October 29th, 2026Supporting more first home buyers into their own home
The federal government is backing first home buyers in Ballarat, with the Help to Buy shared equity scheme and the 5% Deposit Scheme bringing home ownership back into reach for young people.
One in two first home buyers are now using a first home buyer scheme to get into their own home across Australia.
Help to Buy is supporting up to 10,000 eligible low- and middle-income first home buyers per year, with the government contributing up to 40 per cent for new homes and 30 per cent for existing homes in exchange for an equity share of the property.
The higher equity share for new homes reflects the government’s focus on ensuring our policies support the building of new homes wherever possible.
Under the scheme, participants need to save a minimum 2% deposit and obtain a home loan from a participating lender. The government equity stake significantly reduces the size of the mortgage that buyers take on, reducing their monthly repayments and the interest they pay on their loan.
The government’s equity stake will be repaid through either voluntary repayments when a participant has the financial capacity to buy back the government’s equity, or when the property is sold.
3300 Victorians have been supported since the scheme launched in December last year.
The government’s 5% Deposit Scheme is also making a huge difference to locals, with more than 2173 people in the Ballarat region now supported into home ownership through the scheme since Labor came to government.
Saving for a deposit is one of the biggest barriers to home ownership with some purchasers saving for up to 11 years for a deposit.
Both these schemes mean first home buyers can save on lenders mortgage insurance, buy sooner and get out of the rent trap and into their own home.
“For too long the housing market has been stacked against young people like Miriam and without the federal government’s first home buyer schemes, many wouldn’t be able to enter the market at all,” Member for Ballarat Catherine King said.
“With our reforms to capital gains tax and negative gearing, plus our Help to Buy and 5% Deposit Schemes we’re saving new homeowners time and money, and we’re making it easier for young people to achieve the dream of owning a home.
“The federal government is backing first home buyers, with a comprehensive $47 billion Homes for Australia plan to build more homes and help more Australians achieve home ownership.”
“The Help to Buy Scheme has made it possible for me to build a brand-new home in a well-located suburb close to my family,” Help to Buy scheme participant Miriam said.
“By reducing the deposit I need to save, eliminating lenders mortgage insurance and lowering the size of my mortgage, Help to Buy has helped me get into the property market sooner.
“It’s great to know I’m achieving my dream of home ownership while also contributing to new housing.”
