First Home Buyers

Opening the door to your first home.

The Australian dream should not be a fantasy

The Australian dream of owning a home should never be an unattainable fantasy for first home buyers. It’s essential to recognize the struggles they face in a housing market marked by rising prices and increased competition. To make this dream a reality, government policies and financial institutions need to collaborate to create more accessible pathways for first home buyers. By offering tailored financial incentives, grants, and affordable housing options, we can ensure that this cherished dream remains within reach for all Australians.

The aspiration of owning one’s first home is deeply embedded in the Australian psyche. To keep this dream alive, it’s crucial to address the challenges faced by first home buyers. By offering support through initiatives that ease the financial burden and make property ownership more accessible, we can help turn the Australian dream into a fulfilling reality. This not only empowers individuals and families but also strengthens the foundation of our communities and the nation as a whole.

What are you able to claim?

NSW

Grant

First Home Guarantee Scheme
Regional First Home Guarantee Scheme
Family Home Guarantee Scheme

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance required.
Up to 50,000 guaranteed loans per financial year (on the combined schemes)
Property value must not exceed $750,00 for the rest of the state

Benefits

Insurance savings depend on the value of the property

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.

Lower cash deposit required to buy.

First Home Owner Grant

New homes or substantially renovated homes are eligible up to $600,000
New builds: combined home + land value eligible til in excess of $750,000

$10,000

First Home Buyer Assistance Scheme

New Homes — Stamp duty exemption on home valued equal or less than $650,000; stamp duty reduction $650,000-$800,000
Established Homes — stamp duty exemption on Homes valued equal or less than $650,000; stamp duty reduction on homes valued $650,000-$800,000.
Vacant Land — Stamp duty exemption on land valued equal or less than $350,000; stamp duty reduction on homes valued $350,000-450,000.

Tax savings depend on the value of the property

VIC

Grant

First Home Guarantee
Family Home Guarantee

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) required.
Up to 40,000 guaranteed loans per financial year (both schemes combined).
Property value must not exceed $800,000 for Melbourne and regional centres.
Property value must not exceed $650,000 for the rest of the state.

Benefits

Insurance savings depend on the value of your property.

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit fro your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.

Lower cash deposit required to buy.

First Home Owner Grant

New apartments, houses and townhouses equal or less than $750,000.

$10,000

Homebuyer Fund

State contributes funds in exchange for a share or proportional interest in the property.
Eligible homebuyers can receive up to 25% of the home’s value.
You can buy with a 5% deposit.
Aboriginal and Torres Strait Islander Victorians can receive up to 35% of home’s value.
Aboriginal and Torres Strait Islander Victorians can buy with a 3.5% deposit.
Property value must not exceed $950,000 in Melbourne and Geelong.
Property value must not exceed $600,000 in eligible regional areas.
Ongoing obligations apply.

Insurance savings depend on property value and other factors

Stamp Duty Savings

Stamp duty exemption for new and established homes priced equal or less than $600,000; stamp duty reduction on homes priced between $600,000-750,000.

Tax savings depend on the value of your property.
Further concessions are available depending on other factors.

QLD

Grant

First Home Guarantee Scheme
Family Home Guarantee

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) needed.
Up to 40,000 guaranteed loans per financial year (both schemes combined).
Property value must not exceed $700,000 for Brisbane and regional centres.
Property value must not exceed $550,000 for the rest of the state.

Benefits

Insurance savings depend on the value of your property.

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.

Lower cash deposit required to buy.

First Home Owner Grant

New homes off the plan, new builds or substantially renovated homes valued less or equal to $750,000.

$15,000

Queensland Housing Finance Loan

A low deposit loan for those who can afford to buy or build a home but aren’t able to get private finance from a lender.
You must have a household income equal or less than $141,000 annually.
Covers established and new builds
You can buy a house with a 2% deposit or the difference between the max loan you can get and the purchase price.
No LMI needed.

Insurance savings depend on property value.

Stamp Duty Savings

For Vacant Land; property valued equal or less than $250,000 are exempt from stamp duty, and properties valued between $250,000-400,000 have their duty reduced.
New and Existing Homes: property valued equal or less than $500,000 are exempt from stamp duty, and property valued between $500,000-550,000 are subject to stamp duty reduction.

