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Financing your first home
We understand that financing your first property might be confusing, which is why we’ve put together the ultimate guide to help! Summarising the government support available across Australia, this guide will break down everything you need to know about financing your first home.
Are you looking to build or buy your first home? While exciting, it can also be a daunting time for many Australians looking to enter the property market.
We understand financing your first property might be confusing, which is why we’ve summarised everything you need to know, as well as the grants and government schemes available to you in one simple information guide. Here’s what we have covered.
Federal Government help for first home buyers
The Federal Government has two schemes as part of its initiative to support eligible First Home Buyers (FHB) in purchasing their first home sooner.
The First Home Guarantee supports 35,000 eligible buyers each year. FHBs forgo paying mortgage insurance and the Government guarantees a portion of the loan, meaning buyers can secure their home loan with a deposit as low as 5%.
The First Home Super Saver Scheme is available through the Australian Taxation Office, allowing you to save money for your first home within your superannuation. These are available to a select group of eligible purchasers.
Help from governments around the country
States and Territories have schemes to help FHBs, which can often be accessed in addition to Federal support.
First Home Owner Grants are available on different scales in Western Australia, South Australia, Victoria and Queensland, ranging from $10,000 to $15,000 under varied guidelines.
In addition, certain states have programs you can access that will help you get into your first home sooner.
Western Australians have access to First Home Buyers Assistance, providing a grant of up to $2,000 for eligible applicants to be used on incidental expenses such as mortgage registration fees, conveyancing fees, inspection or valuation fees. Some FHBs can also access Keystart, who provide low deposit home loans with no lender’s mortgage insurance.
South Australians are able to access HomeSeeker SA, providing a number of different options when it comes to buying your first home, such as affordable loans for Indigenous applicants and low income and low deposit home loans.
Victorian FHBs are supported with concessional or exemptions for stamp duty payable, in addition to their First Home Buyers grant. The Homebuyer Fund is also available to eligible purchasers, making it easier for Victorians to enter home ownership.
Likewise, Queenslanders are able to get into their first homes sooner with properties valued at $500,000 or under being exempt from stamp duty, and concessions being applied for properties valued between $500,001 and $549,999.
To see if you’re eligible for these grants, read about the guidelines for each state in our free guide below.
Looking a little more realistic?
Once you get your head around the lingo, guidelines and support available, buying your first home is not nearly as daunting as it first appears.
Being informed about the process and the support out there will ensure you’re able to finance your home in the best way possible as you enter your next chapter and start your homeownership journey.
To help you on your journey, download our free guide for Financing your home as a First Home Buyer below. 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.
