Frequently asked questions

To apply for Help to Buy, you'll need to contact a Participating Lender to submit an application on your behalf. 

They will assess your eligibility for a home loan and whether Help to Buy is right for you. You must be approved for a home loan from your Participating Lender before they can submit your application for a place in the Help to Buy Scheme. 

You may also choose to work with a mortgage broker, who can guide you through the process and liaise with a Participating Lender for you. 

Applications cannot be submitted directly to Housing Australia.

There is a maximum of two applicants under Help to Buy. 

If you are applying as a single, single parent or single legal guardian and your personal circumstances later change, you can add a partner, relative or friend to own the home with you and be a Participant under Help to Buy so long as they meet the eligibility requirements. This includes assessing whether your combined income is below the Scheme's income thresholds.

The Participating Lenders can be viewed here. The panel of lenders for Help to Buy will be reviewed and updated gradually over the coming months. Help to Buys is only available through a Participating Lender. 

When you buy a home through Help to Buy, you will own the property whilst the Australian Government will have a percentage interest in its value, called an equity share.

You will not need to pay interest on the Government's contribution. Instead, the Government's equity will share proportionally in any increase or decrease in the property's market value. This means the dollar value of the Government's portion will change depending on the property's value. 

The Help to Buy Scheme allows for the equity share the Government has in the property to change (up or down) in certain circumstances, including when you make significant improvements to the home or when you purchase part or all of the Government's portion.

If the property is sold, the Government will be entitled to its percentage share of the property value as valued at the time of sale. 

Yes. All applications must include each applicant's most recent Notice of Assessment issued by the Australian Taxation Office (ATO) as evidence of taxable income. This is required to assess your eligibility against the Scheme's income thresholds. It applies to all applicants, including those receiving a pension or with no taxable income. 

If you do not have a current Notice of Assessment, you will need to lodge a tax return with the ATO. For more information on how to lodge, visit the ATO website (ato.gov.au) or speak with a registered tax agent. 

No. To purchase a property under Help to Buy, you must first be approved for a home loan through a Participating Lender. Eligibility requires contributing your maximum reasonable deposit and obtaining finance approval from one of the Participating Lenders, before Housing Australia can approve your Help to Buy application and determine the Government's contribution toward your property purchase. 

Your Participating Lender will conduct a financial capacity assessment to ensure Help to Buy is the right fit for you. If you can purchase a property using your savings and borrowing capacity, you will not be eligible for Help to Buy. 

Under Help to Buy, you are required to have a minimum deposit of 2% and to contribute as much as you can reasonably afford toward the purchase of your home. Applicants are encouraged to retain an amount of savings to cover unexpected expenses, emergencies, or future property-related costs including for repairs or necessary home improvements.

If you are building a new home, we strongly encourage you retain some savings as a buffer for any cost overruns that may occur during the build.

A Participating Lender will work with you to understand your personal circumstances and help determine the appropriate contribution toward your purchase.

A 'new home', eligible for an up to 40% Government contribution, is a property that meets any of the following criteria:

• property purchased 'off the plan', where construction has started and the settlement date is expected to be within 90 days
• a detached home that is yet to be built, whether through a house-and-land package or a separate land purchase and building contract
• a newly constructed home that has never been lived in, rented out, or previously sold.

For the Australian Government's contribution, Help to Buy does not have requirements regarding the source(s) of your income.

For the home loan from a Participating Lender, please contact them directly to ask what income sources they will accept under their own lending policy.

Under Help to Buy, your annual taxable income as shown on your previous financial year's Notice of Assessment must not exceed the income thresholds. The income cap for individual applicants is $103,000 and for joint applicants or single parents (and single legal guardians) it is $165,000. If your taxable income exceeds the relevant income cap that applies to you, you are not eligible for Help to Buy.

Housing Australia does not have the authority to review or override the income eligibility requirements under Help to Buy, regardless of how the income was derived. This also includes increases in taxable income through one-off events such as bonuses, redundancy payments, payments from superannuation, or other non-recurring amounts.

At time of application, all applicants must be Australian citizens.

If you are applying for citizenship, you won't be able to apply for Help to Buy until you have been issued your citizenship certificate.

Under the Scheme requirements, you must move into the property as soon as settlement occurs for an established home. If you are unable to do so due to exceptional circumstances, you must apply for an exemption with Housing Australia before your final application can be approved.

If you purchase a new home that is being built, you must take residence in your new home within 3 months of the construction being completed.

Under the Help to Buy Scheme, a person is defined as a single parent if they are a single person that does not have a spouse or de facto partner, and is a natural parent, adoptive parent, or legal guardian of at least one dependent child.

