Anthony Albanese's latest housing initiative is coming just in time for the holidays.
On Friday, the Labor Party revealed that its long-awaited shared equity plan — the Help To Buy scheme — starts next Friday, 5 December. That means, over the next four years, the government, by way of Housing Australia, the national housing authority, will help up to 40,000 eligible Australians jump on the property ladder.
Housing Australia Chief Executive Officer Scott Langford said the program helps "Australians achieve the dream of homeownership."
The Australian prime minister first announced the Help To Buy scheme in 2022, during his first term. The program is intended to help more Australians enter the housing market at a time when property prices are climbing, living costs are rising and the national housing shortage continues unabated.
The initiative will likely only add more momentum to an already hot market. The government’s 5% deposit scheme began in October, and together with three interest rate cuts in 2025, it has sparked a spike in homeownership and upgrade inquiries.
"I don't know whether it is because of the lead-up to Christmas, people wanting to get themselves into the market, or getting themselves sorted before Christmas. Or whether they're concerned about property prices going up in 2026, but I'm seeing an absolute flurry of activity," Adele Andrews, director and broker at Melbourne-based Australian Property Home Loans, told Australian Broker. "It's been enormous."
Under the scheme, borrowers can purchase property with as little as a 2% deposit. The government contributes 40% of the purchase price for new homes, or 30% of existing homes for eligible owner-occupiers with a mortgage. No ongoing, regular payments are required, but homeowners can repay the government shares by making regular payments or selling the home in order to increase their equity in the property.
To qualify, individual borrowers must not make more than $100,000 annually, or $160,000 for joint applicants. Both first-time buyers and existing homeowners can apply for the program. Spaces are limited, but applicants can apply starting 5 December; 10,000 borrowers will be selected each year.
The program will be available in Queensland, Victoria, South Australia, New South Wales, the ACT and the Northern Territory to start. The scheme is still pending in Western Australia and Tasmania, subject to local laws.
Commonwealth Bank of Australia (CBA) and Bank Australia are the two initial lenders of the program, but over time other lenders will be added to the scheme, Housing Australia said.
“Help To Buy allows eligible customers to get into a home sooner, with support towards the purchase price," said CBA's Retail Bank Group Executive Angus Sullivan. "It’s also flexible, giving people more choice on how they repay the government’s contribution."
Housing price caps are determined by local markets as follows:
New South Wales
Victoria
Queensland
Western Australia
South Australia
Tasmania
Australian Capital Territory
Northern Territory
