Discover the path to homeownership with exclusive first-home buyer schemes.
As a first-home buyer, you don’t want to miss out on these incredible opportunities designed to make your homeownership dreams a reality.
First-Home Buyer Schemes Available in 2023
Let’s go through the national government schemes available for first-home buyers in 2023:
Home Guarantee Scheme
The Home Guarantee Scheme (HGS) is an Australian government initiative to help eligible home buyers purchase their home sooner. It is administered by the National Housing Finance and Investment Corporation (NHFIC).
It is a guarantor scheme where the government guarantees loans so eligible home buyers avoid paying Lenders Mortgage Insurance (LMI), even with a deposit as low as 2% of the property value.
LMI is usually paid when your deposit is less than 20% of the property value, which means you’re borrowing more than 80% of the property value.
There are three schemes under the Home Guarantee Scheme:
|Details||First Home Guarantee||Regional First Home Buyer Guarantee||Family Home Guarantee|
|Prior property ownership||First-home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years.||First-home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years.||Single parents or single legal guardians, who do not currently own a property or do not intend to own a separate property when they settle on the home.|
|Location restrictions||All locations||Regional areas only||All locations|
|Income Caps||$125,000 per year for individuals or $200,000 per year for joint applicants||$125,000 per year for individuals or $200,000 per year for joint applicants||$125,000 per year|
|Who Can Apply?||Australian citizens and permanent residents.
Can be individual or joint applicants
|Australian citizens and permanent residents.
Individual or joint applicants
|Australian citizens and permanent residents.
Single parent or single legal guardian of at least one dependant.
First Home Super Saver Scheme
The First Home Super Saver Scheme allows first-home buyers to save a deposit for their first home inside their super account, to take advantage of the concessional tax treatment.
Under the scheme, the government has increased the total amount of savings borrowers can release from super to make a deposit on a home from $30,000 to $50,000.
Tip: You’ll need a determination letter from the ATO (Australian Taxation Office) specifying the amount that can be released from your super to use as a deposit for a home loan.
Help To Buy Scheme
The Help to Buy Scheme is a shared equity scheme wherein the government helps first-home buyers purchase a home by contributing up to 40% of the property price for a new home and up to 30% for an existing one.
The scheme is designed to help with the longstanding affordability crisis. There will be 10,000 places available for eligible Australians each year. The government has not confirmed the scheme will commence in 2024.
Find Out Which Schemes Are Available To You
Home Loan Experts can show you the government schemes for which you’re eligible and help you apply. Please speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our short assessment form to buy your first home. Find out the best path to your new home today!
What State Grants Are Available For First-Home Buyers in Australia?
There are various statewide grants and schemes available for first-home buyers. We’ve summarised what is available for each state and territory of Australia in the table below:
|State/Territory||Grants for first-home buyers||Stamp duty exemptions/concessions||Other grants and schemes available||Official website|
|NSW||$10,000 First Home Owner Grant for first-home buyers who want to build a new home or purchase a new or substantially renovated property||It’s known as the First Home Buyers Assistance Scheme, where a first-home buyer can either get an exemption or concession.
If the value of the property is $800,000 or less, stamp duty is exempted.
If the value of the property is between $800,000 to $1 million, stamp duty concessions are available.
|Shared Equity Home Buyer Helper||Get more information from NSW’s official website.|
|Victoria||$10,000 First Home Owner Grant is available when you build or buy your first home||No stamp duty for first-home buyers purchasing a house for $600,000 or less.
For a home between $600,000 and $750,000, stamp duty concessions are available
|Victorian Homebuyer Fund||Get more information from Victoria’s official website.|
|Queensland||$30,000 First Home Owner Grant for buying or building a new home in Queensland||It’s called the First Home Concession. Stamp duty exemption for properties $450,000 or below.
