Government grants for first home buyers or a range of available government schemes could be the key to you buying a property now. With so many government initiatives available for first home buyers, it can be hard to work out what you’re eligible for and how to apply.
That’s why we’ve put together this comprehensive guide on helpful schemes and government grants for first home buyers that will cover what’s available, who is eligible and how you can make sure you get the assistance you’re entitled to when buying your first home.
How Government Grants and Schemes Can Help First Home Buyers
Government assistance (such as the First Home Owners Grant and the First Home Buyers Scheme) can be a lifeline for those struggling to break into the property market. With property prices continuing to climb, homebuyers now need to save even more to achieve a 20% deposit for a home loan. However, with the rising cost of living, it’s also becoming more difficult to save.
Government grants can make home ownership more accessible by providing additional funds, minimising stamp duty costs and even reducing the amount required for a house deposit.
Government Schemes and Government Grants for First Home Buyers
First home buyers have access to a range of schemes and grants, but eligibility will vary depending on which state you’re looking to buy in. These initiatives include:
First Home Owners Grant (FHOG)
Applicants who are buying their first home can receive a cash payment of $10,000 in NSW and $15,000 in QLD (doubled to $30,000 until 30 June 2025). To be eligible for the grant, applicants must be buying a new property for less than $750,000 and they must live in that property for at least 6 months in the year after settlement.
First Home Guarantee Scheme (FHBG)
With the FHBG, buyers can purchase a home with just a 5% deposit, with no need to pay for Lenders Mortgage Insurance. To be eligible, buyers must be earning less than $125,000 per year (or $200,000 per year for couples) and must comply with property price caps, which vary depending on the region. For those living in regional areas, the Regional First Home Buyer Support Scheme (RFHBG) offers the same benefits.
First Home Buyer Assistance Scheme (NSW) or First Home Concession (QLD)
First homeowners purchasing a property in NSW for $800,000 or less can receive a total exemption on stamp duty under the FHBAS (and a reduced rate for properties under $1 million). For those buying vacant land, the price is capped at $350,000 for a full exemption and $450,000 for a concessional rate. In QLD, the First Home Concession removes stamp duty charges for properties valued under $700,000 (with a concessional charge applying for properties under $800,000).
Help to Buy Scheme
Due to commence in late 2024, Help to Buy allows eligible applicants to purchase a property in partnership with the government. The government will guarantee 30-40% of the equity for the property and applicants can secure a loan for the remaining balance with just a 2% deposit.
First Home Super Saver Scheme (FHSS)
The FHSS is designed to help first home buyers save for a deposit using their super fund. You can make pre- or post-tax voluntary contributions to your super fund and then withdraw up to $15,000 per financial year to be used as a house deposit (capped at a maximum of $50,000 total).
How to Apply for Government Grants for First Home Buyers
To apply for a government grant or scheme, start by checking your eligibility and then gather all of the necessary documentation you’ll need for your application. To avoid missing out, check carefully to see if any deadlines apply.
The easiest way to apply for a first home buyer initiative is to speak with an experienced mortgage broker. They can advise what schemes you may be eligible for and answer any questions you may have. They can even submit the paperwork for you!
Take the Next Step Toward Home Ownership with ZEP Finance
You could secure your first home sooner with the help of government grants or schemes. To find out more, contact the team at ZEP Finance today for some expert advice.
After studying business and finance at university, Zain initially expected to pursue a career in finance. However, his passion for property and the experience of buying his own home led him to mortgage broking. He began his mortgage brokering career in 2009 and founded ZEP Finance in 2010.
