What Home Buyer Grants Are Available?

The road to homeownership in Australia isn’t always smooth and understanding the various federal and state grants available can be tough. From grants to stamp duty concessions, the government offers a range of incentives that are designed to make the journey to owning your first home more attainable.

In this article, we break down the different grants and concessions available in each state as well as the federal government support.

Federal Schemes

Before examining the state-specific grants, it's important to highlight the federal programs available to first-home buyers across Australia. The First Home Loan Deposit Scheme (FHLDS) is an initiative that allows eligible buyers to purchase a home with a deposit as low as 5%, without the need for Lenders Mortgage Insurance (LMI).

The First Home Super Saver Scheme (FHSSS) enables first-home buyers to save funds for their home deposit within their superannuation, benefiting from the super system's tax advantages.

New South Wales (NSW)

In NSW, the First Home Owner Grant (FHOG) offers up to $10,000 for eligible buyers purchasing a new home valued at $600,000 or less, or building a new home valued up to $750,000. First-home buyers may also be eligible for stamp duty exemptions on properties up to $800,000, with concessions available for properties priced up to $1 million.

Victoria

Victoria mirrors NSW in offering a FHOG of up to $10,000 for newly constructed properties valued at $750,000 or less. Eligible first-home buyers can also benefit from stamp duty exemptions for properties valued up to $600,000, with concessions extending to properties valued up to $750,000.

Queensland

Queensland offers a more generous grant, with eligible first-home buyers receiving up to $30,000 for buying or building a new home. This grant covers new houses, units and townhouses, including off-the-plan purchases. Stamp duty exemptions are available for properties up to $550,000, with concessions for higher-priced homes.

Western Australia

Western Australia provides a $10,000 grant for eligible buyers purchasing or constructing a new home. First-home buyers may also qualify for stamp duty exemptions on properties up to $430,000, with concessions available up to $530,000.

South Australia

South Australia offers a $15,000 grant for those buying or building a new home valued up to $575,000. Stamp duty exemptions are available for new homes up to $650,000 and land purchases up to $400,000.

Tasmania

Tasmania offers a substantial $30,000 grant for eligible purchasers buying or building a new home, for transactions commencing between April 1, 2021, and June 30, 2024. A 50% stamp duty exemption is also available for properties up to $600,000.

Northern Territory (NT)

The NT provides a flexible grant of up to $10,000 for eligible first-home buyers purchasing a new home, without any income caps or property price thresholds.

Australian Capital Territory (ACT)

In the ACT, the Home Buyers Concession Scheme offers a complete stamp duty exemption for properties valued at $1 million or less, providing significant savings for first-home buyers.

Conclusion

Each state offers a unique set of grants and concessions, ensuring that prospective homeowners can find valuable assistance regardless of where they choose to buy. The federal schemes, including the FHLDS and FHSSS, complement these state offerings, providing a nationwide support system for first-home buyers.

Entering the property market for the first time can be daunting, however by thoroughly investigating the grants and incentives available, you can leverage the financial support on offer.

For more information on first-home buyer schemes, get in touch with Your Advisor Group on the Gold Coast. We’ll provide personalised guidance tailored to your individual circumstances.