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Help to Buy could buy a property for low to middle income earners

The Lismore App

29 May 2025, 11:48 PM

Help to Buy could buy a property for low to middle income earners

An estimated 3,000 eligible home buyers across NSW will soon be able to participate in the Australian Government’s Help to Buy program each year, after the NSW Parliament passed enabling legislation.


Help to Buy will assist eligible low to middle-income earners to purchase a home with a contribution from the Australian Government of up to 40 per cent of the purchase price for new homes and 30 per cent for existing homes.



Help to Buy will help to bring the dream of owning a home within reach for thousands of people earning an annual income of $100,000 or less for individuals, or up to $160,000 for couples and single parents.


Treasurer Daniel Mookhey said, “We want to give more people more pathways to get into their own home, and this program will help thousands in NSW do just that.


“Help to Buy can take years off the time it takes to save for a deposit, and that’s meaningful relief for families.



“Around a third of the 10,000 places available every year will be right here in NSW.”


Eligible NSW Help to Buy participants will be able to purchase property for up to $1.3 million in Sydney and regional centres and up to $800,000 in the rest of the state, with a requirement that the home is the principal place of residence.


10,000 places a year will be allocated across the country, with about one-third available to buyers in NSW.


Help to Buy can shrink the deposit required to buy a home to a minimum of two per cent and avoids the cost of Lenders Mortgage Insurance. 


The program will be funded by the Australian Government and administered by Housing Australia and is expected to commence later in 2025.



The Help to Buy program will provide another lever as the state government works to build a better NSW.


Minister for Planning and Public Spaces Paul Scully said, “As the Minns Government continues to speed up the delivery of homes and tackle our supply challenges, the Help to Buy program will support people to buy those homes.


"In supporting this initiative, the Minns Government is helping to make housing more accessible, more affordable, and more attainable for the people who need it most.”


Minister for Finance Courtney Houssos said, “The Minns Labor Government understands the real barriers facing families across NSW when it comes to entering the housing market.


“We welcome this important initiative from the Albanese Labor Government to support first home buyers.


"The Minns Labor Government inherited a flawed shared equity system from the previous government. The policy settings of the Albanese Government's scheme have much better prospects for success."



Minister for Housing and Homelessness, Rose Jackson said, “Help to Buy is about fairness. It’s about making the dream of owning a home achievable again for thousands of people who’ve been let down by a broken housing system.


“Home ownership has felt completely out of reach for working people. Help to Buy will make it possible for people to own a home of their own, with a smaller deposit and no mortgage insurance.


“Alongside the biggest planning reforms in a generation, our landmark Transport Oriented Development (TOD) program – which delivers more housing near train stations and public transport – and the $6.6 billion Building Homes for NSW program, Help to Buy is one more way we’re building a better NSW where everyone has a fair shot at secure, affordable housing.”


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