Buying your first home is an exciting time and a great achievement. It’s also one of the biggest investments you’ll make.

But with inflation, the rising cost of living, and outrageous property prices, the great Australian dream can feel out of reach for some.

Australian first home buyers may not know about grants and incentives that could potentially save them thousands of dollars.

There are several Australian Government and State Government incentives that exist to help you get into your first home sooner. So let‘s look into the grants available to Aussie first home buyers in 2022.

We’ll explore the eligibility criteria and details so you can plan to get your new home and save.

Nation-Wide Grants and Incentives For First Home Buyers

First Home Super Saver Scheme

The First Home Super Saver Scheme is designed to help eligible first home buyers get into the market with the concessional tax treatment of superannuation. This allows you to use your superannuation account to save for your deposit.

Some of the eligibility requirements are:

• Owner-occupiers who intend on living on the property as soon as practical, or
• If you intend on living in the property for at least 6 months of the first 12 months of ownership.

From 1 July 2022, the Australian Government has increased the amount you can take from your super, from $30,000 to $50,000. The Australian Taxation Office has more information on eligibility and terms here.

To learn more about the First Home Super Saver Scheme (FHSSS) check out our article here.

First Home Owner Grant

The First Home Owner Grant (FHOG) is available across most Australian states. The policies, the amount granted, and eligibility requirements differ from State to State.

The FHOG is designed to get eligible Australian citizens into their first home sooner.

More information and eligibility criteria will be covered further down in the article, State by State.

Stamp Duty Concessions

Most Australian State Governments have stamp duty concessions/exemptions available to eligible parties. The names, policies, eligibility criteria, and amounts of the agreements differ between Australian State Governments.

More information will be covered further down in the article, State by State.

The First Home Guarantee

Previously known as the First Home Loan Deposit Scheme (FHLDS), this scheme could see you potentially save thousands in lenders mortgage insurance (LMI).

The First Home Guarantee is a Government guarantor arrangement with a low deposit of 5%. It is only available for eligible first home buyers and is provided to only 35,000 people each year.

To be eligible, you must be:

• An Australian citizen.
• At least 18 years of age.
• Be a first home buyer with the intention of being an owner-occupier.
• And earn no more than $125,000 for singles and $200,000 for couples.

Help To Buy Scheme

This is a shared equity scheme to help people get into the market given the current housing crisis and soaring property prices.

If eligible, the Australian Government will contribute 30% for an existing property and 40% if you‘re a new home builder. There is a minimum deposit of 2% and the scheme is capped at incomes of $120,000 for couples and $90,000 for singles.

This scheme is only open to 10,000 eligible Australians each financial year.

You can find more information here.

Family Home Guarantee

This is a Government guarantor arrangement to assist eligible single parents with at least one dependent to get a family home. It saves you from having to pay LMI and has a low deposit of 2%.

More information is available at the Australian Government website, here.

Incentives For QLD First Homebuyers

First Home Owner Grant

Are you from Queensland and are a first home buyer purchasing or building a home or townhouse? Then you could be eligible for a $15,000 grant. Note that to be eligible, the property must be valued below $750,000.

The QLD Government has an eligibility quiz to see if you can apply. You can also find application information here.

Queensland Housing Finance Loan

Are you a Queenslander with the means to service a home loan but you’re not having luck with banks and lenders? Then you may be eligible for the Queensland housing finance loan.

Is your household income threshold below $141,000 pa and you’re an Australian citizen? Then this could be an option to get you into a house, townhouse, duplex, or build a home.

This is a low deposit loan, with repayments capped at 35% of your agreed income. The loan has no monthly account-keeping fees and no mortgage insurance fees.

Note that this loan is eligible for those with no bad debts and good financial standing. You can find more information on requirements here.

Transfer Duty First Home Concession

As a first-time home buyer, you could be eligible for a concession on stamp duty (also known as transfer duty). This is only applicable for properties valued below $550,000. You could potentially save over $15,000 and you don’t need to be an Australian Citizen or permanent resident to apply.

You can find more information on the Queensland Government website here.

If your property is valued at over $550,000, you may be eligible for the home concession which is not solely available to first-home buyers.

Incentives For NSW First Homebuyers

First Home Owner Grant

Australian citizens or permanent residents who are 18 years of age and over could be eligible for a grant of $10,000 towards the purchase of their first home.

To be eligible, the home must be no more than $750,000 and be a brand new residential property that no one has lived in before.

More details can be found on the NSW Government First Home Buyer website.

First Home Buyer Assistance Scheme

This scheme provides eligible first home buyers with the partial or full exemption of transfer duty.

To be eligible, you’ll need to meet these criteria:

• An Australian buying their first home with a purchase price of $1 million and below.
• Australian citizen or permanent resident, and be 18 years and over.
• Be prepared to move into the home within 12 months of purchase and live there for at least the first 6 months.

More information is available from the NSW Government, here.

