The Albanese Government has revived its Help to Buy scheme, offering up to 40 per cent deposit assistance for home buyers.

The Help to Buy scheme, a commitment put forth during the 2022 federal election, will be rolled out next year.

The scheme is intended to provide an equity contribution of up to 40 per cent to as many as 40,000 new home buyers commencing from 2024, while those looking at buying an existing home will benefit from a 30 per cent equity infusion.

Aiming to empower low- and middle-income families, the initiative will encompass all states and territories, contingent upon legislative approvals following the recent National Cabinet meeting.

Upon the eventual sale of the property, the government will claim a proportionate share of capital gains. Home buyers will have the option to gradually buy out the government's stake.

In its original 2022 announcement, the scheme was targeted at individuals earning less than $90,000 annually and couples earning less than $120,000. 

Eligible candidates were expected to present a 2 per cent deposit, meet standard home loan requirements, and adhere to property price caps.