What Is the Help to Buy Scheme? A Bundaberg Buyer's Guide

Getting into the property market has never felt harder. Rising prices, tighter lending, and the pressure of saving a full deposit while paying rent - it's a cycle that keeps a lot of would-be buyers on the sidelines longer than they'd like.

But there's a scheme quietly changing that equation for eligible buyers in Bundaberg, and it's worth understanding properly.

The Help to Buy scheme allows the Queensland Government to co-purchase your home with you - contributing up to 30% of the purchase price - while you live in it, own it, and build equity. No rent on their share. No interest. Just a silent partner helping you get through the front door sooner.

Here's exactly how it works, what it costs, and what it means for buyers in our area.

Applicant eligibility - Bundaberg Area

• Property price must be $700,000 or less.
• Minimum 2% deposit Plus purchase costs (e.g. Legal/conveyancing costs, Building & Pest inspections)
• Must meet income limits:

• • Individual applicant: $100,000 or less
  • Joint applicants: $160,000 combined or less
  • Single parent: $160,000 or less

• Must live in the property as their home.

Key Benefits and why we think this scheme is a great option.

• The buyer still owns the home and lives in it as their principal place of residence.
• The Government does not charge rent or interest on its equity share.
• The Government shares in future gains or losses when the buyer sells or buys back the Government’s share.

Think of the Government as a quiet equity partner in your home.

They may contribute up to 30% of the purchase price for an existing home. You still own and live in the property, and you do not pay monthly repayments or interest on the Government’s share.

When you sell, refinance, or buy them out, the Government is repaid based on its percentage share of the property value at that time — so their share moves up or down with the market.

 Let’s look at the numbers.

Example: $700,000 purchase of existing home

• Buyer deposit from: $14,000 (plus purchase costs)
• Possible Government contribution: up to $210,000
• Remaining amount funded by home loan: approx. $476,000

How to remove the Government portion

Option: Buy Back 5% Each Year

If the property value stayed at $700,000, each 5% buy-back would be:

5% x $700,000 = $35,000

Option: Sale of property

If you sell the property while the Government still owns a share, the Government is repaid from the sale proceeds.

The amount repaid is based on the Government’s percentage share of the property value at the time of sale.

Can you renovate the property?

Yes, you can renovate your home, but if the work is over $20,000 within a 12-month period or needs council approval, you must notify Housing Australia first. Housing Australia may require valuations before and after the work.

This helps make sure any value you add belongs to you, not the Government’s equity share.

Buying your first home is a big decision, and the right guidance makes all the difference.

If you'd like to know whether the Help to Buy scheme suits your situation - or you simply want to understand your options in the current Bundaberg market - reach out to the team at First National Bundaberg. We're happy to help.