Help to Buy Is Now Easier to Reach Through a Broker. What WA Buyers Need to Know
Updated: Oct 15
For most of its first year, the government's Help to Buy scheme was hard to reach if you wanted to go through a broker. That is changing. In early October two more lenders opened Help to Buy to broker clients, so the scheme is now available through a broker on more than one lender's panel. If you're a WA buyer with a small deposit and a modest income, it's worth understanding how it works.
What Help to Buy actually is
Help to Buy is a shared-equity scheme run by Housing Australia. Instead of guaranteeing part of your loan, the government puts in real money and owns a share of your home alongside you.
The government can contribute up to 30% of the price of an established home, or up to 40% of a new build.
You need a deposit of at least 2% of the purchase price.
There's no lenders mortgage insurance (LMI).
You don't pay rent or interest on the government's share.
You can buy back the government's share over time, in instalments of at least 5%.
Because the government owns part of the home, your loan is smaller. That's the whole point. A smaller loan means smaller repayments and an easier time passing the lender's serviceability test.
Who can use it in WA
Help to Buy has been open in WA since the state passed its enabling legislation, and it now runs in every state and territory. The main limits for buyers in WA are:
Rule | Limit |
Perth price cap | $850,000 |
Regional WA price cap | $600,000 |
Income limit, single applicant | $103,000 taxable income |
Income limit, couple or single parent | $165,000 taxable income |
Minimum deposit | 2% of the purchase price |
Places | 10,000 nationally each financial year |
Income limits were indexed on 1 July 2026 (previously $100,000 and $160,000). Price caps are not indexed. Income is taken from your most recent Notice of Assessment.
You also need to be an Australian citizen aged 18 or over, buying a home to live in, and not currently own an interest in any property. That last point surprises people: Help to Buy isn't strictly limited to first home buyers. If you've owned before but don't own now, you may still qualify.
Can it be combined with WA concessions?
Yes. Help to Buy can be used alongside state stamp duty concessions and grants such as the WA First Home Owner Grant, if you're eligible for them. It can't be combined with the 5% Deposit Scheme or Keystart. They're separate pathways, so you choose one.
What it does to the size of your loan
Here's a simple example on a $700,000 home in Perth, comparing a standard 20% deposit, the 5% Deposit Scheme and Help to Buy. It ignores stamp duty and costs to keep the comparison clean.
Pathway | Your deposit | Government share | Your loan |
Standard loan, 20% deposit | $140,000 | None | $560,000 |
5% Deposit Scheme | $35,000 | None (guarantee only) | $665,000 |
Help to Buy, established home (30%) | $14,000 | $210,000 | $476,000 |
Help to Buy, new build (40%) | $14,000 | $280,000 | $406,000 |
Illustrative only. Assumes the maximum government share and the minimum 2% deposit. Actual contributions depend on your circumstances and the lender's assessment.
On these numbers, Help to Buy needs the smallest deposit and leaves you with the smallest loan of any option. For a buyer on a modest income, that gap in loan size can be the difference between getting approved and not.
Help to Buy shrinks the loan. In exchange, the government shares in what your home is worth later.
The trade-offs to weigh honestly
I like Help to Buy for the right buyer, but it isn't free money, and it suits some people far better than others.
The government shares in the growth
The government's share is a percentage of the home, not a fixed dollar amount. If the $700,000 home above grows to $840,000, a 30% government share is worth $252,000, not the $210,000 it put in. If values fall, its share falls too. Either way, buying it back costs whatever that percentage is worth at the time.
Income rules carry on after settlement
If your taxable income goes over the limit for two financial years in a row, you may be asked to buy back part or all of the government's share. The lender looks at what you can reasonably afford first, but it's worth planning for, especially if you expect a promotion or a second income soon.
It has to stay your home
While the government holds a share, the property must be your principal place of residence. It can't become an investment property the way some first homes eventually do. If you need to move out, you'd generally need to buy the government out or sell.
Lender choice is still narrower
There are still only a handful of lenders on the panel, and some are rolling out broker access in stages. That means fewer products to compare than with a standard loan or the 5% Deposit Scheme.
Help to Buy or the 5% Deposit Scheme?
| Help to Buy | 5% Deposit Scheme |
Minimum deposit | 2% | 5% |
LMI | None | None |
Income limit | $103,000 single / $165,000 couple | None |
Perth price cap | $850,000 | $850,000 |
You own | Your share (70% to 60%) | 100% from day one |
Share of future growth | Shared with the government | All yours |
Loan size | Smaller | Larger |
As a rough guide: if your income comfortably supports the larger loan, the 5% Deposit Scheme usually leaves you better off long term because you keep all the growth. If your income is what's holding you back, Help to Buy can get you in where nothing else will, and you can buy the government out later as your income grows.
A falling market changes the maths a little
With Perth prices easing after a big run, some buyers worry about buying at the wrong time. Help to Buy softens that risk slightly, because the government shares in any fall as well as any rise.
Not sure which pathway fits you?
I'll run your numbers across Help to Buy, the 5% Deposit Scheme, Keystart and a standard loan, and show you which one actually works for your income and goals.
Sources: Housing Australia, Help to Buy income and threshold updates 2026-27 (firsthomebuyers.gov.au); Housing Australia, Help to Buy frequently asked questions; The Adviser, Help to Buy broker access grows as fourth lender joins (October 2026); Broker Daily, WA brokers warn of limitations of Help to Buy scheme
This article is general information only and does not take into account your objectives, financial situation or needs. Scheme rules, lender policies and eligibility criteria change, so confirm the current position before acting. Lending criteria, fees and charges apply.
Ian Freeman, Finance 365. Credit Representative Number 439731 of Australian Credit Licence 384704.