Attention first-homebuyers!
The Australian Government’s Help to Buy Scheme is a shared equity initiative designed to help eligible Australians purchase a home sooner, with a lower deposit and smaller home loan.
Under the scheme, eligible buyers could purchase a home with as little as 2% deposit*, while the Government contributes up to 30% of the purchase price for an existing home or up to 40% for a new home. This can reduce borrowing costs and may help buyers avoid Lenders Mortgage Insurance (LMI).
Buying your first home can feel out of reach when you’re trying to save a large deposit. This scheme is designed to help eligible first home buyers and low to middle-income Australians get into the property market sooner.
How Does the Help to Buy Scheme Work?
The Help to Buy Scheme is designed to make home ownership more accessible for eligible Australians. Instead of funding the entire purchase price yourself, the Australian Government contributes a portion of the property’s value, helping reduce the amount you need to borrow through a home loan.
- You could contribute as little as 2% deposit*.
- The Government contributes up to 30% of the purchase price for an existing home or up to 40% for a new home.
- Your home loan is obtained through a participating lender for the remaining purchase amount.
In return for its contribution, the Government holds a share in the property. You’ll need to live in the home as your primary residence, and you may have the opportunity to buy back the Government’s share over time, subject to the scheme requirements.
Eligibility Requirements
To be eligible for the Help to Buy Scheme, applicants must:
- Have a minimum 2% deposit*.
- Earn no more than $100,000 per year as an individual applicant.
- Earn no more than $160,000 per year as a couple or single parent.
- Be 18 years or older.
- Be an Australian citizen.
- Live in the property as their principal place of residence.
- Not own property in Australia or overseas.
- Purchase a property through a participating lender.
- Cannot receive help from other schemes (not including stamp duty concessions or grants).
Investment properties are not eligible under the scheme.
Property Price Caps in Western Australia
When using the Help to Buy Scheme, the home you purchase must be within the price cap set for your area.
In Western Australia, eligible properties can currently be valued at up to $850,000 in Perth and major regional centres, and up to $600,000 in other regional areas.
These limits may be updated from time to time, so it’s worth checking the latest information before applying.
How to Apply for the Help to Buy Scheme
Together with our in-house finance experts, Resolve Finance, we can help you understand your options and guide you through the process of building your new home.
Step 1: Check your eligibility
The first step is understanding whether the scheme may be right for you. Resolve Finance helps you review the eligibility criteria, including income, deposit and property ownership requirements.
Step 2: Explore your home building options
Speak with a New Home Consultant about your budget, lifestyle and the type of home you’d like to build. Resolve Finance can help you understand how the Help to Buy Scheme may support your journey to home ownership.
Step 3: Discuss your finance options
Resolve Finance can assess your circumstances, explain your borrowing capacity and determine whether the Help to Buy Scheme may be suitable for you.
Step 4: Apply for the scheme
If eligible, Resolve Finance can guide you through the application process and help you understand the information required. If you’re not eligible for the Help to Buy Scheme, they can also help you explore other finance options and support programs that may be better suited to your circumstances and home ownership goals.
Step 5: Assessment by Housing Australia
Housing Australia will assess your application and determine whether you qualify under the Help to Buy Scheme.
Step 6: Secure your home and land package
If approved, you’ll receive a reservation period to secure an eligible property that meets the scheme requirements.
Step 7: Start your home ownership journey
Once everything is in place, you can move forward with building your new home under the Help to Buy arrangement.
Documents you may need
As part of the application process, you may be asked to provide documents such as proof of identity, income information, tax returns, bank statements, evidence of savings and details of the property you wish to purchase.
Other WA First Homebuyer Assistance
First Home Owner Grant
Eligible first home buyers may also qualify for the First Home Owner Grant** when building or buying a qualifying new home.
Keystart Loans and Finance
Keystart can help eligible buyers purchase a home with a lower deposit^ and flexible lending criteria.
