Zippy Financial Zippy Financial

The 2024 Launch of the Help to Buy Scheme is Imminent

The highly anticipated Help to Buy Scheme will kick off next year, giving more Australians a chance to score their dream home. 

A key election promise of the Albanese government,Help to buy  is a shared equity scheme aimed at helping 40,000 low and middle-income earners buy a place of their own (10,000 allocations per year). The scheme involved the government making an equity contribution worth up to 40% of the value of a new home, or 30% of the value of an established home. 

Homebuyers need a minimum 2% deposit and must be able to qualify for a home loan with a participating lender to fund the balance of the purchase. No lender’s mortgage insurance is payable. Homebuyers can choose to boost their stake in the property at any time, and the government won’t charge rent on its share of the home. 

Who Is Eligible for Help to Buy? 

Help to Buy is not limited to first homebuyers. You need to be an Australian citizen and you can’t currently own your home or have a share in a residential home. Income limits apply too. Singles can earn up to $90,000 annually or up to $120,000 for couples.  

Help to Buy Property Price Limits 

Property price limits apply for Help to Buy across state capitals, regional centres and ‘rest of state’ 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. 

How Much Can I Save with Help to Buy? 

Under Help to Buy, homebuyers can take out a much smaller home loan. This provides valuable savings in loan repayments and interest costs. The federal government estimates homebuyers can save up to $380,000 on a new home purchased through the scheme or as much as $285,000 on an established home.  

The Fine Print to Be Aware of 

For low and middle-income earners struggling to buy a home, Help to Buy could be a game-changer. But before you rush in, bear in mind that the scheme will see you share a stake in your home with the government. 

So, if or when you decide to sell the property, the federal government will put its hand out for a slice of the sale proceeds. 

In this way, you won’t get the full benefit of the property’s long-term price growth, but rather a share of the profits in line with the proportion of ownership you hold. 

Now Is the Time to Start Planning

With Help to Buy due to launch in 2024, now is the time to start planning. If it is something you might be interested in, don’t delay reaching out to us to find out more – it is bound to be popular, and places are limited, so you will want to start preparing now.  

Frequently Asked Questions

What is the Help to Buy Scheme?

The Help to Buy Scheme is a shared equity scheme aimed at assisting 40,000 low and middle-income earners in Australia to buy a home, with the government making an equity contribution of up to 40% for new homes and 30% for established homes.

Who is Eligible for the Help to Buy Scheme?

The scheme is open to Australian citizens who do not currently own a home or have a share in a residential property. Income limits are set at up to $90,000 for singles and $120,000 for couples.

What are the Property Price Limits for the Scheme?

Property price limits vary by location, with caps set for capital cities, regional centres, and rest-of-state areas. For example, in NSW capital city and regional centres, the limit is $950,000, and in the rest of the state, it’s $600,000.

Can Homebuyers Increase Their Stake in the Property?

Yes, homebuyers can choose to increase their stake in the property at any time, and the government won’t charge rent on its share of the home.

What Savings Can Homebuyers Expect with the Scheme?

The federal government estimates that homebuyers can save up to $380,000 on a new home purchased through the scheme or as much as $285,000 on an established home.

What Should Potential Buyers Consider Before Joining the Scheme?

Potential buyers should consider the shared ownership aspect with the government and how it affects long-term property value growth and the proceeds from a future sale.

Phone: 1300 855 022


Zippy Financial is an award-winning mortgage brokerage specialising in home loans, property investment, commercial lending, and vehicle & asset finance. Whether you are looking to buy your first home, refinance or build your property investment portfolio, the team at Zippy Financial can help find and secure the right loan for you and your business.

About the Author:   

Louisa Sanghera is an award-winning mortgage broker and Director at Zippy Financial. Louisa founded Zippy Financial with the goal of helping clients grow their wealth through smart property and business financing. Louisa utilises her expert financial knowledge, vision for exceptional customer service and passion for property to help her clients achieve their lifestyle and financial goals. Louisa is an experienced speaker, financial commentator, mortgage broker industry representative and small business advocate.   

Connect with Louisa on Linkedin.   

Louisa Sanghera is a Credit Representative (437236) of Mortgage Specialists Pty Ltd (Australian Credit Licence No. 387025).

Disclaimer:This article contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This article is not to be used in place of professional advice, whether business, health or financial. 



What is a Building Pest? - The Guide | Zippy Financial

Buying a new home can be a cash-consuming exercise, before you even get down to the business of making an offer or bidding at auction. By the time you get to auction day, you really need to have all your due diligence ducks in a row. A few hundred dollars spent on building and pest reports before an auction can potentially save you tens of thousands of dollars in costly repairs down the line.

Since the average house-hunter checks out five different buildings before making a purchase, this exploratory work can be time consuming too.

Before you check out a home’s structural soundness, be sure to check out the inspection company’s credentials too. Cheap and fast is great if you’re spending a couple of bucks on a burger, but when you’re talking about millions of dollars and family homes, it’s worth paying for quality work and reports you can rely on.

It pays to thoroughly research your chosen building inspector. For your added peace of mind and security, make sure the company you choose is properly insured. Many businesses don’t have the correct cover, which can leave you high and dry should any problems be subsequently discovered with your property.

It’s also not a great idea to just go with an existing report on a property. Since last year, real estate agents have had to inform buyers if a building and pest inspection report has already been carried out. While it’s tempting to pay the reduced fee to access an existing report, care must be taken. There have been tales of unscrupulous inspectors working with agents to produce reports that are beneficial to vendors by ignoring potential problems.

Finding your dream home that ticks all the boxes is the difficult part of the house-hunting process. Ensuring that there are no hidden nasties lurking beneath the floorboards, up in the rafters or under a fresh lick of paint doesn’t have to be as difficult. By doing due diligence on your property, you can be confident of its true value.

If you do find issues but you’re still smitten with the home of your dreams, a details report will at least put you in a stronger negotiating position.

Pest & Property Report Tips

Comparison Rate calculated on a secured loan amount of $150,000 for a term of 25 years. WARNING: This Comparison Rate is true only for the example given and may not include all fees and charges. Different terms, fees and other loan amounts might result in a different Comparison Rate. Fees and Charges Apply. Terms and Conditions are available on request.