Wish you could buy a home but don’t have the deposit? The "Help to Buy" scheme just launched - and with only a 2% deposit, eligible Queenslanders can now get into the market with government support of up to 40%.
We break down who qualifies, how it works, and what to watch out for...
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Hi everybody - George Sourris, Empire Legal.
Today's topic: 2% deposit to buy a QLD home? The new Help to Buy Scheme.
The brand new Help to Buy scheme - what Queensland buyers need to know. If you've been thinking, "I wish I could get into the market", "if only I could bridge that deposit gap", the brand new Help to Buy scheme could be a serious game changer. Thanks to the Albanese government as at the 5th of December, 2025, the Help to Buy scheme has officially launched with applications.
The scheme is designed to help eligible low and middle income buyers purchase a home more affordably, by sharing the upfront purchase cost via a government equity contribution. There are 10,000 spots available in Australia every year.
What is "Help to Buy" in plain English?
Under Help to Buy, you can get into a home with as little as a 2% deposit. Yes, you heard that right. 2% deposit. Genuine savings are required. The government contributes a large share of the purchase price, up to 40% for new homes, and 30% for existing homes. You, the buyer, get the title and own the home. The government's contribution simply means you share a portion of the equity at first. Later on, you have the option to buy out the government's share, or repay it when you sell. The scheme isn't only for brand new buyers. It's also available to low and middle income earners who otherwise can't cover a large deposit or high mortgage.
In short, Help to Buy helps bridge the affordability gap. It gives you a realistic shot at home ownership today without needing decades of savings or huge deposits.
What this means more specifically for Queensland.
The scheme applies in Queensland, so eligible Queensland buyers can register for Help to Buy, starting today. The property price caps for Queensland under Help to Buy are higher than older thresholds, meaning more suburbs, including some in greater Brisbane, now fall within eligibility. For Queensland, income caps are $100,000 for individuals, and $160,000 for joint applicants and single parent.
There is a $1 million price cap for Brisbane, Gold Coast and Sunshine Coast, and $700,000 for the rest of Queensland. Here is the link to check the price caps by region, so you can go along and look at that yourself. The Help to Buy scheme is only available with specific lenders. At the moment only two banks - CBA, and Bank Australia, for eligibility. So you need to use them to get the Help to Buy a scheme. They have said more banks will be added later.
Help to Buy compliments, but doesn't replace existing state level initiatives, such as state grants or concessional schemes. It's a new lever to help people get into homes sooner, especially where deposits and borrowing capacity have been the main barriers.
The government contribution has to eventually be repaid. Now, the way this can happen is with a voluntary repayment. When the borrower has received financial capacity to make a payment to buy back the government's equity, or when the borrower sells the property.
Note, the amount paid will always be based on the value of the property at the time of making the payment. Given recent interest rate pressures and rising living costs, a 2% deposit plus substantial government contribution can make the difference between waiting years to save and unlocking the front door sooner.
There is a free eligibility checker available on the government's website - here is the link. You can go through and see if you are eligible for the scheme. There are of course eligibility requirements, like having the property as your principal place of residence, being 18 or older, being an Australian citizen, et cetera.
How Empire Legal can help you leverage to buy.
So how does Empire Legal fit in with this Help to Buy scheme? At Empire Legal, we work with many first home buyers, families and professionals trying to get into their first or next home. With Help to Buy now live, we can support you - primarily by partnering with the right lenders and brokers. Whilst legal services are our specialty, we can coordinate or refer you to mortgage brokers or lenders familiar with Help to Buy to ensure finance is set up properly.
Contract review and advice.
We will review any contract of sale for a new or existing property to ensure you understand what you're committing to, and of course, smooth conveyancing. We understand share equity deals may involve additional documentation or timing nuances. We'll manage the process carefully to minimise your risk and maximise clarity, and of course, make sure you're protected legally for your home purchase.
In short, applying for Help to Buy is an important financial decision. Having a law firm with deep property law experience by your side helps turn that opportunity into a secure, legally sound home.
A few quick things to keep in mind and why you should get advice.
Help to Buy is powerful but not magic because the government holds a share in equity. When you sell or choose to buy out that share later, there may be implications for capital gains, equity growth and repayment amounts.
If property values rise sharply or interest rates change, your long-term cost benefit balance should be carefully weighed up. That's why it pays to have legal and financial advice from the start to make sure Help to Buy lines with your long-term goals. Whilst we focus on the legals here at Empire Legal Mortgage Brokers and bankers are the best ones to help you with the eligibility, the application, and questions for the Help to Buy scheme.
We work alongside them to support you throughout the conveyancing journey. I've also got another link guys, with a bit more information, direct from the government about the Help to Buy scheme - click here.
All right, wrapping up.
If you've been sitting on the sidelines waiting for that elusive deposit or watching your borrowing capacity keep falling short, the new Help to Buy scheme could see the door opened for you sooner. If you're in Queensland or thinking about buying here, the time is now.
With only a 2% deposit, that means you only need $20,000 on a $1 million purchase. Now the best time to buy and get into the market is right now, with amazing offers like this Help to Buy scheme. Stack it with a transfer duty concession and you could save yourself tens of thousands of dollars and get into the property market and start earning equity sooner than you think.
Thank you guys. I encourage you to get on the government website and learn about this brand new scheme that's there to help you get into the market sooner. Thanks again, and we'll see you next week.
Any questions, get in touch. Give us a like, give us a follow. Or if you have a client that needs help, send them our way. Thanks again, guys. Have a great day.
What you want when you're picking a provider to work with is a trusted choice. If you're thinking about engaging someone else, just Google them. Read their reviews. That'll be the true test, what the public says about that company. All the information you need to get started is on our website. Check out our Instagram and if we look like a good fit for your brand, all you need to do is refer us to your clients and we'll take care of the rest.
Guys, that's it for this week. Hope you learned a thing or two. Please feel free to get in touch if you've got any questions. Empire Legal - happy to help. Queensland's trusted choice for conveyancing. Over 2,800 Google reviews with a five star average. There's not many firms out there that have that five star average. With that many reviews, guys, and not to mention over 12,000 deals settled. Thanks guys. We'll see you next week.
Finally, if you haven't heard, we've launched our podcast. It's called Raising the Bar, where we story tell excellence in Queensland property. Here is the link to listen. If you prefer to watch, here is the YouTube link.
Also, stay up to date with our miniseries on Seller's Disclosure.
Thanks guys. We'll see you next week!
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Ladies and gentlemen, please keep in mind that all advice is general in nature and does not constitute legal advice. This is authorised by George Sourris, Empire Legal, Brisbane, Queensland, Australia.
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Note: all information is general in nature and as each matter is unique please contact our office for tailored advices: the above does not constitute legal advice.