Help to Buy scheme: buy with a 2% deposit
The Help to Buy scheme in Australia lets eligible first home buyers purchase with a 2% deposit, no Lenders Mortgage Insurance, and the government contributing up to 40% of a new home's price through shared equity. Over 2,300 Australians have been approved since the scheme launched in December 2025 (Housing Australia, January 2026). Stryve has access to both participating lenders and 40+ alternatives if another path suits you better.
You own it, live in it, and make it yours
Shared equity sounds like shared control. It isn't.
The home is yours to live in. The government is a silent financial partner, not a landlord. They do not visit, approve your furniture, or tell you how to live in the property.
In practice, the government contributes up to 40% of a new home or 30% of an existing home. You pay no rent on that share.
According to Housing Australia, the government holds a proportionate beneficial interest but is not registered as the owner on the Certificate of Title. Your name goes on the title, not theirs.
Think of it like a family member who helped with the deposit. They share in the value growth when you sell or buy them out. That is the trade-off for needing $12,000 instead of $120,000.
Renovations still follow the normal approval processes any homeowner would use through council or their lender. The scheme does not stop you from making the home your own.
When you sell or buy out the government's share, the process is straightforward. The key point is simple: this is your home, not a shared living arrangement.
Help to Buy scheme eligibility by state
Before checking state caps, start with the core rules: you must be an Australian citizen aged 18 or over, not currently own property, live in the home as your principal residence, and have at least a 2% deposit.
For 2026, the income cap is $90,000 for singles and $120,000 for couples, assessed at application only. The government contributes up to 40% for new builds and 30% for existing homes. Property caps vary by state and region, with regional caps usually lower.
The figures below reflect capital-city caps. For a full overview of other first home buyer grants and schemes available in your state, visit our grants hub. To compare all first home buyer loan options, see our main guide.
Queensland
Property cap: $700,000 in Brisbane. Income caps: $90,000 for singles and $120,000 for couples. Regional QLD caps are lower, so check your exact area.
New South Wales
Property cap: $950,000 in Sydney. Income caps: $90,000 for singles and $120,000 for couples. Sydney has the highest cap nationally.
Victoria
Property cap: $800,000 in Melbourne. Income caps: $90,000 for singles and $120,000 for couples. Regional Victoria has a lower threshold.
Western Australia
Property cap: $550,000 in Perth. Income caps: $90,000 for singles and $120,000 for couples. Perth is one of the more accessible markets under the scheme.
South Australia
Property cap: $600,000 in Adelaide. Income caps: $90,000 for singles and $120,000 for couples. SA remains one of the stronger markets for the scheme.
Tasmania
Property cap: $550,000 in Hobart. Income caps: $90,000 for singles and $120,000 for couples. Many established homes still sit within this range.
ACT
Property cap: $800,000 in Canberra. Income caps: $90,000 for singles and $120,000 for couples. The cap reflects Canberra's higher median prices.
Northern Territory
Property cap: $550,000 in Darwin. Income caps: $90,000 for singles and $120,000 for couples. Many NT homes still sit comfortably within this limit.
What buying a $600,000 home looks like with Help to Buy
Numbers tell the story better than percentages. Here is a simple side-by-side for a $600,000 existing home in Brisbane.
A 20% deposit means $120,000 upfront. The loan would be $480,000. At a 6.2% rate over 30 years, repayments sit around $2,940 per month. If the deposit is under 20%, add roughly $10,000 to $15,000 in LMI.
A 2% deposit means $12,000. The government contributes $180,000 and the loan drops to $408,000. At the same rate, repayments fall to around $2,500 per month, with no LMI.
That's $108,000 less upfront, about $440 less per month, and another $10,000 to $15,000 saved on LMI.
The trade-off is simple: the government owns 30% of the home's value. If you later sell for $750,000, they receive $225,000 and you keep the remaining value, plus any equity you built through loan repayments.
For someone choosing between renting for years to save $120,000 or buying now with $12,000, the maths often favours buying sooner.
These figures are illustrative. Rates, repayments, and LMI costs depend on the lender, credit profile, and market conditions at the time of application.
How to apply for the Help to Buy scheme
You cannot apply for Help to Buy directly through Housing Australia. Applications go through a participating lender, which currently means Commonwealth Bank or Bank Australia.
Stryve accesses both, compares their offers, and handles the paperwork so you are not managing two separate lender conversations yourself.
Stryve charges no fees for Help to Buy applications. We're paid by the lender, and we disclose that commission to you upfront.
02
Find your property
Search within your state's price cap for new builds or existing homes. Before you sign or bid, send us the property details so we can confirm it qualifies under the scheme.
03
Stryve compares both participating lenders
CBA and Bank Australia offer different rates, features, and approval criteria. We submit to the lender that best fits your situation and review future options if more lenders join later.
04
Application and approval
Stryve lodges the full application with the chosen lender, who then coordinates with Housing Australia on the shared-equity side. Processing usually takes 4 to 6 weeks from a complete file.
05
Settlement and moving in
Once approved, settlement works much like a normal purchase. The government's equity share is registered against the property while your solicitor or conveyancer handles the legal process.
Ready to check if you qualify?
Book a free consultation with Stryve. No cost, no pressure, no obligation.
Book a free eligibility checkHelp to Buy or First Home Guarantee?
Two government schemes, different mechanics. The right choice depends on your deposit, your comfort with shared equity, and how many lender options you want. Not sure which fits? That's exactly what Stryve helps you decide.
| Services | Help to Buy | First Home Guarantee |
|---|---|---|
| Lowest minimum deposit (2%) | ||
| No Lenders Mortgage Insurance | ||
| You own 100% equity from day one | ||
| 30+ participating lenders to choose from | ||
| Government contributes to purchase price | ||
| Lower monthly repayments (smaller loan) |
Frequently asked questions
Find out if Help to Buy works for you
Over 2,300 Australians have already been approved. Your situation is unique, and Stryve checks your eligibility, compares both participating lenders, and builds your application properly the first time. No cost, no pressure, no obligation.
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