Maximise your first-home buyer benefits with tailored guidance through government grants, reducing costs and simplifying the home-buying process.
Are you a first-time buyer looking to take the first step towards homeownership? Luckily, both state and federal governments offer a range of programs to help you get into your first home sooner. These grants and schemes aim to reduce some of the financial burdens, making it easier for first-home buyers to enter the property market.
Not sure if you qualify? We can help assess your eligibility and recommend programs tailored to your situation. Plus, we’ll guide you through the application process every step of the way.
Federal First Home Guarantee Scheme
The Federal First Home Guarantee Scheme is a significant support system for first-time buyers. Under this scheme, part of your home loan may be guaranteed by the federal government, allowing you to:
Buy a home with as little as a 5% deposit.
Avoid Lenders Mortgage Insurance (LMI), saving thousands.
This can make a massive difference, particularly for those struggling to save for a deposit.
First Home Buyer Schemes by State
Each state and territory in Australia offers unique first-home buyer schemes, designed to encourage homeownership in different regions. Here's a breakdown of what’s available:
Australian Capital Territory (ACT)
In the ACT, first-home buyers can benefit from reduced or even removed duty on residential property or land purchases:
Up to a 100% discount on stamp duty for eligible first-home buyers.
New South Wales (NSW)
NSW offers several programs for first-time buyers, including:
First Home Owner Grant (FHOG): $10,000 to assist in purchasing a newly built or substantially renovated home.
First Home Buyer Assistance Scheme: Potentially up to a 100% exemption from transfer duty.
Shared Equity Home Buyer Helper Program: The government contributes up to 40% of the purchase price for a new home or 30% for an existing property, reducing the required deposit.
Northern Territory (NT)
In the Northern Territory, eligible first-home buyers may access:
First Home Owner Grant (FHOG): $10,000 towards purchasing a brand-new home that has never been lived in.
Queensland (QLD)
For Queenslanders, the state offers:
First Home Owner Grant: $15,000 for eligible buyers purchasing or building a new home.
Transfer duty concessions, which may further reduce the upfront costs of buying your first home.
South Australia (SA)
First-time buyers in South Australia may qualify for:
First Home Owner Grant: Up to $15,000 for newly built homes.
A potential stamp duty concession for first-home buyers.
Tasmania (TAS)
In Tasmania, the government provides a range of incentives for first-home buyers, including:
First Home Owner Grant: Up to $30,000 for building or purchasing a newly built home.
First Home Owner Duty Concession: A 50% reduction in stamp duty when purchasing an established home.
Victoria (VIC)
Victorians can access various first-home buyer schemes, such as:
Victorian Homebuyer Fund: Provides up to 25% of the purchase price in exchange for an equivalent property share, with no LMI required.
Stamp duty exemptions or reductions for homes valued under $600,000.
First Home Owner Grant: $10,000 for purchasing or building a new home.
Western Australia (WA)
WA offers support through:
First Home Owner Grant: A one-off payment for first-home buyers.
A stamp duty concession that can significantly reduce the upfront costs of buying your first home.
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Is a First Home Buyer Loan right for you?
Talk with one of our business finance experts who can guide you through the process and help find the best solution tailored to your needs.
Call us on (02) 8313-8400 or request a call back.
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