The government's Help to Buy scheme just got bigger.
Teachers Mutual Bank Limited is the latest lender to join the shared equity scheme, becoming the third bank to participate, after Commonwealth Bank of Australia (CBA) and Bank Australia. The Sydney-headquartered mutual bank will begin offering the scheme on Monday.
“For 60 years, we’ve been helping Australians achieve their financial goals and we’re pleased to partner with the government to make home ownership more accessible for more Australians, particularly essential workers who play such an important role in our communities," said Teachers' Chief Customer Officer Greg Johnson
“This program provides another pathway for our members to buy a home sooner," he added.
In May, Teachers Mutual Bank merged with Australian Mutual Bank to form Teachers Mutual Bank Limited.
The group now operates under the Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank and UniBank brands. Eligible members will be able to apply for the program through any of them. Brokers will be able to begin writing loans for the scheme starting 6 October.
Help to Buy started in December 2025. Housing Australia will deliver the scheme on behalf of the federal government over the next four years, helping up to 40,000 eligible Australians get into the property market.
Australian Prime Minister Anthony Albanese 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.
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 $103,000 annually, or $165,000 for joint applicants. Both first-time buyers and existing homeowners can apply for the program. Spaces are limited and applicants must apply; 10,000 borrowers will be selected each year. The program is available in all states and territories nationwide.
