Homebuyer Frequently Asked Questions
What is BuyAssist homeowner support?
The BuyAssist Program provides homeownership support from Program Investors to assist eligible households without a sufficient deposit to purchase their own home.
The BuyAssist homeownership program has been designed by a leading Not For Profit affordable housing provider National Affordable Housing to help make home ownership more affordable and more attainable for more Australians.
The BuyAssist team works with you to discuss your household and financial situation and your homeownership goals. Eligible households are referred to our mortgage broker and banking partners and assisted to choose a property from our listed properties or from the market with the support of a licenced real estate agent.
It is important to note that the BuyAssist Program is not suitable for everyone. Home ownership and the financial responsibilities that go with it have to be carefully assessed.
The equity support provided by an Investor is on average, 25% of the property value, which means you do not need to have a deposit and will not have to pay Lenders Mortgage Insurance.
You only pay interest on your home loan. The equity home buyer support is repaid to the Investor when you can refinance, or you decide to sell the property.
Do I need a deposit to buy my own home?
No deposit is required to purchase a home through the BuyAssist program.
BuyAssist Investor’s help eligible buyers that don’t have a desposit to buy their own home. Through our government or charitable equity programs, an Investor provides up to 25% of the property value, enabling you to buy sooner. Our socially responsible shared equity home buyer program has helped over 118 households buy their home without requiring a deposit.
What costs are involved?
While you do not require a deposit to buy a home through our BuyAssist shared equity program, you will need to pay the normal costs associated with the purchase of a property and your residential mortgage. This may include stamp duty, valuation and legal fees.
We will advise you of the full range of costs before you decide to participate.
On settlement there is a one-off Establishment Fee payable at settlement to the Investor. Once you are in the program and have settled on your land or apartment, you are required to pay an annual Administration Fee, payable monthly to the Investor.
You will be the sole legal owner of the property and are responsible to meet all the normal costs of home ownership. This includes rates, insurance and maintenance costs.
Am I eligible for homebuyer support and a first home owner grant?
To be eligible for assistance to buy your own home there are several eligibility criteria you will need to meet including:
* Be buying the property as your principal place of residence – your home
* Meet general lending criteria
* Don’t currently own property
* Permanent resident or citizen
* Meet eligibility of the specific government or charitable equity program.
To find out if you are eligible, register your interest today.
BuyAssist homebuyer assistance does not exclude you from applying for and accessing government first home owner grants or exemptions if you are eligible for these.
Who owns the property? Is this shared ownership or rent to buy?
You will be the sole legal owner of the property. The Investor does not own the property. We are not a shared ownership or rent-to-buy program. It will be your responsibility to meet all the normal costs of home ownership. The Investor will hold an equitable interest in the property, which is a percentage of the property value. The Investor will hold this equitable interest via a second mortgage instrument, registered with your Bank.
I am not a first homebuyer. Am I eligible?
Yes. You do not need to be a first homebuyer to qualify for the BuyAssist Program. However, the program has a strong focus on helping first home buyers.
Non first home buyers may be required to pay stamp duty which will require you to have some savings.
If you are a first home buyer then you may be eligible for government first homebuyer support.
Must I reside in the property?
Yes. Under the terms of the Agreement with the Investor you are required to occupy the property as your principal place of residence.
If there are particular circumstances that may require you to vacate the property for any length of time (for example, transfer of employment, illness) you must seek written approval from the Investor. The agreement sets out the terms and process by which the Investor will consider and approve the letting or sub-letting of the Property.
Am I free to sell the property?
Yes. You can sell the property at any time and through any channel. The Agreement sets out the process for selling the property. When you sell your property you are required to repay the Investor the equity support. This is the percentage of the property value that was recorded at the time the support was provided. For example, if the Investor purchased 25% of the property value at settlement, you will be required to pay the Investor 25% of the property value when you refinance or sell.
How can I register for the BuyAssist homebuyer program?
We invite you to register your interest by completing the online form here.
What happens after I register?
1. BuyAssist will review the information you provided with your online registration.
2. We call you to discuss the program, seek further information about your circumstances, and answer your questions about the program.
3. We’ll review your application and consider your potential borrowing capacity and equity support requirements.
4. If eligible, we’ll discuss your potential borrowing capacity (determined by an independent mortgage broker), and the property identification and purchasing process.
5. If you elect to proceed, we will refer you to our licenced real estate agenty partner to assist you to find a suitable property that meets the program criteria and that you can make your home.
6. Once a property is identified, you will enter a contract of sale with the Vendor and lodge an application with one of our banking partners for a home loan. Once the loan is approved we will manage the process for the Investor equity support to be provided at settlement.
7. Once the house is built you move in to enjoy your own home. You are required to meet the program criteria until you decide to sell, or you can refinance, at which time you repay the Investor the equity support.
How does the BuyAssist homebuyer program help me buy my own home?
BuyAssist offers home purchase support for eligible individuals, couples and families, enabling them to purchase a newly built BuyAssist property without the need for a deposit.
Through our government or charitable equity programs, we provide up to 25% of the purchase price of your new home as shared equity support.
* You don’t need a deposit to qualify.
* We make an assessment of your servicability.
* We connect you with qualified lenders.
