A Quick Guide to First Home Buyer Grants and Schemes: Your Path to Homeownership

Buying your first home is an exciting milestone, but navigating the financial side can be confusing. Fortunately, there are several grants and assistance programs available to help first home buyers across Australia.  

We’ve put together an updated breakdown of the key programs available to help you get into your first home. 

Nationwide Initiatives 

First Home Guarantee (formerly First Home Loan Deposit Scheme) 

This federal initiative allows eligible first home buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). The scheme supports 35,000 eligible applicants each financial year and is available for new or existing homes, house and land packages, and off-the-plan purchases, with varying property price caps applicable per region or city. 

First Home Super Saver (FHSS) Scheme 

Under this scheme, first home buyers can save for a deposit within their superannuation fund, benefiting from concessional tax rates. You can then withdraw up to $15,000 in voluntary contributions from any one financial year, or up to $50,000 across multiple years, to put towards your first home, making this a valuable tool for saving faster. 
 

State-Specific Grants & Assistance 

Western Australia (WA) 

• First Home Owner Grant (FHOG): WA offers a one-off $10,000 grant for purchasing or building a new home. The home must be valued at $750,000 or less, and buyers must live in the property for a continuous period of at least six months within the first year after settlement.
  
  
• First Home Owner Rate (FHOR): The WA government also supports FHBs through a stamp duty concession. First home buyers purchasing a home under $450,000 are exempt from stamp duty. For homes valued between $450,000 and $530,000, a reduced rate applies.
  
  
• First Home Buyers Assistance: A grant of up to $2,000 is available for incidental expenses such as conveyancing and inspection fees, with a residential property price cap of $400,000.
  
  
• Keystart Loans: WA’s Keystart scheme offers low-deposit home loans starting from just 2% deposit, with no LMI or account-keeping fees. This is especially beneficial for those who have saved a smaller deposit. 

South Australia (SA) 

• First Home Owner Grant (FHOG): South Australians can access a grant of $15,000 for purchasing or building a new home, with a requirement to live in the property for a continuous period of at least six months within the first year of ownership.
  
  
• Stamp Duty Relief: Stamp duty exemptions are available to first home buyers for new homes, vacant land, and off-the-plan purchases.
  
  
• HomeSeeker SA: This initiative offers affordable loans, including options for low-income earners and Indigenous Australians. 

Victoria (VIC) 

• First Home Owner Grant (FHOG): A one-off $10,000 grant is available for new homes valued under $750,000. Buyers must occupy the home for a continuous period of at least 12 months within the first year after settlement or completion.  
  
  
• Stamp Duty Concession and Exemptions: Full stamp duty exemption applies for first home buyers purchasing homes under $600,000, with reduced rates for homes priced between $600,001 and $750,000. A new temporary off-the-plan duty concession has recently been introduced for land and building packages, refurbished lots and lots in vertical or horizontal developments. 

Queensland (QLD) 

• First Home Owner Grant (FHOG): Queensland offers a $15,000 grant for new homes valued under $750,000. Buyers must occupy the property for a continuous period of six months within the first year.
  
  
• Stamp Duty Exemptions: Home buyers in Queensland benefit from no stamp duty payable on homes under $800,000, and the first home concession may still apply for a home valued over $800,000. 
  
  

Take Advantage of These Opportunities 

Both state and federal initiatives provide first home buyers around the country with opportunities to realise their dreams of owning a home sooner. Whether it’s leveraging the First Home Guarantee or accessing a state-specific grant, these programs can significantly reduce the financial outlay of buying your first home. 

To see if you are eligible for assistance, be sure to explore the specific eligibility criteria in our free guide below.

Download our free guide for Financing your new home as a first home buyer to help you on your journey. Whether you’re interested in purchasing a block of land, a house and land package, townhouse or apartment, our guide is your one stop shop for first home buyers, summarising all that’s available to make buying your first home a reality.