First Home Buyer Grants and Schemes in Australia 2024-25

Australian first home buyers can access support at three levels: federal government schemes (which reduce deposit requirements or allow super savings to be used), state government grants (cash payments), and state stamp duty concessions (reduced or waived transfer duty). Understanding how these stack is essential to maximising your benefit.

• Federal schemes: First Home Guarantee (5% deposit, no LMI), Regional First Home Buyer Guarantee (5% deposit in regional areas), Family Home Guarantee (2% deposit for single parents), First Home Super Saver Scheme (save up to $50,000 inside super)
• State grants: First Home Owner Grant (FHOG) - cash payments of $10,000-$30,000 for eligible new or substantially renovated homes, amounts and eligibility criteria vary by state
• State stamp duty concessions: full exemptions or significant discounts on transfer duty for first home buyers, thresholds and conditions vary significantly between NSW, VIC, QLD, SA, WA, TAS, ACT, and NT
• These benefits can be stacked: a first home buyer in QLD could use the First Home Guarantee (5% deposit, no LMI) + $30,000 FHOG (new home) + stamp duty concession simultaneously
• You must be a genuine first home buyer - never owned or co-owned a residential property in Australia at any time, and you must move into the property as your principal place of residence within the timeframe specified by each scheme
• Foreign citizens are generally ineligible for all federal and state first home buyer schemes regardless of residency status

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The Federal Government's First Home Guarantee (formerly First Home Loan Deposit Scheme) allows eligible buyers to purchase with a 5% deposit without paying Lenders Mortgage Insurance - the government guarantees the remaining 15% of the deposit.

• How it works: Housing Australia (formerly NHFIC) guarantees the difference between your 5% deposit and 20% - banks treat the loan as if you have a 20% deposit, waiving LMI (which would otherwise cost $10,000-$30,000+ on a $500,000 loan)
• Income caps: single applicants earning up to $125,000 taxable income; couples earning up to $200,000 combined - assessed on the previous financial year's Notice of Assessment
• Property price caps vary by location: $900,000 in Sydney and NSW major cities; $800,000 in Melbourne and VIC major cities; $700,000 in Brisbane, QLD major cities, ACT, and NT; $600,000 in SA, WA, and TAS major cities; lower thresholds apply to regional areas
• 35,000 places available per financial year - places can be exhausted before 30 June; apply through one of the participating lenders (major banks and smaller lenders participate)
• You must intend to be owner-occupier (no investment properties), and you must be an Australian citizen or permanent resident aged 18+
• The guarantee applies for the life of the loan - there is no time limit by which you must refinance or reach 20% equity, though many borrowers choose to remove the guarantee once they have sufficient equity

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Two additional federal guarantee schemes target specific buyer groups: those purchasing in regional Australia, and single parents buying their first or subsequent home.

• Regional First Home Buyer Guarantee: same 5% deposit, no LMI structure as the First Home Guarantee - but restricted to properties in regional locations (not capital cities or major population centres)
• Regional eligibility: applicants must have lived in or adjacent to the regional area for at least 12 months prior to purchasing - this prevents city-dwellers from claiming the regional benefit opportunistically
• 10,000 regional places available per financial year - this scheme has historically had lower take-up than the main guarantee, meaning places are often available throughout the year
• Family Home Guarantee: designed for single parents (including single legal guardians) - allows purchase with just a 2% deposit with no LMI, regardless of whether it is a first home purchase
• Family Home Guarantee income cap: $125,000 for the single parent; property price caps are the same as the First Home Guarantee by location
• 5,000 Family Home Guarantee places per financial year - this scheme recognises that single-income households face the greatest deposit accumulation challenge
• Shared Equity schemes: some states (NSW, Victoria, WA) offer government shared equity products where the state co-invests up to 25-40% of the purchase price, reducing repayments - these are separate from federal guarantee schemes

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The FHSS scheme allows you to make voluntary contributions to your superannuation fund and then withdraw them (plus associated earnings) for a first home deposit - taking advantage of super's concessional tax rates.

• How it works: make voluntary concessional (salary sacrifice) or non-concessional contributions into super; request a FHSS determination from the ATO when ready to buy; the ATO releases the eligible amounts plus deemed earnings (calculated at the Shortfall Interest Charge rate, currently ~7.4%)
• Annual limit: $15,000 per financial year of voluntary contributions can be counted toward FHSS (regardless of how much you actually contribute); total lifetime FHSS limit is $50,000 per person
• Tax saving example: salary sacrifice $15,000 into super pays 15% super tax ($2,250 tax) instead of your marginal rate (e.g., 37% = $5,550 tax) - saving $3,300 in that year; save for 3 years and you could save almost $10,000 in tax compared to saving in a bank account
• On withdrawal: released FHSS amounts are taxed at your marginal rate less a 30% offset - effectively most buyers pay 0-10% tax on withdrawals even at moderate income levels
• Timing: you must request your FHSS release determination before signing a contract of sale or transfer; released funds must be used for a first home purchase within 12 months (extendable to 24 months with ATO approval)
• Both members of a couple can each access $50,000 through FHSS - a couple who both maximise FHSS over 3+ years can access $100,000 combined from super for their deposit, significantly accelerating deposit accumulation

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Each state and territory offers a First Home Owner Grant - a cash payment to eligible first home buyers. Amounts, property price caps, and eligibility conditions differ significantly.

• New South Wales: $10,000 FHOG for new homes valued up to $600,000; building contracts up to $750,000 also eligible - applies to new constructions only (not established homes)
• Victoria: $10,000 FHOG for new homes in metro areas valued up to $750,000; $20,000 for new homes in regional Victoria - established homes are NOT eligible for the VIC FHOG
• Queensland: $30,000 FHOG for new homes valued up to $750,000 (boosted from $15,000 in November 2023) - one of the most generous grants nationally; applies to new builds only
• Western Australia: $10,000 FHOG for new homes; no property value cap for established homes in certain regional areas - established home eligibility was broadened in recent years
• South Australia: $15,000 FHOG for new homes; no cap on property value - applies to new constructions and substantial renovations
• Tasmania: $30,000 for new homes (boosted from $20,000 in 2023-24 budget); ACT: $7,000 FHOG for new homes with no value cap; NT: $10,000 for new homes - all FHOG schemes require owner-occupation within a specified timeframe (typically 12 months) and must remain principal place of residence for at least 12 months

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Stamp duty (transfer duty) is one of the largest upfront costs in property purchase. State concessions for first home buyers can save tens of thousands of dollars - or eliminate stamp duty entirely for lower-value purchases.

• NSW: full stamp duty exemption for first home buyers purchasing properties up to $800,000; concession applies to purchases between $800,000 and $1,000,000 on a sliding scale. NSW also offers an annual property tax option (instead of stamp duty) for eligible first home buyers
• Victoria: full stamp duty exemption for homes up to $600,000; concession for $600,001-$750,000. Example: on a $600,000 home the standard stamp duty would be ~$31,070 - first home buyers pay $0
• Queensland: full stamp duty exemption for homes up to $550,000; concession for $550,001-$700,000. On a $500,000 purchase, stamp duty saving is approximately $15,925
• Western Australia: full exemption for first home buyers on homes up to $430,000; concession for $430,001-$530,000 (established) and up to $400,000 for vacant land (concession to $450,000)
• South Australia: no general stamp duty concession for first home buyers - SA's FHOG is the primary support mechanism
• ACT: first home buyers are exempt from stamp duty on homes up to $1,000,000 - the most generous capital city concession in Australia by threshold. This applies regardless of whether it is a new or established home

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