Help to Buy Scheme

The Australian Government Help to Buy Scheme represents a significant opportunity for eligible Australians to bridge the gap between their savings and the dream of buying a home. As a shared equity scheme, this initiative enables the Government to contribute towards the purchase price of your property, reducing the loan amount you need to borrow and potentially eliminating the need for lenders mortgage insurance (LMI). At Tech Home Loans, we understand that navigating government assistance programmes can feel overwhelming, which is why we specialise in helping tech industry workers understand and access this valuable pathway to home ownership. Whether you're a first-time buyer or someone returning to home ownership after a change in circumstances, the Help to Buy Scheme could be the solution that makes your property purchase achievable sooner than you thought possible.

Understanding how the Help to Buy Scheme works is essential before applying for a home loan under this programme. Through this shared equity arrangement, the Government contributes up to 30% for new homes or 40% for newly constructed homes towards your purchase price, meaning you only need to secure financing for the remaining amount. This reduced borrowing capacity requirement can dramatically improve your home loan application prospects and potentially secure you a more favourable interest rate from participating lenders. Tech Home Loans works with banks and lenders across Australia to help you access home loan options that align with the Help to Buy Scheme requirements. It's important to note that limited places are available each year, making it crucial to understand the eligibility criteria and prepare your application thoroughly to maximise your chances of success.

The types of homes you can buy under the Help to Buy Scheme are more diverse than many people realise. You can purchase a new or existing home, or even a vacant block of land for construction, provided it meets the scheme's requirements and price caps for your location. The scheme is available in all States and Territories across Australia, though property price thresholds vary depending on your region. When applying for a home loan through this programme, the application process involves working with participating lenders who understand the specific requirements of this shared equity scheme. Tech Home Loans has established relationships with these participating lenders and can guide you through gathering necessary documentation, including bank statements and proof of income, to ensure your home loan application proceeds smoothly and efficiently.

Before you apply for a home loan under the Help to Buy Scheme, it's wise to get pre-approved to understand your financial position clearly. Home loan pre-approval gives you confidence when searching for properties and demonstrates to sellers that you're a serious buyer. Tech Home Loans can help you navigate the home loan rates available through participating lenders and determine which home loan options best suit your circumstances. Beyond the initial purchase, there are considerations regarding stamp duty concessions that may be available in your State or Territory, potentially saving you thousands of dollars. Our team stays current with all government initiatives and can advise how these benefits might apply to your situation, ensuring you maximise every available advantage when buying a home.

The ongoing obligations and exit provisions of the Help to Buy Scheme are equally important considerations that Tech Home Loans can help you understand comprehensively. While the Government's contribution reduces your initial loan amount, there are specific circumstances under which you may need to buy out the Government's share or when they may require repayment of their equity portion. Understanding these requirements from the outset ensures there are no surprises down the track. Our approach at Tech Home Loans is to support Australians throughout their entire home ownership journey, not just at the point of purchase. We take the time to explain how the scheme works alongside your specific home loan options, ensuring you make informed decisions that align with your long-term financial goals and career trajectory in the tech industry.

Initial Appointment
Begin by having a chat with one of our qualified Finance & Mortgage Brokers. We will take the time to understand your situation, including special policies specific to Tech Industry Workers. We will also discuss loan options from banks and lenders across Australia, guiding you through the next steps of the application process.

Fact-Finding
We will collaborate with you to gain a comprehensive understanding of your financial situation, including your financials, assets, and credit history. This helps determine your borrowing capacity. We will review your bank statements and other relevant documents to provide accurate advice.

Pre-Approval
Once you receive pre-approval, you can confidently begin bidding or making offers on properties you wish to purchase. We will explain the loan amount, interest rates (both variable and fixed), and potential interest rate discounts. We also discuss the importance of the loan to value ratio (LVR) and any lenders mortgage insurance (LMI) that may be required.

Loan Settlement
Upon settling on the property, your Home Loan will be drawn down, and you will be all set to move forward. We will help you navigate the settlement process. We will also assist in calculating loan repayments and managing your loan interest rate to suit your needs.