First home buyers' Government grants by State

Last updated 12 April 2021, 10:54 AM

A state by state breakdown of Government grants and incentives, which could help you save on the purchase of your first home.

A financial helping hand can help you get into your first home sooner - but don’t delay!

NSW buy before 31 July 2021, zero stamp duty threshold set to change1

NSW first home buyers who buy a home before 31 July 2021 can score big savings on stamp duty!

Buy a home or vacant land before 31 July, and you could be eligible to pay zero stamp duty on new homes worth up to $800,000 or established homes valued up to $650,000 under the First Home Buyer Assistance Scheme . It’s saving worth tens of thousands – and you could still be eligible for partial savings on duty if you pay above these amounts.

This is a blockbuster saving! Waste no time getting in touch with your Mortgage Choice broker to know how you can save.

The stamp duty thresholds are set to change after 31 July, click here to read more.

First Home Loan Deposit Scheme allows you to buy with as little as 5% deposit - (new spots released July 2021 - places are limited, and fill up fast!)

If you’re struggling to pull together a big deposit, the First Home Loan Deposit Scheme (FHLDS) can help you get into the market before prices rise higher.

The FHLDS lets you buy with just 5% deposit and no lenders mortgage insurance. So it’s a way to get into the market sooner and lower your upfront buying costs. The perfect combo, right?

The FHLDS is ongoing, but numbers are limited – and spots fill fast!

In February 2021, an extra 1,800 were added to the current financial year quota of FHLDS places. It’s a brilliant chance to secure your place in the Scheme without having to wait until July, when the next round of places become available.

Conditions apply so hurry in and speak to your Mortgage Choice broker to know if you could be eligible, and get the ball rolling sooner, click here to read more.

Contact your local Mortgage Broker today to find out what you could be eligible for before it's too late

Savings and a new home? Yes please! Here is a state by state breakdown of Government grants and incentives, which could help you save on the purchase of your first home.

Buying a property is one of the biggest financial commitments you’ll make. It’s important to remember, expert advice matters, your local Mortgage Choice broker is there to help provide you with the information you need to guide you along your journey and make better decisions.

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The First home Owner Grant and other state by state incentives

How it works and eligibility criteria

The First Home Owners Grant is a financial helping hand from your state or territory government to help you buy your first home.

The First Home Owner Grant is a lump sum of cash available to first home owners to help with the cost of buying a first home or vacant land to build a home on. The Grant doesn’t have to be repaid, and it’s not taxable, but there are strings attached.

NSW

QLD

VIC

WA

SA

NT

TAS

ACT

Ready to buy your first home? These grants may help you

2022 First Home Guarantee

Since January 2020, the Government has introduced the First Home Guarantee scheme (Previously known as the First Home Loan Deposit Scheme), for first time buyers, which allows approved applicants to take out a mortgage with just a 5% deposit and avoid paying lenders mortgage insurance. Spots are limited, find out if you're eligible today.

Family Home Guarantee Scheme

The federal government has launched an initiative to allow single parents to take out a home loan deposit with as little as 2% (subject to being able to service home loan repayments). Here we explore what's involved in this scheme and if you could be eligible!

Regional Home Guarantee

Make that tree-change a reality with the Government’s Regional Home Guarantee. First home buyers and others can buy a regional home with just a 5% deposit and save thousands by avoiding LMI.

New Home Guarantee

Announced in the 2021-21 Federal Budget, the Government has allocated an additional 10,000 places to the First Home Loan Deposit Scheme (FHLDS) to the new home guarantee until 30 June 2022. Find out more to see if you're eligible today!

Stamp duty concessions

Stamp duty is one of the upfront costs that apply when you buy a home. State Governments offer concessions and exemptions on stamp duty to first home buyers. See if you're eligible and what your stamp duty would be today.

What are the Proposed NSW Stamp Duty Changes?

Introduced in the 2020-21 Budget, the NSW Government announced a proposal to change the way the current tax system is set up when purchasing properties.

VIC: 25-50% discounts announced on stamp duty

As part of the Victorian Budget 2020/21 a number of measures aimed at making housing more accessible and affordable for Victorians have been announced. Read more to see how these changes could benefit you.

Victoria's $500M Homebuyer Fund

The Victorian Government has made it possible to receive a contribution of up to 25% of the purchase price of your home.

First Home Owner Grant

The First Home Owner Grant is a lump sum of cash available to help with the cost of buying your first home or vacant land to build on. Find out more and see if you're eligible.

Can I access more than one grant or incentive? If eligible, yes!

The good news - the incentives have been designed to compliment each other. So, if eligible, you can potentially combine a few of these grants and incentives meaning you can maximise your savings!

Not only would it greatly benefit your financial situation it could just boost your chances of becoming a homeowner sooner.

Don’t delay and give us a call now. Your local Mortgage Choice broker can let you know what’s available to you, and get the ball rolling so you can get you into your first home sooner.

Customer success stories to inspire you

Pre-approval helps first home buyers get their dream home

“Lindon guided us from start to finish and explained everything in depth and detail. We feel very grateful Lindon was able to assist us with one of the biggest life decisions we have made.”

Refinancers save $1,000 per month

“We were so impressed with how quick, easy and effortless James made the whole process. As a young, growing family the savings we are now making as a result has made a significant impact.”

First home buyers save over $60K

“Scott helped us realise our dream by walking us through the steps and helping us understand all the correct processes we had to take”

First home buyers build their dream home

“Our broker made sure we got a good deal in the current market conditions. She takes her job and her duty to clients seriously. She is a superstar! I would recommend her team to anyone who is looking for a broker!”

This article was originally published on 25 August 2020, and has since been updated.

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