Buying your new home with just a 2% deposit:The Matilda guide to the Help to Buy scheme.
Saving for a traditional 20% deposit in Melbourne’s fast-paced property market can feel out of reach while you're already balancing everyday living costs. The good news is the Australian Government’s Help to Buy scheme changes the equation. Eligible buyers can now set themselves up in a brand-new home with a deposit as low as 2%
Here’s a quick breakdown of how this program works and how to use it to secure your future at Matilda.
What is the Help to Buy Scheme?
The Help to Buy Scheme is a national shared equity initiative through Housing Australia. Instead of requiring you to fund 100% of your property upfront, the government steps in as an equity partner, to bridge the financial gap, providing two direct advantages:
● A 2% deposit barrier: Secure a home without waiting years to stack up a six-figure savings account.
● No Lenders Mortgage Insurance (LMI): Because the government backs your entry, you completely avoid paying costly upfront bank insurance fees.
The level of government support depends on what you buy. The government contributes up to 30% for an existing home, but up to 40% for new builds. Choosing a new house and land package at Matilda ensures you maximise your government support at the full 40% threshold.
The Numbers in Action
Below is an example of how the scheme works for a new house and land package valued at $650,000 – a price point that aligns with premium lot and build options currently available at Matilda:
| Financial Component | Traditional Purchase (20% Deposit) | Help to Buy Scheme (New Build) |
| Property Purchase Price | $650,000 | $650,000 |
| Minimum Required Deposit | $130,000 (20%) | $13,000 (2%) |
| Government Equity Share | $0 | $260,000 (40%) |
| Your Total Bank Mortgage | $520,000 | $377,000 |
| Lenders Mortgage Insurance | $0 | $0 (Waived) |
By using the scheme, your required deposit drops from $130,000 to just $13,000. And, because your mortgage is smaller, your ongoing repayments are also substantially lower, protecting your weekly cash flow.
Core Eligibility Criteria
While several conditions apply, the three primary requirements to participate in the scheme include:
● Citizenship & Age: You must be an Australian citizen and at least 18 years old.
● Income Caps: Your annual taxable income must be $100,000 or less for individuals, or $160,000 or less for joint applicants and single parents.
● Property Ownership: You cannot currently own any other real estate in
Australia or overseas.
Note: The property value must also sit under Melbourne’s regional price cap of $950,000. You can review the full criteria list at firsthomebuyers.gov.au.
Why Matilda is the smart choice
Access to the Help to Build scheme can fast-track your entry into the market. Your next step is choosing the right community to start. Located in Melbourne’s northern growth corridor, Matilda might fit your checklist perfectly.
● Packages tailored below the cap: With the regional price cap at $950,000, Matilda offers a variety of premium allotments that fit well within the affordability sweet spot. You can pair your land with a leading
builder partner (like Metricon, Boutique Homes, or Burbank) while staying safely under the threshold.
● Fixed-Price security: The scheme requires a fixed-price building contract. Our builder partners specialise in fully turnkey, fixed-price packages, giving you complete financial certainty from day one.
● A connected, natural masterplan: Enjoy a lifestyle built around 9 hectares of wetlands, walking trails, and parks, while remaining walking distance from the upgraded Donnybrook Train Station for a direct link to
the Melbourne CBD.
Your 4-Step action plan
With only 10,000 allocations open nationwide each year, positions are highly competitive. So act quickly to take advantage of the Help to Build scheme by following the steps below.
Note: As the scheme is administered through commercial banking channels, you cannot apply directly to the government.
- Verify Eligibility by visiting firsthomebuyers.gov.au to use the quick online eligibility checker.
- Contact a Participating Lender and speak with an authorised financial institution (such as CommBank or Bank Australia) to assess your borrowing capacity and submit your application.
- Secure Pre-Approval and receive your conditional letter reserving your official place in the scheme (valid for 90 days).
- Choose Your Package at Matilda. Simply bring your pre-approval details to the Matilda Land Sales Centre. Our team will help you select the ideal block and connect you with fixed-price designs that maximise your 40% equity boost.
Our team is ready and happy to help you make the most of the Help to Build scheme. Contact the sales team at Matilda today to take the next step toward your brand-new Melbourne home.
The information in this email relates to proposed Federal Budget measures that are subject to the passage of legislation and may be amended or not enacted. This email contains general information only and is not intended to constitute financial, taxation or legal advice. It does not take into account the objectives, financial circumstances or needs of any person. Recipients should not rely on the information contained in this email and should obtain their own independent financial, taxation and legal advice before making any decision or taking any action. 1150 Donnybrook Road Pty Ltd, its related bodies corporate, officers, employees, agents and representatives do not give any warranty as to the accuracy, completeness or currency of the information contained in this email and accept no liability for any loss, cost, damage or expense arising directly or indirectly from reliance on that information.