If you’re separated and no longer co-habiting with your ex-partner but not yet legally divorced, speak with your Participating Lender.

A dependent child is defined in the Social Security Act 1991 (Cth) and generally includes any of the following.

• a person under 16 years of age for whom you are wholly or substantially responsible for their care
• a person between 16 to less than 22 years of age that:
  • is wholly or substantially dependent on you; and
  • is in full-time education at school or university and/or
  • does not earn an income greater that the young person's income cap; and
  • is not receiving social security benefits such as Youth Allowance.
• an individual to whom you are their natural or adoptive parent or guardian, who is living with you and in receipt of a Disability Support Pension.

Off-the-plan properties with extended construction timeframes, or unregistered vacant land where title registration is not expected within approximately three to six months, will generally not meet the Scheme's settlement timeframe requirements. 

Applicants first receive conditional approval (a reserved place), which is valid for up to 90 days and in some cases, this may be extended for a further 90 days, subject to your Lender's finance approval.

Once all requirements are met, including an unconditional home loan approval from your Participating Lender, a final Help to Buy approval can be issued. From the date of final approval, you must settle on the property within 90 days.

Your Participating Lender may also require that vacant land is titled, or that an off-the-plan property is completed and certified for occupation, before they can provide unconditional approval and submit your final Help to Buy application. 

If you are considering purchasing unregistered land or an off-the-plan property, it's important to speak with your Participating Lender early, before signing a contract of sale, to confirm the timing requirements can be met. 

If you don't satisfy the ongoing participation requirements of Help to Buy, Housing Australia may initiate a review. This review could require you to repay part or all of the Government's equity share.

If your income exceeds the income thresholds your Participating Lender will work with you to look at your financial position to determine how much you could reasonably afford to repay. If your income exceeds the income thresholds, you will not be required to repay the Government's contribution until you can afford to do so.

Other eligibility requirements, such as living in the property as your principal residence or maintaining insurance, may also affect your eligibility and could lead to further action. Housing Australia or your Participating Lender may work with you to assess your financial position and determine next steps if repayment or other actions are required.

Once you've moved into your home under Help to Buy, you must continue meeting certain responsibilities to remain eligible. These include living in the property as your principal place of residence, maintaining it in good condition, keeping full replacement building insurance, and covering regular costs like rates and utilities. 

You must not rent out the property, use it for business, or treat another property as your main residence (unless you meet specific exceptions and have received written approval from Housing Australia).

Any major changes such as renovations, refinancing, or selling, require notifying Housing Australia in advance. This enables Housing Australia to ensure that your ongoing eligibility requirements are met, that any major changes are done at arm's length, and to appropriately value the property. 

Ongoing reviews, at least every five years (or sooner if circumstances change), will assess your income levels to ensure continued compliance with the Scheme's requirements.

Housing Australia conducts regular reviews, at least every five years, to ensure participants continue to meet the Scheme's eligibility requirements. If your income exceeds the Scheme's threshold for two consecutive financial years, you may be required to repay part or all of the Government's equity contribution. 

Your Participating Lender will work with you to look at your financial position to determine how much you could reasonably afford to repay. You will not be required to repay the Government's contribution until you can afford to do so. 

These reviews also check that your property remains your principal place of residence and is properly maintained and insured, helping ensure the Scheme participants continue to meet the eligibility requirements.

While you are a participant and the Australian Government holds an equity interest in your home under Help to Buy, the property must remain your principal place of residence (i.e. the primary home where you live).

You must not rent out the property, use if for business purposes, or treat another property as your main residence while participating in Help to Buy, unless you meet specific exceptions and have received written approval from Housing Australia.

During the application process, it's best to stay in touch with your Participating Lender or broker for updates.

Once you're pre-approved and have secured a place in the Help to Buy Scheme, Housing Australia will issue a conditional approval letter.

A final approval letter will be issued when your lender has provided details of your property purchase and final application information.

Our conveyancer will contact you directly to sign the Help to Buy Participation Agreement and mortgage documents.

For any questions about your home loan or lender-related documents, please contact your Participating Lender directly.

Under Help to Buy, home buyers can use Help to Buy in conjunction with stamp duty concessions, grants and other exemptions at a local, state or federal government level. You can also use the First Home Super Saver Scheme to help you save a deposit before purchasing a home under Help to Buy.

However, home buyers under Help to Buy cannot participate in or receive assistance from other government programs such as other shared equity schemes, loans or guarantees provided by local, state or federal government for the purchase.

If you have specific questions about whether you would be eligible, we'd encourage you to contact a Participating Lender or a mortgage broker who will be able to assist you.