Resolve Finance
When you choose us to build your first home, you have our partners at Resolve Finance to help you sort your finances. They know exactly what’s needed for your situation and how to get you closer to that loan approval. Best of all, they go the extra mile to handle it all, so you escape the hassles.
Frequently Asked Questions
The Help to Buy Scheme is a shared equity initiative where the Australian Government contributes part of a home’s purchase price, helping eligible buyers enter the market with a lower deposit and smaller mortgage.
Speak to our in-house finance experts, Resolve Finance, to see if the Help to Buy scheme could help make your first home happen.
Yes. Eligible Western Australian buyers can apply for the Help to Buy Scheme through a participating lender, subject to meeting the scheme requirements.
Different property price caps apply depending on where you’re looking to buy, with limits varying across metropolitan and regional areas of WA.
For the latest information on price caps and eligibility, please refer to the Government website.
Eligible applicants could purchase a home with as little as 2% deposit*. Speak to our in-house finance experts, Resolve Finance, to see what could be possible for you.
No. The property must be your principal place of residence.
For more details, please refer to government website here.
Yes, depending on your circumstances. You may be able to access the First Home Owner Grant and other concessions alongside the Help to Buy Scheme.
Speak to our in-house finance experts, Resolve Finance, to find out what may apply to you.
Yes. Participants can generally buy back the Government’s equity share over time, subject to scheme rules and requirements.
T&Cs apply. Please refer to government website here.
Yes. The scheme has a limited number of places available each year.
T&Cs apply. Please refer to government website here.
Like any government initiative, there are benefits and considerations.
Benefits
The Help to Buy Scheme could make it easier to get into your own home sooner by:
- Buying with a lower deposit
- Reducing the amount you need to borrow
- Potentially avoiding Lenders Mortgage Insurance (LMI)
- Making home ownership more accessible
- Being able to access some grants and concessions alongside the scheme
Things to keep in mind
- The Government contributes towards the purchase and holds a share in your home
- You may be able to buy back the Government’s share over time, subject to scheme requirements
- You’ll need to meet the eligibility criteria
- Places are limited and available on a first-come, first-served basis
- Property price caps apply and vary depending on location
T&Cs apply. For more detail, please refer to the government website, here.
Let’s look at a hypothetical example.
Sarah wants to build her first home in Perth for $700,000.
| Contribution | Amount |
| Sarah’s 2% Deposit | $14,000 |
| Government Contribution (30%) | $210,000 |
| Home Loan Required | $476,000 |
Without the Help to Buy Scheme, Sarah would likely need a significantly larger deposit and mortgage.
This lower loan amount could help reduce monthly repayments and make home ownership more accessible.
Please refer to government website for details.
Need Help Understanding Your Options?
The Help to Buy Scheme could help eligible Western Australians enter the property market sooner with a lower deposit and reduced borrowing requirements.
Resolve Finance could help you understand your eligibility for the Help to Buy Scheme, compare available first home buyer incentives and discuss your finance options.
Your Homebuyers Centre New Home Consultant could help you explore home designs, house and land packages, and guide you through the home building journey.
Talk to our team today to see whether the Help to Buy Scheme could be suitable for you.
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*Information on this page is general in nature and does not constitute financial advice. Eligibility at the discretion of state and/or federal government. For Help to Buy Scheme please refer to government website: https://firsthomebuyers.gov.au/australian-government-help-buy-scheme
For First Home Owner Grant please refer to: https://www.wa.gov.au/organisation/department-of-treasury-and-finance/first-home-owner-grant-fhog | Lenders terms and conditions apply.
^Eligibility is at the discretion of Keystart. For full details of their Low Deposit Home Loan please head to their page: https://www.keystart.com.au/loans/low-deposit-home-loan or speak to your Resolve Finance mortgage broker.
Resolve Financial Solutions Pty Ltd trading as Resolve Finance ABN 65 079 545 378. Australian Credit Licence No.385487
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