Buying your first home is a huge milestone, but it can feel overwhelming with rising property prices and financial hurdles. The good news is Australia offers several grants and schemes to help first-time buyers step onto the property ladder faster. From government guarantees to no stamp duty in Queensland, here’s everything you need to know about the latest home buyer support programs.
First Home Owner Grant (FHOG) – Get Up to $30,000
The First Home Owner Grant (FHOG) is a state-based scheme offering a one-off payment to eligible first-time buyers. The amount varies depending on where you live:
- Queensland: $30,000 for new homes until 30 June 2025
- Victoria: $10,000 for new homes valued up to $750,000
- Western Australia: $10,000 grant for new builds
- South Australia: Up to $15,000 for new homes
This grant can be used to buy or build a new home, making it easier to afford your first property. Check your state’s website for eligibility requirements.
First Home Guarantee – Buy with Just 5% Deposit
Saving a 20% deposit is one of the biggest challenges for first-home buyers, but the First Home Guarantee (FHBG) helps by allowing eligible buyers to purchase a home with just a 5% deposit – without paying Lenders Mortgage Insurance (LMI).
For the 2024-25 financial year, 35,000 places are available. This scheme is open to singles earning up to $125,000 or couples earning up to $200,000 combined.
No Stamp Duty for First Home Buyers in Queensland – From 1 May 2025
One of the biggest costs when buying a home is stamp duty, but from 1 May 2025, first home buyers in Queensland will pay zero stamp duty if they buy newly built house or buy land to construct their first home.
This change makes buying a home even more affordable, reducing upfront costs by thousands of dollars. The exact price cap will be announced soon, so stay tuned for updates.
Regional First Home Buyer Guarantee – Get Into the Market Sooner
If you’re looking to buy in a regional area, the Regional First Home Buyer Guarantee (RFHBG) allows you to secure a property with just a 5% deposit, without needing LMI.
10,000 spots are available in the 2024-25 financial year, and you must have lived in the regional area for at least 12 months before applying.
First Home Super Saver Scheme – Boost Your Deposit Faster
With the First Home Super Saver Scheme (FHSSS), first-time buyers can save up to $50,000 towards a home deposit by making voluntary contributions to their superannuation fund.
These savings benefit from lower tax rates, helping you build your deposit faster. This is a great option for those who want to maximize their savings potential while benefiting from tax concessions.
State-Based Stamp Duty Concessions
Besides Queensland’s no stamp duty from May 2025, other states also offer stamp duty exemptions or discounts for first-home buyers:
- New South Wales: Exemptions for homes under $800,000, discounts up to $1 million
- Victoria: No stamp duty for homes under $600,000, discounts up to $750,000
- Western Australia: Exemptions for homes under $430,000
Final Thoughts
Buying your first home doesn’t have to be impossible. With grants, no stamp duty, and low-deposit schemes, there are plenty of opportunities to get into the property market sooner. If you’re ready to buy, talk to a mortgage broker to find out which scheme suits you best.
