First Home Buyer Grants and Incentives around Australia
State and Federal Governments have available a range of grants and incentives to support home buyers enter the property market and stimulate economic growth while helping secure and create jobs in the housing and construction sector.
To help home buyers sift through the available information and determine what might be relevant for them, Peet has collated the key grants and incentives available by state.
With more than 125 years of helping home buyers find their dream home, Peet is here for you every step of the way.
Federal Incentives:
First Home Guarantee (FHBG)
The First Home Guarantee (FHBG) is an Australian Government initiative to support eligible first home buyers purchase a home sooner. Under the FHBG, part of an eligible first home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC (National Housing Finance and Investment Corporation (NHFIC) on behalf of the Australian Government). This is aimed at enabling the first home buyer to purchase their first home sooner with as little as a 5% deposit, without paying Lenders Mortgage Insurance. Any guarantee of a home loan is for up to a maximum amount of 15% of the value of the property (as assessed by your lender). This guarantee is not a cash payment or a deposit for a home loan.Eligibility criteria applies – find out more here.
First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme (FHSS) allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation. The FHSSS applies to voluntary superannuation contributions made from 1 July 2017. These contributions, along with deemed earnings, can be withdrawn for a home deposit. You can currently apply to have a maximum of $15,000 of your voluntary contributions from any one financial year included in your eligible contributions to be released under the FHSS scheme, up to a total of $50,000 contributions across all years. You will also receive an amount of earnings that relate to those contributions.Eligibility criteria applies – find out more here.
State Grants and Incentives:
Western Australia (WA)
- Up to $10,000* one-off payment for eligible applicants building or buying their first home.
- Total value of the new home worth up to $750,000 (Perth metro) or up to $1,000,000 (regional).
- Concessional first home owner rate of duty may also apply – find out more here.
*Subject to eligibility criteria and availability
Victoria
(VIC)
- Up to $10,000* one-off payment for eligible applicants building or buying their first home (up to $20,000* in regional Victoria).
- Total value of the new home worth up to $750,000.
- First home concession or exemption for transfer duty may also apply – find out more here.
*Subject to eligibility criteria and availability
Queensland
(QLD)
- Up to $15,000* one-off payment for eligible applicants building or buying their first home.
- Total value of the new home worth up to $750,000.
- First home concession for transfer duty may also apply - find out more here.
*Subject to eligibility criteria and availability
South Australia
(SA)
- Up to $15,000 one-off payment for eligible applicants building or buying their first home.
- Total value of the new home worth up to $575,000.
*Subject to eligibility criteria and availability
New South Wales
(NSW)
First Home Owner Grant & First Home Buyer Assistance Scheme
- Up to $10,000* one-off payment for eligible applicants building or buying their first home.
- Total value of the new home worth up to $6000,000 OR vacant land and new home build combined value up to $750,000.
- First home concession or exemption for transfer duty may also apply – find out more here.
*Subject to eligibility criteria and availability
*Information is correct as at 12 August 2022. All grants and incentives are subject to eligibility criteria and availability.
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Disclaimer: All content within this webpage is for information purposes only. While Peet Limited ABN 56 008 665 834 and its subsidiaries and related entities (collectively Peet) endeavours to ensure all information is current and correct, Peet makes no representation or warranty as to its currency or accuracy. It is recommended that you obtain your own independent advice before taking any action following reading any of the content or information within this document, including before making any commitment of a legal or financial nature or making any application for a financial product or service. Peet makes no representation as to whether a particular financial product or service is suitable to you or you will be successful in obtaining a financial product or service or purchasing a house and/or land.