Incentives For Victorian First Home Buyers

First Home Owner Grant

Eligible Victorian first home buyers could receive a $10,000 grant towards the purchase of a home.

The property must be a brand new home and be valued at $750,000 and under. It’s available to Australian citizens or permanent residents who are 18 years of age and over.

More detailed information on terms, conditions, and eligibility can be found here.

Homebuyer Fund

In Victoria, eligible home buyers could receive up to 25% of the purchase price of their home. You’ll be required to pay a low 5% deposit. And you’ll avoid having to pay LMI which can save you thousands.

If you’re an Aboriginal or Torres Strait Islander, you’ll be eligible for up to 35% of the purchase price of your home, with a 3.5% deposit.

To be eligible, you must be:

• An Australian citizen.
• At least 18 years of age.
• Be a first home buyer with the intention of being an owner-occupier.
• And earn no more than $128,000 for singles and $204,800 for couples.

The Victorian Government has an online tool for you to check your eligibility.

Duty Concessions

Eligible Victorian first home buyers have both a duty exemption and a 50% duty reduction available to them.

The conditions are that the new or established property be valued at up to $600,000. The 50% duty concession applies where the property value is more than $600,000 but no higher than $750,000.

More information can be found on the State Revenue Office of Victoria website, here.

Incentives For Tasmanian First Home Buyers

First Home Owner Grant

Are you in Tasmania and are planning to buy or build a brand new home? You may be eligible for a grant of up to $30,000.

To be eligible, you must be:

• An Australian citizen or permanent resident.
• At least 18 years of age.
• Be a first home buyer with the intention of being an owner-occupier.

More information can be found on the Tasmanian Government website.

Duty Concession

Eligible Tasmanian first home buyers can receive a 50% discount on stamp duty. The conditions are that the property is valued at $500,000 or less, and be an established house.

More information is available here.

Incentives For South Australian First Home Buyers

First Home Owner Grant

You may be eligible for a grant of $15,000 if you’re purchasing a new property valued at $575,000 and below. Also, you must plan on being an owner-occupier for six months, at the very least.

And with all of the FHOG arrangements, you must be 18 years of age and an Australian citizen or permanent resident.

More information to check your eligibility can be found here.

HomeStart

HomeStart is a South Australian Government organisation that helps eligible home buyers to avoid costs, such as LMI and loan provision charges.

They offer loan products to help people get a property sooner, such as shared equity loans, mortgages at 97% LVR and a hold on interest charges and repayments for a period of time.

Incentives For Western Australia First Home Buyers

First Home Owner Grant

Eligible first home owners could snag a $10,000 grant for purchasing or building a brand new home.

Property value thresholds are dependent upon location. If your property is south of the 26th parallel, the value threshold is $750,000 or less. If your property is north of the 26th parallel, the value threshold is $1 million or under.

More information is available here.

Keystart

Keystart is a low deposit loan scheme for those not eligible for a mortgage with traditional banks and lenders.

Established by the Western Australian Government in 1989, Keystart offers eligible parties shared equity schemes, low 2% deposit loans, and LMI exemptions.

First Home Owner Rate Of Duty

Those eligible for the FHOG can also apply for the First Home Owner Rate of Duty. This is for concessions and transfer duty exemptions for the purchase of a first home or land.

Eligible properties are valued at $530,000 or below. And vacant land must be valued at $400,000 or below.

More information is available here.

Incentives For Northern Territory First Home Buyers

First Home Owner Grant

First home buyers or builders in the Northern Territory can apply for the $10,000 FHOG.

The great news for you is that there are no income thresholds or property value cut-offs in the NT!

To apply and find out more, click here.

Incentives For Australian Capital Territory First Home Buyers

Home Buyer Concession Scheme

The ACT State Government doesn’t offer the FHOG. But they do have the Home Buyer Concession Scheme.

To be eligible, you must:

• Have not owned a property in the last 2 years.
• One property buyer must reside in the home for at least 12 months.
• Meet the income thresholds which are on a scale in accordance with your number of dependants.

Eligible parties can avoid paying stamp duty, which again, relates to your number of dependents.

The Wrap Up

So, there you have it—a comprehensive list of the incentives and grants available to Australian first home buyers in 2022.

Many first-home buyers are unaware that they may be eligible for incentives that could save them a lot of money. And these schemes and arrangements could help them get into their first home sooner.

Are you confused about what you could be eligible for, and the whole real estate buying process? Then consulting with a reputable mortgage broker, like YouBroker, can help you curb the confusion and overwhelm. A good mortgage broker will fill you in on Government incentives and compare deals and loans to land the right option for you.

Next Steps

If you‘re a first home buyer looking for guidance navigating the property market, YouBroker can assist. We‘re experts in the field and have experience in guiding many first home buyers along their homeownership journey.

We take the hassle out of comparing loans and interest rates and have knowledge of the different Government incentives and grants.

We offer a convenient online service so you can apply and enquire from home, on the move, or in the office.

We’d love to help you make your great Australian dream come true.

Interested? Get started here.