Tax savings depend on the value of your property.

WA

Grant

First Home Guarantee
Family Home Guarantee

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) required.
Up to 40,000 guaranteed loans per financial year (both schemes combined).
Property value must not exceed $600,000 for Perth and regional centres.
Property value must not exceed $450,000 for the rest of the state.

Benefits

Insurance savings depend on the value of your property

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.

Lower cash deposit required to buy.

Home Buyers Assistance

Reimburses certain costs associated with the purchase of a home, including mortgage registration fees, inspection fees, mortgage insurance premiums and lender fees.
Property must be valued equal or lesser than $400,000

Equal to or less than $2,000

Keystart

A low deposit loan for those who don’t meet the requirements of mainstream lenders.
Can buy a house with a deposit between 2% and 10% (subject to property location).
No LMI needed.
Must meet income limits (subject to property location).
Property value must be equal or lesser than $750,000 (subject to property location)
Shared equity schemes available.

Insurance savings depend on property value.

First Home Owner Grant

For new homes only
South of 26th parallel: land and building value must be equal or lesser than $750,000
North of the 26th parallel: land and building value equal or greater than $1,000,000.

$10,000

Stamp Duty Exemptions

Vacant land purchase to the value of $300,000

Tax savings depend on the value of your property

SA

Grant

First Home Guarantee
Family Home Guarantee

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) needed.
Up to 40,000 guaranteed loans per financial year (both schemes combined)
Property value must nor exceed $600,000 for Adelaide and regional centres.
Property value must not exceed $450,000 for the rest of the state.

Benefits

Insurance savings depend on the value of your property.

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for a payment towards your home loan.

Lower cash deposit required to buy.

First Home Owner Grant

New homes off the plan, new builds or substantially renovated homes valued equal to or lesser than $575,000.

$15,000

HomeStart

SA government backed lender only
You can avoid additional loan charges
Start Loan of up to $10,000, five year term with no repayments or interest (it is a secondary loan type).
Eligible if your household income is equal to or less than $65,000 (if single) or equal to or lesser than $90,000 (as a couple).
You will need to cover the deposit.

$10,000 (must be paid back at the end of the term)

TAS

Grant

First Home Guarantee
Family Home Guarantee

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) needed.
Up to 40,000 guaranteed loans per financial year (both schemes combined)
Property value must not exceed $600,000 for Hobart and regional centres.
Property value must not exceed $450,000 for the rest of the state.

Benefits

Insurance savings depend on the value of your property.

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.

Lower cash deposit required to buy.

First Home Owner Grant

New homes off the plan & new builds up to any value.

$30,000 (until 30 June 2024)

Stamp Duty Savings

50% discount when you buy an established home valued less than $600,000

Tax savings depend on the value of your property.

ACT

Grant

First Home Guarantee
Family Home Guarantee

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) required.
Up to 40,000 guaranteed loans per financial year (both schemes combined)
Property value must not exceed $750,000

Benefits

Insurance savings depend on the value of your property

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards you home loan.

Lower cash deposit required to buy.

First Home Owner Grant

New homes or substantially renovated homes are eligible up to $600,000
New builds: combined home + land value eligible til in excess of $750,000

$10,000

Home Buyer Concession Scheme

All property types at any price.
A concession cap is implemented for the amount of tax that will be waived.
You must have a household income up to $170,000 with no dependents.
Eligible incomes increase relative to the number of dependent children under your care up to a maximum of $186,650

Capped at $34,790.

NT

Grant

First Home Guarantee
Family Home Guarantee Scheme

Description

Eligible buyers can purchase with a 5% deposit (lenders criteria apply).
Eligible single parents can buy a house with a 2% deposit.
No lenders mortgage insurance (LMI) needed.
Up to 40,000 guaranteed loans per financial year (both schemes combined)
Property must not exceed $600,000

Benefits

Insurance savings depend on the value of your property.

First Home Super Saver Scheme

You can deposit a maximum of $27,500 per financial year.
You can withdraw up to $50,000 toward your first deposit from your super.
From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.