* We match you to a property that you can call home.
The Details
BuyAssist is a what is referred to as a ‘shared equity home ownership program’ that supports homeownership for households without a sufficient deposit or funds to purchase.
The amount of equity support made available is typically around 25% of the purchase value of the property. This equity support is provided by Investor who is seeking to more Australians buy their own home. The homebuyer secures and applys a home loan from a program lender. The Investor support plus the mortgage enable you to purchase your home.
You will need to enter into a Home Ownership Participation Agreement (“HOPA”) to access the financial support from the Investor. The HOPA outlines the rules that govern how the support is provided and your obligations to the Investor and its obligations to you. BuyAssist oversees this process for the Investor.
In exchange for homebuyer support, you agree that the Investor is acquiring an equitable interest in the property, and that you will repay this interest in the future. For example, if the equitable interest was for 25% of the property’s purchase value then the Investor will receive 25% of the property’s value when the you sell or refinance.
What properties can I receive help to buy?
We have a selection of apartments, townhouses, house and land packages in various locations. New stock and programs are added throughout the year. Once you have been pre-qualified, we keep you updated as new properties become available.
To view a list of current properties, click here.
We will keep you informed when new properties are added that may suit your specific requirements.
What lenders do you use?
We use a number of home mortgage lenders. This panel of lenders understand that you are receiving financial support from BuyAssist and you have entered into the Agreement.
Once you have been pre-qualified for the BuyAssist program, we connect you with a number of lenders that you can choose from.
Is this the same as the Victorian HomeBuyer Fund or Help to Home?
The BuyAssist program is a not-for-profit driven approach to supporting affordable home ownership in Australia through shared equity support.
We are not a government delivered homebuyer program but we have previously received significant funding support from the Victorian Government to help new homebuyers.
Government homebuyer programs have different eligibility criteria to BuyAssist, including a deposit requirement. BuyAssist shared equity operates nationally and does not require you to have a deposit.
How much can I earn to be eligible for homebuyer support?
The income eligibility varies depending on the particular pool of investment the Investor is providing. Our Investor’s current focus is supporting home buyers in Victoria where the maximum household income limits for 2025-26 are
- Single: up to $123,000 per annum
- Couple: up to $160,000 per annum
- Family (adult/s with child(ren): up to $187,000 per annum.
How do I get a home loan to complete the purchase?
To buy your own home you will need to obtain a loan from a panel of lenders who support the program. You will need to meet standard lending criteria to be approved for a loan, BuyAssist will refer you to our mortgage broker partner who will support you with the home loan application.
These banks may offer variable and/or fixed rate options but interest only options are not available for program participants.
You must pay principal and interest repayments on your home loan.
When is the BuyAssist support amount to be repaid?
The Investor’s support amount must be repaid in the following circumstances:-
* You sell the property;
* You no longer want to live in the property;
* You repay your first mortgage in full;
* You decide to refinance your first mortgage, or
* You no longer meet the Investor conditions for equity support.
Can I repay or reduce my the amount of equity support at any time?
Yes. If you have saved extra funds or had a windfall that allows you to repay or reduce the equity support amount. This will require a re-calculation and legal documentation process which may incur fees and charges. We will discuss these with buyers a the time they seek to make a partial repayment.
What is Shared Equity homeownership?
Shared equity home ownership is an increasingly popular way for households who can secure a home loan but do not have sufficient savings to purchase their own home.
The BuyAssist shared equity program is similar to shared equity arrangements that have operated successfully in WA, SA and Victoria.
The Investor acquires an equitable interest in the properyt – they do not own or co-own your property – you own the property 100%. BuyAssist is not a co-ownership or rent to buy program.
Like other shared equity arrangements the BuyAssist program Investor holds and then receives a share of the property value when it is sold based on its market value at that time.
Who is behind BuyAssist?
BuyAssist Australia Pty. Limited is a 100% wholly owned subsidiary of the National Affordable Housing.
National Affordable Housing is a Not-for-Profit socially responsible enterprise focused on providing affordable housing solutions for Australians. It facilitated over 3500 affordable rental properties under the National Rental Affordability Scheme across Australia and owns and manages a signficant number of properties in Queensland and Victoria.
National Affordable Housing believes that smart investment in social and affordable housing can deliver sustainable benefits to health, employment and social inclusion for the whole community.
Why is the BuyAssist program needed?
More and more Australians on lower to middle incomes are struggling to save enough to buy a home and are looking for help to buy.
The two main barriers people face are saving for a deposit, especially if they are meeting ever-rising rental payments, and the gap between what they can borrow from a bank and the actual price of a home to buy.
In many cases households with reliable incomes just cannot bridge these gaps.
BuyAssist is designed to help eligible households that don’t have a deposit to buy their own home by a program Investor applying equity investment at settlement. This helps households buy their home sooner.
Is there a legal contract?
Yes. The program’s complete terms, conditions, responsibilities and important information are set out in a Home Ownership Participation Agreement. This is provided to interested buyers upon program qualification. Buyers are encouraged to seek independent legal advice on the obligations placed on them if they enter the Agreement.
Please note: The FAQs and information provided on this website does not constitute the complete terms and conditions of the program.
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