There are a range of government grants and exemptions that are available across Australia, which predominately target first-home buyers.

The First Home Owner Grant (FHOG) – this is a state-administered grant offered to first home buyers that meet certain criteria. Generally, you need to be purchasing your first home and you must intend to live in it as your primary residence for a minimum of 12 months.

The grant itself is a one-off payment that ranges between $10,000 and $15,000 and it is predominantly aimed at those building a property.

NSW‍

• $10,000
• Properties must be new and not previously lived in

VIC

• $10,000, however, for new homes built in regional Victoria, you receive $20,000
• The home must be valued under $750,000

NT

• $10,000

QLD

• $15,000
• Property valued at less than $750,000

SA

• $15,000

TAS

• $20,000

WA

• $10,000
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Who qualifies for the FHOG?

• You must be a first home buyer and neither you nor your partner may have owned a property in the past.
• You must be an Australian citizen or a permanent resident with a minimum age of 18.
• The property must be purchased in your name.

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The First Home Loan Deposit Scheme (FHLDS) – this is a Federal Government initiative that aims to help first home buyers who only have a small deposit.

Traditionally, if a homebuyer is unable to come up with a 20% deposit, they are forced to take out Lender’s Mortgage Insurance (LMI), which is expensive and can run into the tens of thousands of dollars.

The FHLDS makes 5,000 loans available each financial year, through certain lenders, whereby the Government effectively acts as a guarantor for the balance of the deposit.

Example:

If a first home buyer wants to purchase a home for $300,000, they would need a $60,000 deposit, or be forced to pay LMI. The FHLDS allows them to only put down 5% or $15,000 without the need to pay LMI.

To be eligible you must meet certain criteria:

• Earn less than $125,000 for singles and $200,000 couples.
• Have never owned a property.
• Be a current Australian citizen.
• 18 years of age or older.

Stamp Duty Exemptions – Stamp Duty is a significant cost that home buyers must pay when they purchase a home. It can be around 4-5% of the purchase price of a property.

Generally, first home buyers are exempt from stamp duty, if they purchase a property that meets certain criteria. This is normally based on  the price of the property, but there are also other incentives for buying new, off-the-plan properties or buildings.

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NSW

• Stamp duty waived for purchase of property valued up to $650,000 for first home buyers, and partial concession available for homes valued between $650,000 and $800,000

VIC

• Stamp duty waived for purchase of property valued up to $600,000 for first home buyers

NT

• ‍‍Stamp duty discount for purchase of property valued up to $650,000 for first home buyers

QLD

• ‍‍Stamp duty waived for purchase of property valued up to $550,000 for first home buyers

SA

• ‍‍No stamp duty exemptions

TAS

• ‍‍50% stamp duty exemption for purchase of property valued up to $400,000 for first home buyers

WA

• ‍‍Stamp duty waived for purchase of property valued up to $430,000 for first home buyers

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