For many young Australians, home ownership can feel more like a distant dream than something within reach. Rising living costs, strong property price growth and slow wage increases have put real pressure on those hoping to buy their first home.
Research by Deloitte Access Economics earlier this year, highlighted just how challenging the landscape has become. Average home prices rose 67% from $548,000 to $915,000 in the decade to 2023, while average weekly incomes for Australians aged 21 to 34 only grew 20%.
The research found that major milestones like leaving home and starting a family are now being delayed. In 1981, around a third of 20 to 24-year-olds lived with their parents, but by 2021, that number had doubled to 63.8%. Nowadays, 40% of young Australians aged 25 to 34 rely on family assistance to get into the housing market.
With property prices soaring across the nation, there’s no doubt affordability is a key factor hindering entry into the market. But if you are an aspiring first-home buyer, it’s important to remember that with the right strategy and guidance, home ownership can be achievable.
Here are some of the ways you might be able to get into your own home sooner.
Help to Buy
Help to Buy is a new shared equity scheme designed to make home ownership more accessible. The Australian Government can contribute up to 30% (for existing homes) or 40% (for newly built homes) to your mortgage. With this scheme, you will only need a 2% deposit.
Applications opened on 5 December 2025, with 10,000 spots available each year. There are income limits of up to $100,000 for individual applicants or $160,000 for single parents and joint applicants.
5% Deposit Scheme
The 5% Deposit Scheme is open to all first-home buyers and allows you to purchase your first home with a 5% deposit, without having to pay Lenders’ Mortgage Insurance (LMI).
There are property price caps, but there are no limits on income or scheme places. The 5% Deposit Scheme (formerly known as the Home Guarantee Scheme) has already helped over 248,000 Australians get a leg up on the property ladder since 2020.
First Home Super Saver Scheme
This scheme allows you to save a deposit for your first home using your super.
You make extra voluntary contributions to your super fund, so that you can grow your saving faster. The benefit is you can make the most of lower tax rates.
When you’re ready to purchase, you can apply to withdraw your savings plus associated earnings and use them towards your first home deposit.
Support from family
There are a few different ways your parents or a loved one may be able to help you enter the property market.
Your parents might provide a cash gift towards your deposit (lenders will likely require a statutory declaration), or loan you the money under your own agreement.
They could also act as a guarantor. This is where they use their equity as security for your loan, reducing or eliminating the need for a deposit and helping you to avoid LMI.
Another option is to unlock their equity by refinancing their mortgage, then gifting or lending you the money. There’s also the option of joint ownership, meaning you purchase the property together.
It’s important to assess the risks involved with each scenario and seek professional advice, and to make sure everything is in writing to avoid any misunderstandings.
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