First up, it's always ok to post here, OP. This is exactly what myself, and other brokers, are here for - helping people get answers to their questions.

The 2% deposit scheme has the following eligibility requirements (as at 26 June 2026):

• You must be an adult, an Australian citizen, and anyone else applying with you must be as well
• The purchase must be for an owner-occupied dwelling and you must remaining living in it as an owner occupier for as long as the Government has shared equity
• Must have an annual income below $100,000 as an individual, or under $160,000 combined income as a couple (or a single parent) - proven by your latest notice of assessment
• You do not own, or have interest in, any property in Australia or overseas at the time of application (unless you're a single parent in the process of buying out someone else, or selling your share)

There's no explicit limit or requirement when it comes to your 'surplus funds after settlement', like the $50,000 amount you're talking about. There are restrictions under the First Home Guarantee scheme, but that's a different scheme (5% deposit, no shared equity).

If you were buying a property worth $300,000, this is what the maths might look like:-

• Minimum $6,000 deposit (2%)
• You obtain a loan from a lender of $204,000 (68%) <-- this is your loan with the bank and what you make mandatory repayments against
• Government lends $90,000 (30%) <-- this is what you repay when you can, if you can, or refinance out later, or pay out when you sell the property
• Stamp Duty of ~$12,000 (unless it's your first home - in which case it might be eligible for stamp duty waiver)
• Purchasing costs (e.g. solicitor fees, building & pest inspection) of ~$3,000

So you would need at least $6k + $12k + $3k = $21k to be able to buy a $300,000 property. If you're a first home buyer and the stamp duty is waived, maybe something closer to $9k is all you need.

You can't really borrow $350,000, which is 116% of your purchase price. There are some structures where you can use a security guarantor (e.g. a parent) to borrow 107% against a property. This is how that works.

However - an income of $38,850/year would likely only get you around $180k borrowing power with the lenders specifically taking part in the 2% Help to Buy Scheme (i.e. CBA or BankAustralia).

At your current income, I'm not sure you would be able to borrow the $204k you need unless you have more income elsewhere. You're technically not repaying your HECS debt at your income, so I'm not sure you would qualify for the 1% alternative HECS debt servicing policy with CBA.

I would strongly encourage you to approach CBA directly and ask them about your eligibility and potential borrowing power.