Saving a 20% deposit in Melbourne while prices keep moving can feel like you are chasing a moving target. Recent figures from property data firm Cotality show the national median dwelling value is now around $888,941, which means a traditional deposit can easily run into six figures. That is a huge hurdle for many first-home buyers.
Help to Buy is a new shared equity scheme from the Australian Government. Instead of you funding the full purchase price yourself, the Government contributes a portion of the price of an eligible home. For existing homes, the contribution can be up to 30% and for new builds it can be up to 40%. You then take out a smaller home loan and contribute a much smaller deposit, which can help you get into a home sooner and reduce your repayments.
In return, the Government holds an equity share in your home. You are the owner and you live in it. However, when you sell, you repay the Government’s share based on the sale price. Over time, you may also have the option to buy back some or all of the Government’s share if your situation allows.
Who the Scheme is Designed For
Help to Buy is mainly aimed at people buying a home to live in rather than investors. There are income caps, which at the time of writing are:
There are also limits on how many places are available. The scheme is expected to support 40,000 households, which is around 10,000 buyers each year, so not everyone who is eligible will secure a place.
You generally need to be a first-home buyer who is an Australian citizen and at least 18 years old. You also need to contribute your own deposit and qualify for a home loan with a participating lender. The exact criteria can change over time, which is why it is important to check the latest rules on official Government websites or speak with an independent adviser.
On top of the income caps, there are maximum property prices that apply in each state and region. In Victoria, the cap for a capital city or regional centre such as Melbourne is currently $950,000. For the rest of the state, the cap is $650,000. These caps are designed to keep the scheme focused on modest homes rather than the very top of the market.
For a Melbourne buyer, this means you can only use Help to Buy on a property that falls under the relevant cap for your area. It is one of the key reasons it helps to have someone walk through the numbers with you, because the right apartment choice can make a big difference to whether the scheme is an option.
If you are looking at Bayside or inner east locations, Norus Projects has four developments that often appeal to first-home buyers. Beach Point Sandringham and Sanctuary Sandringham bring you close to the water with modern apartments designed for low-maintenance living. Park View Burwood sits moments from education and transport in Melbourne’s inner east. Riverbend Ivanhoe offers riverside living in a well-established suburb.
Each project has a range of apartment types and price points. Depending on the apartment you choose, your income and the latest Government caps, some homes may sit within the Help to Buy limits. Our role is not to provide financial advice. However, we can help you understand how the scheme works in practice and connect you with independent professionals who can confirm whether it is suitable for you.
If Help to Buy has caught your attention, the next step is to get clear on your own numbers. Think about your income, your current savings and how much you feel comfortable paying each month. Then explore the official Help to Buy resources and speak with your lender or an independent adviser so you can understand your eligibility.
When you feel ready to look at actual homes, our team at Norus Projects can walk you through available apartments at Beach Point Sandringham, Sanctuary Sandringham, Park View Burwood and Riverbend Ivanhoe. We can talk through prices, construction timelines and how different options might align with the Help to Buy price caps, so you can move forward with more confidence. To get started, book an appointment with the Norus Projects team and we’ll help you explore which apartments could work for you.
Always check official Government sources for the latest scheme details and speak with an independent professional about your own situation.
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