Overview
- Applications open December 5 for most states and territories under Housing Australia, with Western Australia not yet signed on and Tasmania not participating initially.
- The government will contribute up to 30% of the price for existing homes and up to 40% for new builds, requiring a minimum 2% deposit and owner-occupation with no investors.
- Eligibility includes income caps of $100,000 for individuals and $160,000 for single parents or joint applicants, and participants avoid lenders’ mortgage insurance.
- Property price caps apply by location, including $1.3 million in Sydney, $950,000 in Melbourne, $1.0 million in Brisbane and $850,000 in Perth.
- Commonwealth Bank and Bank Australia are the initial lenders, the scheme is capped at 10,000 places per year for four years, and experts expect sizable repayment savings for eligible buyers alongside warnings about potential price pressure if supply lags.