Help to Buy Scheme North Brisbane, QLD, 2026 Guide
If saving a full deposit feels like the finish line keeps moving, the federal Help to Buy scheme is worth understanding properly. It lets eligible buyers purchase a home with as little as a 2% deposit, with the federal government taking a share of the property and covering up to 40% of the purchase price on a new build or 30% on an established home. You keep the right to buy the government's share back over time.
For buyers looking at North Brisbane, QLD, that means the scheme can work across much of the unit market here. The price cap is $1,000,000, which covers most units in the approved suburbs, and with a 2% deposit on a $700,000 unit the upfront saving compared with a standard 20% deposit is significant. The scheme launched on 5 December 2025 and is open nationally, with 10,000 places available for 2026-27.
Our team works with first home buyers and eligible repeat buyers across North Brisbane, QLD, comparing options across 60+ lenders. Understanding where Help to Buy fits alongside other first home pathways is often where the real difference is made.
Key takeaways
- Help to Buy requires a 2% deposit with no LMI payable.
- Income caps are $103,000 single and $165,000 joint, indexed annually.
- North Brisbane's price cap is $1,000,000, covering most local units.
What is the Help to Buy scheme and how does it work in North Brisbane, QLD?
Help to Buy is a federal shared equity scheme where the government contributes up to 40% of the purchase price on a new home or up to 30% on an established one. You borrow less, your repayments are lower, and you pay no LMI despite the small deposit. The government holds a proportional interest in the property and you can buy that share back over time as your equity grows.
Housing Australia administers the scheme. The $1,000,000 price cap applies across Brisbane, the Gold Coast and the Sunshine Coast, so North Brisbane buyers are on the capital-city cap rather than the rest-of-Queensland $700,000 limit. With most unit medians here sitting between $685,000 and $985,000, the cap covers the unit market well. Only a handful of approved suburbs have unit medians that nudge close to or above that threshold.
Source: Housing Australia and CoreLogic (via YIP, mid-2026).
Who is eligible for Help to Buy?
Eligibility turns on four things: income, citizenship, property ownership, and whether you'll live in the home. The income caps were indexed on 1 July 2026 and now sit at $103,000 taxable income for a single applicant and $165,000 for joint applicants or a single parent. Income is assessed on the previous financial year's ATO Notice of Assessment.
The conditions that must all hold:
- › Income: taxable income at or below $103,000 single or $165,000 joint or single parent, per the previous year's ATO assessment.
- › Citizenship: Australian citizen aged 18 or over.
- › Property ownership: you must not currently own a home in Australia or overseas. Unlike the First Home Guarantee, Help to Buy does not require you to be a first home buyer — you can have owned before, as long as you do not own one now.
- › Owner-occupier intent: you must move in and live there — this is not available to investors.
- › Exclusion: Help to Buy cannot be combined with other Commonwealth home-ownership assistance or a state shared equity scheme. State stamp duty concessions and the First Home Owner Grant remain available alongside it.
Source: Housing Australia.
The income cap trips people up because lenders assess gross income while the scheme uses taxable income. We regularly see buyers who assume they're over the threshold — and when we look at the actual ATO figure, they're comfortably inside it.
Tom Kelly · Director - Home & Car Loans, Kelly Brothers Finance · Chat to Tom →
What government schemes can first home buyers in North Brisbane use alongside Help to Buy?
Help to Buy is one of four pathways available here. Each targets a different deposit position, and they cannot all be combined with each other. Eligibility runs on your income and the property price, not on your profession.
The four schemes worth comparing:
- › Help to Buy: 2% deposit, up to 40% government equity on new builds, $103,000 single / $165,000 joint income cap, $1,000,000 price cap. Currently the live shared-equity pathway for North Brisbane buyers.
- › First Home Guarantee (5% Deposit Scheme): 5% deposit, no LMI, no income test, $1,000,000 price cap. First home buyers only. 10,000 places per year nationally.
- › Family Home Guarantee: single parents, 2% deposit, no LMI, no income test, $1,000,000 price cap. Does not require first home buyer status.
- › Queensland First Home Owner Grant:$30,000 for new homes under $750,000. Not means-tested. Established homes do not qualify. Can sit alongside Help to Buy where the property is a new build under the cap.
Boost to Buy, Queensland's shared equity scheme, is not currently available to North Brisbane buyers — the South East Queensland allocation is exhausted. Help to Buy is the shared-equity option that is open here right now.
Source: Housing Australia and Queensland Revenue Office.
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What does it cost and what does the government equity share mean in practice?
You take out a mortgage for your share of the property — the purchase price minus the government's equity contribution and your deposit. You pay no interest on the government's share, and no rent. The government's interest is proportional, so if the government holds 30% and the property sells for more than you paid, the government receives 30% of the sale proceeds.
The options worth comparing on a $750,000 unit purchase:
- › Help to Buy (30% government equity, established home): 2% deposit ($15,000) · government contributes $225,000 · your loan: $510,000 · no LMI
- › First Home Guarantee (5% deposit, no government equity): 5% deposit ($37,500) · your loan: $712,500 · no LMI · you own 100% from day one
- › Standard loan, 10% deposit: deposit $75,000 · your loan: $675,000 · LMI applies at 90% LVR · you own 100% from day one
The trade-off is straightforward: Help to Buy gets you in the door with a smaller deposit and a smaller loan, but you own less of the property's upside until you buy back the government's share. If the property grows strongly, buying back early makes sense. If growth is modest, holding the shared arrangement longer keeps your monthly commitment lower.
