What government grants and schemes are available for home buyers?

Buying a home, especially your first one, can feel like an overwhelming financial hurdle. But don’t worry, you might not have to do it all alone! The Australian government offers a range of grants, concessions, and loan schemes to help eligible buyers enter the market sooner. Here’s a breakdown of what’s currently available and how you can take advantage of these programs.

First Home Owner Grant (FHOG)

The First Home Owner Grant (FHOG) is a one-off payment designed to help first-home buyers purchase or build a new home. The amount varies depending on the state or territory you’re buying in.

Who is eligible?

• You must be purchasing or building a new home (not an existing property).

• You must be an Australian citizen or permanent resident.

• You must live in the home for a minimum period (usually 6–12 months).

• The property value must be under the state's price cap.

How much can you get?

• QLD: $15,000 for new homes under $750,000

• NSW: $10,000 for new homes under $750,000

• VIC: $10,000 for new homes under $750,000 ($20,000 for regional areas)

Tip: Each state has different rules, so check with your local revenue office to see if you qualify and for expiration dates.

First Home Guarantee (FHBG) – buy with just a 5% deposit

The First Home Guarantee (FHBG) (formerly First Home Loan Deposit Scheme) allows eligible buyers to purchase a home with just a 5% deposit—without paying Lenders Mortgage Insurance (LMI).

How does it work?

The government acts as a guarantor for up to 15% of the loan, meaning you don’t need to pay LMI (which can save you thousands).

Who is eligible?

• First-home buyers purchasing a new or existing home.

• Income limits apply: $125,000 for singles, $200,000 for couples.

• Property price caps vary by location (e.g., $700,000 in Brisbane).

• You must live in the property (not for investment purposes).

Tip: Only a limited number of spots are available each year, so apply early!

First Home Super Saver Scheme (FHSSS) – use your super for a deposit

The First Home Super Saver Scheme (FHSSS) allows first-home buyers to save money for a home deposit inside their superannuation fund, taking advantage of lower tax rates.

How does it work?

• You can contribute up to $15,000 per year (up to $50,000 total) to your super for a home deposit.

• These contributions are taxed at the lower super tax rate (15%), helping you save more efficiently.

• When ready to buy, you can withdraw your savings to use as a deposit.

Tip: This is a great option if you're still saving for a deposit and want to minimise tax while boosting your savings.

Stamp duty concessions & exemptions

Stamp duty (also called transfer duty) is a major upfront cost when buying a home, but many states offer exemptions or discounts for first-home buyers.

What’s available?

• QLD: No stamp duty for homes under $500,000 (discounts up to $700,000).

• NSW: No stamp duty for homes under $800,000 (discounts up to $1,000,000).

• VIC: No stamp duty for homes under $600,000 (discounts up to $750,000).

Tip: Even if you’re not a first-home buyer, some states offer discounts for downsizers or regional buyers.

Regional First Home Buyer Guarantee

Want to buy in a regional area? The Regional First Home Buyer Guarantee helps first-home buyers purchase with just a 5% deposit, without paying LMI.

• Must buy in a regional location (as defined by the government).

• Same income limits as the First Home Guarantee.

• You must live in the home for at least 12 months.

Tip: This scheme has separate allocations from the First Home Guarantee, so you might have a better chance of securing a spot.