First home ‘help to buy’ scheme to start in 2024

Up to 40,000 low- and middle-income families will get extra help to buy their first home from next year, as the federal government launches its promised help-to-buy scheme.

Promised by federal Labor ahead of the 2022 federal election, people in the scheme will receive an equity contribution of up to 40 per cent of the cost of a new home, or 30 per cent for existing homes.