When does Help to Buy not make sense for a North Brisbane buyer?
Help to Buy suits buyers who are income-eligible and genuinely constrained by deposit size. It is not the right fit in every situation, and knowing when it is the wrong call matters as much as knowing how it works.
If your income is above the threshold, the scheme is simply not available — and trying to reduce taxable income to qualify has its own consequences that need proper tax advice. If you're buying a house rather than a unit in most North Brisbane suburbs, the price cap is the constraint: virtually every house median across the approved suburbs sits above $1,000,000, so the scheme covers houses in Bowen Hills but very few others. The scheme also costs you property upside — a buyer who expects strong capital growth and can access a guarantor or a larger deposit through other means will typically come out ahead owning 100% from day one. Help to Buy is strongest when the deposit gap is the real obstacle, the income eligibility fits cleanly, and the property is a unit.
Where I see buyers miss this: they qualify for Help to Buy and also for the First Home Guarantee, and they assume the shared equity is automatically the better deal. If you can stretch to 5% and want full ownership from day one, the Guarantee is often the cleaner path. The decision turns on how tight your deposit really is.
Tom Kelly · Director - Home & Car Loans, Kelly Brothers Finance · Chat to Tom →
How to apply for Help to Buy in North Brisbane, QLD, step by step
The scheme runs through Housing Australia and an approved lender. The broker's role is to confirm eligibility, find the right approved lender, and manage the application alongside the standard home loan process.
Step 1: Talk to us
We start by working through your income position against the taxable-income threshold and checking whether Help to Buy or another pathway — the First Home Guarantee, the FHOG, or a combination — is the stronger fit for your situation.
Step 2: Confirm eligibility and pre-approval
We gather your ATO Notice of Assessment, check citizenship and property ownership status, and apply for pre-approval with an approved lender that participates in Help to Buy.
Step 3: Find the property and submit
Once you have a property under contract that sits within the $1,000,000 cap, we lodge the full application with Housing Australia and the lender together. The government reviews the property and confirms the equity contribution.
Step 4: Settlement and ongoing ownership
At settlement the government's share is registered on title alongside yours. You can buy back the government's equity in full or in increments whenever your financial position allows.
What goes wrong when buyers apply for Help to Buy?
The most common approval challenges:
- › Income assessed on the wrong figure: using gross income rather than taxable income. The scheme uses the ATO Notice of Assessment for the prior year — not payslips, not a salary package amount.
- › Property above the cap: buying a house in most North Brisbane suburbs puts the purchase price above $1,000,000. The scheme works best in the unit market locally.
- › Combining schemes incorrectly: Help to Buy cannot sit alongside other Commonwealth home-ownership assistance or a state shared equity scheme. Applying through the wrong combination delays approval and can void eligibility.
- › Lender availability: not every lender participates in Help to Buy. Applying through a lender not approved for the scheme is a straightforward rejection that sits on your credit file. Working through a broker who knows which lenders are on the approved list avoids this entirely.
Frequently Asked Questions
Can I use Help to Buy to buy a house in North Brisbane?
Technically yes, but the $1,000,000 price cap rules out most houses locally. Virtually every North Brisbane suburb has a house median above that threshold, with Bowen Hills being the main exception at around $753,000. The scheme works most cleanly for units here.
Do I need to be a first home buyer for Help to Buy?
No. Help to Buy doesn't require first home buyer status, unlike the First Home Guarantee. You must not currently own a home in Australia or overseas, but previous ownership doesn't disqualify you.
Is Help to Buy available now in North Brisbane, or is it still opening?
It launched on 5 December 2025 and is open nationally, with 10,000 places for the 2026-27 financial year. Unlike Boost to Buy, the Queensland shared equity scheme, Help to Buy has no exhausted regional allocation — it's the live shared-equity pathway for North Brisbane buyers right now.
Is Help to Buy or the First Home Guarantee better for a North Brisbane buyer?
It depends on your deposit. Help to Buy requires only 2% but gives the government a share of the property. The First Home Guarantee requires 5% and you own 100% from settlement. If you can reach 5% and want full ownership, the Guarantee is usually the cleaner structure.
What happens if I want to sell the property?
The government receives its proportional share of the sale proceeds. If you contributed 70% and the government contributed 30%, you receive 70% of the net proceeds and the government receives 30%, regardless of market movement in either direction.
Should I use a mortgage broker or go direct to a lender for Help to Buy?
A mortgage broker, every time. Not all lenders participate in Help to Buy, and applying through one that doesn't is a declined application on your credit file. A broker identifies the right approved lender and lodges the Housing Australia application alongside the home loan application.
Your Next Steps
Getting Help to Buy right as a North Brisbane buyer is about confirming your eligibility cleanly and choosing between it and the other available schemes before you start making offers. The income threshold, the price cap, and the interaction with the First Home Owner Grant all work together — and picking the wrong combination costs time and leaves a mark on your credit file.
The right path depends on your deposit, your taxable income and the property you're targeting. Contact the Kelly Brothers Finance team or call 07 3847 9450. We'll work through where you stand across our 60+ lender panel and confirm which pathway gives you the strongest position.
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External Resources
Kelly Brothers Finance · North Brisbane, QLD · Kelly Brothers Brokerage Pty Ltd (ACN 662 331 320), authorised under Australian Credit Licence 517192 · General information only - this article does not constitute financial advice. Please consider your own circumstances and seek professional advice before making any financial decisions.
