Your Complete Guide to Australian First Home Buyer Grants and Scheme
Are you a first-time buyer in Australia? You could be missing out on thousands of dollars in government grants and assistance programs. These opportunities are designed to help Australians achieve homeownership, yet many go untapped simply because people aren’t aware they exist. Don’t let that be you! This guide will break down the key grants and schemes available nationwide and across individual states, helping you maximise your financial resources and turn your dream of owning a home into a reality.
Australia-Wide Grants: Federal Schemes for All States
Federal grants and schemes are available no matter where in Australia you’re planning to buy your first home.
First Home Guarantee Scheme
This program helps first-time buyers enter the market with a lower deposit while avoiding Lenders Mortgage Insurance (LMI).
- Deposit Required: As little as 5%.
- Eligibility Criteria: You must:
- Be a first-time homebuyer or not have owned a home in the past 10 years.
- Be an Australian or New Zealand citizen, or a permanent resident, aged 18 or older.
- Income Limits:
- Individuals: Up to $125,000 per year.
- Couples: Combined income up to $200,000 per year.
- Additional Conditions:
- You must live in the property for at least six months.
- The loan must be a standard 30-year principal and interest loan.
First Home Super Saver Scheme
Save for your deposit through your superannuation fund and enjoy tax advantages while you’re at it.
- Savings Benefits: Withdraw up to $50,000 for your deposit after saving up to $15,000 per year in voluntary super contributions.
- Eligibility: First-time home buyers who plan to live in the home for at least six months.
- Important Note: Only voluntary contributions qualify for this scheme, not employer-mandated contributions.
Family Home Guarantee
This initiative is tailored for single parents and carers, making it easier for them to secure a home loan.
- Deposit Required: As little as 2%.
- Income Threshold: Up to $125,000 in taxable income.
Regional First Home Buyer Guarantee
Similar to the First Home Guarantee Scheme, this program applies to homes in regional areas, allowing you to purchase with a 5% deposit and no LMI.
State and Territory Grants: Tailored Support for Local Buyers
Each state and territory offers unique programs to assist first-time buyers, ranging from cash grants to stamp duty exemptions.
New South Wales (NSW)
- First Home Owners Grant: Receive $10,000 when purchasing a brand-new home or building one.
- Eligibility: Property value must not exceed $600,000 for new builds or $750,000 for house and land packages.
- You must live in the home for a minimum of six months.
- First Home Buyer Assistance Scheme:
- No stamp duty on properties up to $800,000.
- Discounts on properties valued between $800,000 and $1,000,000.
Victoria (VIC)
- First Home Owners Grant:
- $10,000 for properties in Metro Melbourne.
- $20,000 for homes in Regional Victoria (valued under $750,000).
- Stamp Duty Relief:
- Full exemption for homes under $600,000.
- Discounts available for homes priced between $600,000 and $750,000.
- Victorian Home Buyer Fund:
- The government contributes up to 25% of the property’s value under a shared equity scheme.
- A 5% deposit is required.
- Income caps: $128,000 for singles and $204,000 for couples.
Queensland (QLD)
- First Home Owners Grant: $30,000 for new homes priced up to $750,000.
- Stamp Duty Discounts:
- No duty on homes priced up to $700,000.
- Reduced duty for homes valued between $700,000 and $800,000.
- Regional Home Building Boost: An additional $5,000 will be charged for building in regional Queensland.
Western Australia (WA)
- First Home Owners Grant: $10,000 for new homes.
- Property Value Limits: $750,000 south of the 26th parallel, $1,000,000 north of it.
- Stamp Duty Relief:
- No stamp duty for homes up to $430,000.
- Discounts apply for homes between $430,000 and $530,000.
- Build for Me Scheme: A shared equity scheme where the government owns up to 30% of the property.
South Australia (SA)
- First Home Owners Grant: $15,000 for new homes valued under $575,000.
- Stamp duty relief is not specifically offered for first-time buyers, though general concessions may apply.
Tasmania (TAS)
- First Home Owners Grant: $10,000 for new builds with no price cap.
- Transfer Duty Relief: No stamp duty on homes valued up to $750,000 (available February 2024 to June 2026).
Northern Territory (NT)
- Home Grown Territory Grant: Up to $50,000 for building or purchasing a new home, with no property value cap.
- Fresh Start Grant: $30,000 for new homes, available to those who aren’t first-time buyers.
- $10,000 Grant: For first home buyers purchasing established homes under contracts dated from October 2024.
Australian Capital Territory (ACT)
- Home Buyer Concession Scheme: No stamp duty for eligible first home buyers, subject to income thresholds (up to $160,000 for families).
Take the Next Step
Buying your first home is a significant milestone, and these grants and schemes can make it more achievable. To get started:
- Clarify Your Goals: Identify the type of property and location that suits your needs.
- Assess Eligibility: Review your financial situation to determine which grants or schemes you qualify for.
- Get Expert Guidance: A mortgage broker can help you navigate the options, calculate your borrowing power, and connect you with the best programs available.
At Lend A Loan, we specialise in helping first-time buyers across Australia secure the financial support they need. Contact us today for a free consultation, and let’s bring your homeownership dreams to life!
