First Home Buyer? See Every Grant, Scheme & Loan You're Eligible For

The FHOG is a one-off state government cash grant for first home buyers purchasing or building a new home. Amounts range from $10,000 to $30,000 depending on your state. Queensland and Tasmania offer the highest grants at $30,000. Property price caps apply, typically $600K-$750K for new homes.

The FHBG allows eligible first home buyers to purchase with just a 5% deposit without paying Lenders Mortgage Insurance. The government guarantees up to 15% of the property value. Since October 2025, places are unlimited. Income caps are $125,000 for singles and $200,000 for couples.

Help to Buy is a federal shared equity scheme where the government contributes up to 40% of a new home or 30% of an existing home's price. You need just a 2% deposit. Income caps are $100,000 for singles and $160,000 for couples. Property price caps vary by location from $600K to $950K.

The FHSS lets you make voluntary super contributions of up to $15,000 per year ($50,000 lifetime cap) and withdraw them for a home deposit. Contributions are taxed at 15% instead of your marginal rate, saving you thousands. Allow 20+ business days for ATO processing of your withdrawal request.

With Help to Buy, you need just 2%. The FHBG requires 5% with no LMI. Without government schemes, most lenders require 5% minimum but you pay LMI unless you have 20%. For a $700,000 property, that means $14,000 (2%), $35,000 (5%), or $140,000 (20%) respectively.

On a $100,000 salary with no other debts, most lenders will approve approximately $550,000-$620,000 depending on living expenses. The APRA 3% serviceability buffer means lenders test affordability at around 9.5%. A $40,000 HECS debt reduces this by approximately $40,000-$60,000.

Lenders Mortgage Insurance costs $8,000-$35,000 and applies when your deposit is below 20%. First home buyers can avoid LMI entirely through the FHBG (5% deposit) or Help to Buy (2% deposit). Both schemes remove the LMI requirement, saving you thousands in upfront costs.

Yes, HECS-HELP reduces borrowing power because lenders include compulsory repayments (1-10% of income above $54,435) in their serviceability calculations. A $40,000 HECS debt on an $85,000 salary typically reduces borrowing capacity by $30,000-$50,000. Paying it down before applying can help.

Most states offer full stamp duty exemption for first home buyers below certain thresholds: NSW up to $800K, VIC up to $600K, ACT up to $1M, WA up to $430K. QLD offers concessions up to $700K, TAS provides a 50% concession, and SA has no FHB-specific exemption. Savings can exceed $30,000.

Beyond deposit and stamp duty, budget for conveyancing ($1,500-$3,000), building and pest inspection ($500-$800), loan application fees ($0-$600), mortgage registration ($150-$190), strata report ($250-$350 for units), and moving costs ($500-$2,000). Keep a 3-month repayment buffer as emergency savings.

NSW First Home Buyer Choice lets eligible buyers opt for an annual property tax instead of paying upfront stamp duty. This reduces upfront costs significantly on properties up to $1.5M. The annual tax is calculated on the land value, making it attractive for buyers with limited savings.

Yes, most schemes can be combined. For example, in Queensland you could receive the $30,000 FHOG, use Help to Buy for government equity, access stamp duty concessions, and use FHSS savings for your deposit. Check individual scheme rules as some combinations have restrictions on property type or price.

The typical timeline is 6-12 months. Allow 3-6 months for saving your deposit and applying for schemes, 1-3 months for property searching with pre-approval, 1-2 months for offers and contract exchange, and 4-6 weeks for settlement. FHSS withdrawals take 20+ business days to process.

Yes, brokers are especially valuable for first home buyers. They compare loans from 30+ lenders, help navigate government scheme eligibility, handle paperwork, and cost you nothing as they are paid by the lender. Around 70% of Australian home loans are now arranged through brokers.

You need 100 points of ID (passport, licence), 2-3 recent payslips, 2 years of tax returns if self-employed, 3 months of bank statements, details of existing debts including HECS, and proof of government scheme eligibility. Digital lenders may auto-verify income via Open Banking.

Selling within a few years may trigger FHOG clawback if you owned for less than 6-12 months (varies by state). Help to Buy requires repaying the government's equity share based on current market value. You keep any capital gains minus costs. No capital gains tax applies to your primary residence.

New homes qualify for FHOG ($10K-$30K) and up to 40% Help to Buy equity, but cost more per square metre. Existing homes offer better value and locations but only qualify for 30% Help to Buy equity and no FHOG. Run the numbers - the FHOG can offset the price premium on new builds.

Yes, each person in a couple can contribute $15,000 per year up to the $50,000 lifetime cap individually. Together, a couple can withdraw up to $100,000 from super for their deposit. This makes the FHSS one of the most powerful deposit-saving strategies available for couples.

No, the FHOG applies only to new homes, substantially renovated homes, or owner-builder new constructions in all states. If you want to buy an existing home, you can still access the FHBG (5% deposit, no LMI), Help to Buy (30% equity), stamp duty concessions, and the FHSS scheme.

Help to Buy caps are $100,000 single / $160,000 couple. FHBG and RFHBG caps are $125,000 single / $200,000 couple. FHOG income caps vary by state - some states have no income test. The FHSS has no income cap. Check each scheme individually as thresholds are based on taxable income.