1. Overview of Government Support for First Home Buyers
Entering the Australian property market as a first home buyer can feel challenging, but a powerful combination of Federal and State government initiatives can dramatically reduce the cash deposit required and waive tens of thousands in government transfer duties.
2. The Federal 5% Home Guarantee Scheme (HGS)
Under Housing Australia's Home Guarantee Scheme, eligible first home buyers can purchase a residential property with as little as a 5% genuine savings deposit without paying expensive Lenders Mortgage Insurance (LMI).
The Federal Government guarantees up to 15% of the property value directly with participating panel lenders, saving buyers between $18,000 and $34,000 in upfront insurance fees.
3. State-by-State First Home Owner Grants & Stamp Duty Concessions
| State / Territory | FHOG Grant Amount | Full Stamp Duty Exemption Cap | Concessional Duty Cap |
|---|---|---|---|
| Victoria (VIC) | $10,000 (New builds ≤ $750k) | Up to $600,000 (100% Free) | $600,001 to $750,000 |
| New South Wales (NSW) | $10,000 (New builds ≤ $750k) | Up to $800,000 (100% Free) | $800,001 to $1,000,000 |
| Queensland (QLD) | $30,000 (New builds ≤ $750k) | Up to $700,000 (100% Free) | $700,001 to $800,000 |
| Western Australia (WA) | $10,000 (New builds) | Up to $450,000 (100% Free) | $450,001 to $600,000 |
4. First Home Super Saver Scheme (FHSSS)
The FHSSS allows first home buyers to make voluntary concessional and non-concessional super contributions of up to $15,000 per financial year (up to $50,000 total per individual). Couples can combine their allocations to release up to $100,000 plus associated earnings at a concessional tax rate.
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