Overview: Which schemes can help you?
Several government programs exist to support first home buyers. The right combination depends on your income, property price, deposit size and location.
First Home Owner Grant (FHOG)
A one-time grant to help with purchase and establishment costs. Eligibility and amount vary significantly by state.
NSW First Home Owner Grant
- New homes only: $20,000 for newly constructed properties or new townhouses
- Established homes (limited): $10,000 if purchased during a specific period (program varies by year)
- Property price cap: Varies, typically $600,000–$800,000 depending on program year
- First home buyer status: Haven't owned residential property in Australia in the past 12 months
- Primary residence: Must be purchased as main residence, not investment
- Application: Apply through NSW Land Registry Services; grants are typically paid post-settlement
Stamp Duty Concessions & Exemptions
Most states offer significant stamp duty reductions or full exemptions for first home buyers. See our detailed stamp duty guide for state-by-state rules.
NSW Example: $500,000 property
- Without concession: ~$21,500 stamp duty
- With concession: $0 (full exemption up to $600,000)
- Savings: $21,500
Home Guarantee Scheme
This federal scheme allows eligible first home buyers to purchase with 5% deposit and no LMI, backed by a government guarantee.
- Eligibility: First home buyer, household income limit (~$120k–$180k), scheme place availability
- Property cap: Varies by state and postcode (~$600k–$800k)
- Benefit: No Mortgage Insurance premium (saves $20k–$40k typically)
- Apply: Through federal government portal; limited places released each financial year
Read our full Home Guarantee Scheme guide
Help to Buy Scheme (Shared Equity)
Government provides equity investment in the property, reducing your deposit and mortgage amount. State-based program with varying terms.
- Eligibility: First home buyer, income caps, primary residence only
- Equity share: Government typically invests 5–20% of property value
- Benefit: Lower deposit required, lower repayments, no LMI
- Trade-off: Government shares property appreciation when you eventually sell
- State variations: NSW, VIC, QLD and other states have different terms and availability
Read our full Help to Buy Scheme guide
Combining schemes: Multiple benefits
In many cases, you can combine schemes for maximum benefit:
Example: Using multiple schemes
- 1. Stamp duty concession: Save $15,000+ at settlement (no exemption amount depending on price)
- 2. Home Guarantee Scheme: Buy with 5% deposit + no LMI (save $25,000 in insurance)
- 3. First Home Owner Grant: Receive $10,000–$20,000 post-settlement
- Total benefit: $50,000+ in cost reduction or cash support
Eligibility checklist
Before applying for any scheme, confirm you meet these baseline criteria:
- ☐ First home buyer (haven't owned residential property in past 12 months)
- ☐ Australian citizen or permanent resident
- ☐ Purchasing as primary residence (not investment)
- ☐ Meet income limits (varies by scheme, typically $120k–$180k)
- ☐ Property value within state/scheme caps
- ☐ Land area meets requirements (usually 1–2 hectares)
Application process overview
- Check eligibility: Review criteria for each scheme you're interested in
- Gather documents: Income proof, ID, employment letter, bank statements
- Apply early: Schemes have limited places or timing windows; don't wait
- Get pre-approval: A lender will assess your application once eligibility is confirmed
- Find property: Once approved and scheme confirmed, start your search
- Lodging agent/conveyancer: They handle final applications and paperwork at settlement
Which schemes can you access?
CredQ reviews your situation and identifies which grants, concessions and schemes you're eligible for. Let's maximize your benefits.
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