Stamp duty concessions are available for properties valued up to $600,000.
|$5,000 Regional home building boost grant after the purchase or construction of a brand-new house, unit or townhouse in regional Queensland||Get more information from Queensland’s official website.|
|Western Australia||$10,000 First Home Owner Grant if you are buying or building a new home||No stamp duty for homes valued at $430,000 or below or vacant land valued at $300,000 or below.
Stamp duty concessions are available between $430,001 to $530,000 for homes
|$2,000 Home Buyers Assistance to reimburse some of the expenses incurred when buying a first home.
Western Australia Shared Home Ownership
|Get more information from Western Australia’s official website.|
|South Australia||$15,000 First Home Owner Grant for buying a new home||No stamp duty for a new home below $650,000 or $400,000 for vacant land.
Stamp duty concessions are available for new homes valued at $700,000 or vacant land valued at $450,000.
|None||Get more information from South Australia’s official website.|
|Australian Capital Territory (ACT)||First Home Owner Grant is not available in ACT||It’s called the Home Buyers Concession Scheme. No stamp duty for properties valued at $1 million or less.
Stamp duty concessions are available for properties valued at more than $1 million.
|None||Get more information from ACT Revenue Office’s website.|
|Northern Territory||$10,000 first home owners grant for buying a new home||The Territory Home Owner Discount (THOD) is not available.||$2,000 to buy household goods||Get more information from NT’s official website.|
|Tasmania||$30,000 first home owner grant for transactions that commence between 1 April 2021 and 30 June 2024.||Stamp duty concessions for properties valued at $600,000 or less.||None||Get more information from Tasmania’s official website.|
Frequently Asked Questions
Yes, you can if you’re eligible.
For example, an eligible first-home buyer can technically apply for and qualify for the First Home Owners Grant (FHOG) and the First Home Guarantee, while paying no stamp duty.
Since each government grant/scheme has its own eligibility criteria and timelines, qualifying for them all is challenging, so, please speak with one of our specialist mortgage brokers to determine how best to proceed.
Call us on 1300 889 743 or fill in our online assessment form.
Government grants and schemes do have an effect on the market. The main objective of these grants is to help you own a home. However, when grants are introduced, the demand for a certain range of houses shoots up, and as a result, prices rise as well.
Having said this, getting a grant or qualifying for a scheme can aid you significantly on your purchase. On top of that, if you can qualify for a grant/scheme early, before the market has had a chance to move, the rising prices will increase your equity in your home.
No, Brisbane does not have its own first-home buyer scheme. Eligible home-buyers can apply for any one of the national schemes.
- The Home Guarantee Scheme is a guarantor scheme where the government guarantees loans so borrowers avoid paying LMI.
- Help To Buy is a shared equity scheme where the government contributes 40% for new builds and 30% for existing properties.
- The First Home Super Saver Scheme allows eligible individuals to withdraw their voluntary superannuation contributions to put towards purchasing their first home.
First off, you want to make sure that you’re eligible for the government scheme/grant for which you’re applying. Each program has slightly different eligibility requirements so you want to check off all the boxes prior to submitting your application.
Generally, you can apply for these government schemes and grants at the same time you apply for a home loan.
However, if you’re planning on using any of the aforementioned grants or schemes, please have a discussion with your bank or mortgage broker prior to submitting your application.
Most lenders will apply for the grant on your behalf once a formal home loan approval is granted, and you have signed any relevant applications/declaration.
For the stamp duty waiver, your solicitor will handle the paperwork for you on settlement day.
There can be different eligibility requirements so it’s best to consult with your mortgage broker or directly with your lender up front.
How can we help?
As mortgage brokers, we can:
- Apply for all the grants you’re eligible for
- Make the entire end-to-end process simpler for you
- Help you get a competitive interest rate on your home loan
- Make finding a property easier with suburb reports, and property reports of your choosing
- Order a free upfront valuation
- Help you through settlement and beyond.
Please speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our short assessment form to buy your first home.