The Help to Buy scheme is one step closer to supporting 40,000 Australians into home ownership.
The Help to Buy Program Directions 2025 (the Program Directions), which contain the details of the scheme including eligibility criteria and participant obligations, have now been signed by the Minister for Housing, the Hon Clare O’Neil MP.
You can find the Program Directions at https://www.legislation.gov.au/F2025L00682/latest/text.
This means that Housing Australia can now progress its implementation of the scheme – for example, building IT systems and making arrangements with participating lenders.
Help to Buy is expected to be open for applications later this year, once the implementation process has been completed.
For the Help to Buy scheme to operate nationally, states need to pass legislation to enable the scheme to operate in their respective jurisdiction. Territories do not need to pass legislation to participate in the scheme. At National Cabinet, all state leaders committed to passing Help to Buy legislation.
Queensland, Victoria and New South Wales have passed Help to Buy legislation, which means Australians in those jurisdictions, alongside those in the ACT and the Northern Territory, will be able to apply for the scheme as soon as it commences operation. The Australian Government is continuing to work with other states to ensure the scheme can operate nationally as soon as possible. Help to Buy eligibility criteriaApplicants will need to meet the scheme’s eligibility criteria, which include but are not limited to: - Being an Australian Citizen
- Being aged 18 years or over
- Not exceeding the income caps (annual taxable income):
- Single - $100,000
- Joint applicants/single parents - $160,000 combined
- Purchasing within the property price caps (see below)
- Having a minimum 2 per cent deposit
- Using the purchased home as their principal place of residence
- Not currently owning any other property in Australia
- Being unable to purchase the home without the assistance of the Help to Buy scheme
- Paying all property purchase fees and taxes (including stamp duty)
- Being able to service a mortgage with a bank participating in the Help to Buy scheme
Property price caps | Region | Price cap | | New South Wales – capital city and regional centre | $1,300,000 | | New South Wales – other | $800,000 | | Victoria – capital city and regional centre | $950,000 | | Victoria – other | $650,000 | | Queensland – capital city and regional centre | $1,000,000 | | Queensland – other | $700,000 | | Western Australia – capital city | $850,000 | | Western Australia – other | $600,000 | | South Australia – capital city | $900,000 | | South Australia – other | $500,000 | | Tasmania – capital city | $700,000 | | Tasmania – other | $550,000 | | Australian Capital Territory | $1,000,000 | | Northern Territory | $600,000 | | Jervis Bay Territory and Norfolk Island | $550,000 | | Christmas Island and Cocos (Keeling) Islands | $400,000 |
Regional centres under Help to Buy: Newcastle & Lake Macquarie, Illawarra, Central Coast, Mid-North Coast, Coffs Harbour-Grafton, Richmond-Tweed, Geelong, Gold Coast and Sunshine Coast.
Disclaimer: The information above is provided for general informational purposes only. It is based on a public update received via official email communication from the Australian Government Treasury, to which I am subscribed as an information recipient. |
