Saving a deposit is one of the biggest hurdles to buying your first home, and the Australian Government’s Help to Buy scheme was created to lower it. Eligible buyers can purchase with a deposit of as little as 2%, while the government contributes up to 40% of the purchase price of a new home, or up to 30% of an existing home.
If you’re exploring a new home at Mason Quarter in Wollert, understanding the scheme is a useful place to start. This guide explains how Help to Buy works, who may be eligible in Victoria, and what to consider when buying or building a new home.
Help to Buy is a shared equity scheme run by Housing Australia on behalf of the Australian Government. It was launched in December 2025.
With shared equity, the government buys a share of your home alongside you. Because the government owns part of the property, your home loan is smaller, your deposit is smaller and your repayments are lower.
Under the scheme, the government can contribute:
You need a deposit of at least 2%, and you don’t need to pay lenders mortgage insurance (LMI). That can save buyers thousands of dollars.
You don’t pay rent on the government’s share. Over time, you can buy back some or all of it, and you repay the government’s share when you sell the home.
The 40% contribution for new homes is the scheme’s biggest advantage, and it applies to newly built homes such as:
A larger government share means a smaller loan for you. For many first home buyers, that’s the difference between waiting years and buying now. It’s also why masterplanned communities like Mason Quarter, where every home is new, are a natural fit for Help to Buy buyers. To use Help to Buy at Mason Quarter, the land needs to be titled, or titling, within 3 months of your approval, so it’s worth checking a lot’s expected title date before you choose it.
Victoria takes part in the national scheme, so Victorian buyers can apply through the same process as buyers in other states. The key differences between states are the property price caps.
Current Victorian property price caps:
Wollert falls within Melbourne’s price cap. Use the Housing Australia postcode search tool to confirm the cap for any home you’re considering as caps can differ between postcodes.
Can I combine Help to Buy with other Victorian support?
In many cases, yes. Help to Buy can be used alongside the Victorian First Home Owner Grant and first home buyer stamp duty concessions, if you meet their criteria. It can’t be combined with the federal 5% Deposit Scheme (the Home Guarantee Scheme), so you’ll need to choose one. Our homebuyer resources page has more on the grants and schemes available to Victorian buyers.
The main eligibility requirements include:
You don’t have to be a first home buyer, but you can’t own any property when you apply. Meeting the income limit alone does not guarantee approval, and you may need to contribute more than the minimum deposit based on your financial position. If your income goes above the cap for two years in a row after you buy, you may need to start buying back the government’s share.
Applying for Help to Buy is done through a participating lender rather than directly with the government. Here’s how the process works.
Review the current income limits, property price caps and other criteria on the First Home Buyers website. This is also a good time to work out your budget and how much deposit you have saved.
Contact a lender on the Help to Buy panel. Lenders currently include Commonwealth Bank, Bank Australia, Teachers Mutual Bank Limited and Queensland Country Bank, and more lenders are being added. Some lenders also accept applications through mortgage brokers.
Your lender submits your pre-approval application to Housing Australia. If you’re approved, your place in the scheme is reserved for 90 days, with one 90-day extension available, and your confirmation letter will show your maximum purchase price. Because you only have the approval for 3 months, it is important to find land that is titled, or will become titled within that period.
This is where the fun starts. Look for an eligible property within the price cap. If you’re buying a new home, compare house and land packages, land with a building contract and townhomes to see which suits your budget and lifestyle.
Work with your conveyancer or solicitor to review and sign the contract, then let your lender know so it can move to final approval.
You’ll sign a Participation Agreement with Housing Australia, arrange building insurance and settle on your new home. The government pays its share at settlement, and you get the keys.
Mason Quarter is a growing community in Wollert, around 850 lots in total, designed for first home buyers, young families and anyone looking for a new home in Melbourne’s north. Because every home is new, buyers using Help to Buy may be able to access the full 40% government contribution.
At Mason Quarter, you can choose from:
Life at Mason Quarter is built around parks, walking and cycling paths and community facilities, with a proposed town centre and school sites planned within the community. See how it all comes together on the Mason Quarter masterplan, or learn more about the area in our Wollert suburb profile.
“We’re seeing a significant uptake in demand for townhomes across Melbourne,” says James Bovell, Victorian State Manager at Cedar Woods. Schemes like Help to Buy are helping more buyers turn that demand into home ownership.
Help to Buy can make buying a home possible much sooner, but there are trade-offs to consider:
Benefits
Things to consider
Speaking with a lender, broker or financial adviser is the best way to work out whether Help to Buy suits your situation.
What is the Help to Buy scheme?
The Help to Buy scheme is an Australian Government shared equity program. The government contributes up to 40% of the purchase price of a new home, or up to 30% of an existing home, so eligible buyers can buy with a deposit of as little as 2%.
How do I apply for the Help to Buy scheme in Australia?
You apply through a participating lender, who submits your pre-approval to Housing Australia. Once you’re approved, your place in the scheme is reserved for 90 days, with one 90-day extension available. To use Help to Buy at Mason Quarter, the land needs to be titled, or titling, within 3 months of your approval, so check a lot’s expected title date with the Mason Quarter team before you choose it.
Is the Help to Buy scheme available in Victoria?
Yes. Victorian buyers can use Help to Buy. The current price cap is $950,000 in Melbourne and Geelong and $650,000 in the rest of the state.
Can I use Help to Buy for a house and land package?
Yes. Eligible house and land packages, and land purchased with an eligible building contract, can qualify as new homes. Confirm with your lender before signing a contract.
Do I need to be a first home buyer to use Help to Buy?
No, but you can’t own any land or property in Australia or overseas when you apply.
Can I use Help to Buy and the First Home Owner Grant together?
Generally, yes. In Victoria, eligible buyers may be able to combine Help to Buy with the First Home Owner Grant and stamp duty concessions. Help to Buy can’t be combined with the 5% Deposit Scheme.
Can I use Help to Buy at Mason Quarter?
Homes at Mason Quarter may be eligible, provided the purchase price is within the Melbourne price cap and you meet the scheme criteria. Contact the Mason Quarter team to talk through your options.
If Help to Buy could be your way into the market, now is a great time to look at what’s available at Mason Quarter. Register your interest or visit us at 100 Craigieburn Road, Wollert.
This article is general information only and isn’t financial or legal advice. Scheme details may change. Check current eligibility with Housing Australia and a participating lender.