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Buy Your Own Home
With Just 2% Deposit
Join the Daydream Home Loans Waitlist!
Benefits of the Help to Buy Scheme
Own Your
Home Sooner
Only 2% of genuine savings required for your deposit
No Need
to Pay LMI
This could save you between $10-20,000...
Easier Serviceability
Assessment made at 58-68%, allowing easier approval
Lower
Interest Rates
Meaning lower repayments with competitive rates
Buy Back
Govt. Share
You can buy back the government share at any point
What is the Help to Buy Scheme?
This scheme allows home buyers to get into the market quicker with a lower deposit, lower income, and lower ongoing home loan repayments.
The Help to Buy Scheme is the Labor Government's Home Buyer incentive which allows first home buyers (or second home buyers without a current property) to purchase with only a 2% deposit. The Government will then fund and own 30%-40% of the property. The applicant can then choose to buy the Government out at a later date.
Who is Eligible?
Income less than $90k p.a. for single or $120k p.a for couple
Must be a property to live in
Must not currently own a property in Australia or Overseas
Must be over 18 years of age
Must be an Australian Citizen
Must have a 2% deposit
What is the expected availability and timeline?
10,000 places available initially
40,000 available in total across 4 years
Released to States & Territories on a per capita basis
Expected to start early 2024 but could be as late as 1/7/2024
Are there price caps
on purchase price?
Source: ABC News "How will the federal government's Help to Buy scheme work for people struggling to buy a house?" 18 August 2023
