Introduction:

Buying your first home is a major milestone, and in Australia, there are various schemes and benefits designed to help first-time buyers make this dream a reality. Whether you’re looking to secure your first home in a major city or a regional area, understanding the available grants and incentives is essential. Here’s a breakdown of the benefits and grants for first home buyers across different Australian states and territories.

1. National Benefits

  • First Home Guarantee (Formerly FHLDS): This scheme allows eligible first home buyers to purchase a property with as little as a 5% deposit, without paying Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the loan.

  • First Home Super Saver Scheme (FHSSS): This allows first home buyers to save for a home deposit using their superannuation fund, providing tax advantages on the savings.

  • First Home Owner Grant (FHOG): A one-time grant available to eligible first home buyers purchasing a new home. The amount and criteria vary by state and territory.

New South Wales (NSW)

  • First Home Owner Grant (New Homes): First home buyers purchasing or building a new home can receive a grant of $10,000 for properties valued up to $600,000 (or up to $750,000 for a house and land package).

  • First Home Buyer Assistance Scheme: This scheme provides exemptions or reductions on stamp duty. Full exemption for properties valued up to $800,000 and concessions for properties up to $1,000,000.

  • Shared Equity Home Buyer Helper: For eligible first home buyers, particularly single parents and older singles, the government can contribute up to 40% of the purchase price of a new home.

Victoria (VIC)

  • First Home Owner Grant: A $10,000 grant for buying or building a new home valued up to $750,000 in metropolitan areas. Regional buyers can receive $20,000 for properties up to $750,000.

  • First Home Buyer Duty Exemption/Concession: Stamp duty exemptions for homes valued up to $600,000 and concessions for homes valued between $600,001 and $750,000.

Queensland (QLD)

  • First Home Owner Grant: A grant of $15,000 is available for first home buyers purchasing a new home valued less than $750,000.

  • Transfer Duty Concessions: Full exemption from transfer duty for first homes valued up to $500,000 and concessions for homes valued between $500,001 and $550,000.

Western Australia (WA)

  • First Home Owner Grant: A $10,000 grant is available for the purchase or construction of a new home.

  • Stamp Duty Concessions: First home buyers are exempt from paying stamp duty on homes valued up to $430,000, with reduced rates for homes up to $530,000.

South Australia (SA)

  • First Home Owner Grant: A $15,000 grant is available for first home buyers building or purchasing a new home valued up to $575,000.

  • Stamp Duty Relief: No specific exemption for first home buyers, but stamp duty concessions may apply for off-the-plan apartments in certain areas.

Tasmania (TAS)

  • First Home Owner Grant: A $30,000 grant is available for first-time buyers building or purchasing a new home, extended until 30 June 2024.

  • Stamp Duty Concessions: First home buyers may be eligible for a 50% discount on stamp duty for properties valued up to $600,000.

Australian Capital Territory (ACT)

  • Home Buyer Concession Scheme: Provides stamp duty concessions for first home buyers with income below certain thresholds. For eligible properties, no stamp duty is payable regardless of the purchase price.

Northern Territory (NT)

  • First Home Owner Grant: A $10,000 grant is available for first-time buyers purchasing or building a new home.

  • Stamp Duty Concession (First Home Buyer Discount): A discount on stamp duty up to $18,601.60 for properties valued up to $650,000.

To apply for the grants and benefits, first home buyers must meet certain eligibility criteria, including being an Australian citizen or permanent resident, and the property must be used as their principal place of residence. Applications can generally be made through your state revenue office or via your lender during the mortgage process.