20/07/2026
🏡 TIRED OF RENTING IN NSW OR VICTORIA? The Federal Government’s Help to Buy Scheme has officially launched, and it is a game changer! 🚀
If saving a massive 20% deposit feels like an impossible climb in today's property market, this shared equity program is designed to help you fast-track your homeownership goals. 🔑✨
Here is exactly what you need to know if you are looking to buy in New South Wales or Victoria 👇
💰 How It Works (The Big Perks!)
• Tiny Deposit: You only need a minimum 2% deposit to get started!
• Government Boost: The Government chips in up to 30% of the purchase price for an existing home, or up to 40% for a brand-new home.
• Smaller Mortgage: Because the government owns a share of the equity, your loan amount shrinks, meaning lower monthly repayments.
• Save on Fees: You may potentially completely avoid paying Lenders Mortgage Insurance (LMI), saving you thousands upfront!
📍 The Property Price Caps (NSW vs. VIC)
To qualify, the property you buy must fall under these regional price limits:
🟦 New South Wales:
• Capital City & Regional Centres (Sydney, Newcastle, Lake Macquarie, Illawarra, Central Coast): $1,300,000
• Rest of NSW: $800,000
🟩 Victoria:
• Capital City & Regional Centres (Melbourne & major hubs): $950,000
• Rest of Victoria: $650,000
👤 Who Is Eligible?
To secure a spot, you must meet the following criteria:
• Must be an Australian citizen aged 18 or over.
• Must earn under the newly indexed income caps: $103,000 for individuals or $165,000 for joint applicants/single parents.
• Must live in the property as your primary residence.
• Must not currently own any other property or land.
⏰ Act Fast—Places Are Limited!
There are only 10,000 places available nationwide each year. Applications are handled through participating lenders (like Commonwealth Bank and Bank Australia), and spots are filling up fast due to incredibly high demand in Victoria and NSW.
💡 Pro Tip: Make sure to factor in upfront costs like conveyancing and legal fees, as these aren't covered by the 2% deposit!
Read more here https://firsthomebuyers.gov.au/australian-government-help-buy-scheme