potential savings of up to $380,000 for a new home or $285,000 for an established home. However, it’s crucial to note that the scheme involves shared ownership with the government. When the property is sold, the government’s stake entitles it to a proportionate share of the sale proceeds.

Plan Ahead for Future Possibilities:

With the launch of Help to Buy on the horizon, individuals and families are encouraged to start planning early. While the scheme holds promise for many, it’s essential to be well-informed and prepared for shared ownership dynamics. The anticipation surrounding the launch highlights the importance of early engagement to secure a place in this transformative initiative.


The Help to Buy Scheme is poised to reshape the landscape of homeownership for countless Australians. By offering a helping hand through shared equity, the government aims to make the dream of owning a home more attainable for low and middle-income earners. While the scheme presents exciting prospects, it’s imperative to weigh the benefits against shared ownership considerations. As the countdown begins for its launch next year, individuals are encouraged to seize this opportunity and embark on the journey toward secure and affordable homeownership.

Disclaimer and Professional Advice:

It’s important to recognize that the information provided in this article is intended for informational purposes. It’s not a substitute for personalized tax or financial advice. Individual circumstances should be taken into account, and seeking professional guidance is advised before making financial decisions.

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CEO, Senior Mortgage Broker

Lekha Gurung

Lekha Gurung is an experienced mortgage broker from Sydney who expert in assisting first-home buyers, property investors, refinancing, etc. He has settled more than 300 loans till now. Our Services include First Home Buyers Loans, Investment Loans, Refinancing, Personal Loans, Business Loans, Reverse Mortgage, Credit Default Loan, Low Docs Loan, assistance in property research, and Insurance referral arrangements.

Additionally, Lekha Gurung offers Free Home Loan Consulting and Home Loan Advice. Recognizing the complexities of the mortgage process, these no-cost, personalized consultations are available for free to everyone. Lekha will provide expert guidance tailored to your financial needs, ensuring you make informed decisions in your property financing journey. Simply fill out a form and pick a date to book your Free Session today!

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