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.
From the start, the Help to Buy scheme has received strong reactions from the market.
CBA and Bank of Australia were the two initial lenders of the program. But back in December, Housing Australia said it would add more lenders to the scheme over time. However, from the outset, CBA prevented brokers from writing loans under the program.
CBA's General Manager Third Party Banking Baber Zaka has told Australian Broker in December that: "while not currently offered through the broker channel at CBA, we continuously review our distribution strategy and that might change in the future."
Bank of Australia did allow brokers to write Help to Buy loans.
Still, the move by CBA immediately sparked backlash from the market.
Mortgage and Finance Association of Australia's (MFAA) Chief Executive Officer Anja Pannek said: "access to the scheme has to be available through mortgage brokers. Borrowers need clear, impartial guidance to understand how the government’s equity share in their home works, what it means for future borrowing capacity, and how it may impact refinancing or selling."
Peter White, former managing director of the Finance Brokers Association of Australia's (FBAA), said: “there should be a level playing field under the Help To Buy scheme that caters for all borrowers, rather than shoring up the power of major banks to exert further market dominance.”
