Schemes available for potential homebuyers compared

Two new schemes will take effect on Jan. 1

Schemes available for potential homebuyers compared


By Mina Martin

The Help to Buy scheme will launch on Jan. 1 following Saturday’s election, with the new Labor government also committing to keep the coalition’s existing Home Guarantee Scheme.

The proposal to allow first-home buyers to use their super, however, was dropped. 

Regional buyers will have access to Labor’s First Home Buyer Support Scheme, rather than the coalition’s Regional Home Guarantee. has compared the support available to Australians who are looking to buy a home:


Existing Schemes


Help to Buy

Regional First Home Buyer support scheme

Home Guarantee – first-home buyers 

Family Home Guarantee

Who’s it for? 

Low to middle income earners who currently don’t own property

First-home buyers already living in regional areas

First-home buyers

Single parents who currently don’t own property

Max taxable income/year

$90K for singles, $120K for couples

$125K for individuals, $200K for couples

$125K for individuals, $200K for couples


What’s on offer? 

Government co-buys up to 30% of an existing home and 40% of a new build

Government guarantees loan to avoid lenders’ mortgage insurance (LMI) 

Government guarantees loan to avoid LMI

Government guarantees loan to avoid LMI

Min deposit 

2% of the portion of the home you own

5% of property value

5% of property value

2% of property value

Places per year 





35,000 (slated for July 1)



Start date 

Jan. 1 

Jan. 1 

Already operating 

Already operating 

Sally Tindall, research director, said the Help to Buy scheme “will give people on lower incomes an immediate leg up into a property market that might have otherwise been out of reach.” 

  “Co-buying with the government has the potential to knock hundreds of thousands of dollars off a person’s loan size and see them finally get the green light from the bank to buy,” Tindall said. 

Tindall warned, however, that the policy “is by no means straightforward” and that “there’s going to be a fair whack of ongoing red tape that comes with buying with the government.”

“Understand the rules of engagement and war-game every possible scenario,” she said. “A change in career, a new baby, even a pay rise might be enough to throw the balance out. Weighing up your options is a great way to understand and compare the risks, rewards, and compromises of each scheme. Also know that taking out a loan with a small deposit can be incredibly risky, even when the government is co-buying with you.” 

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