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First Home Buyer Guide

What grants and incentives can first home buyers get?

As a first home buyer, you may eligible to take advantage of various incentives and grants offered by the government. But how do you know what’s relevant to you? We’ve summarised what’s available state by state below.

Nationally:

  • Practising nurses are eligible to borrow with a 10% deposit with eligible lenders. This can be used in conjunction with government grants and incentives. Current practising certificate is required and you won’t need a parental guarantee or to pay LMI.

There are 3 government schemes that are offered nationally:

  • The First Home Guarantee (FHBG) – to support eligible first home buyers to buy their first home sooner, with a deposit as little as 5%. 35,000 places are available each financial year. 

  • The Regional First Home Buyer Guarantee (RFHBG) – to support eligible regional first home buyers to buy a home in a regional area. From 1 October 2022, 10,000 places are available each financial year to 30 June 2025. 

  • The Family Home Guarantee (FHG) – to support eligible single parents with at least one dependent child to buy a home, with a deposit as little as 2%. 5,000 places are available each financial year to 30 June 2025.

State's

The process of purchasing a new home can be complex, especially as a first home buyer.

 

Exact entitlements will vary depending on each state’s laws. For more information, chat to our team or click on your relevant state’s link.

Want to borrow with a 5% deposit? Chat to us today.

New South Wales:

  • As part of the 2022-23 Budget, the NSW Government announced that first home buyers purchasing properties up to $1.5 million will be provided the option to pay an annual property tax instead of transfer duty.

  • Stamp duty exceptions apply for properties under $650,000 or vacant land under $350,000.

  • Discounted stamp duty rate for properties between $650,000-$800,000, or vacant land between $350,000-$450,000.

  • $10,000 grant if you purchase a newly built house, townhouse, apartment or unit. The purchase price must not exceed $600,000. If you purchase vacant land and sign a building contract with the builder, the total combined cost must not exceed $750,000.

Source: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

Australian Capital Territory:

  • From 1 July 2019, eligible home buyers in the ACT will pay no or reduced duty if their total gross income over the full financial year is less than or equal to the thresholds.

  • All properties in the ACT are eligible for this scheme. Applies to vacant residential land and both new and established homes, anywhere in the ACT and at any price.

Source: https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme

Victoria:

  • Stamp duty exemptions apply for properties under $600,000.

  • Reduced stamp duty on properties between $600,000-$750,000.

  • $10,000 grant for new properties under $750,000. To be eligible, the home must not have been previously sold or occupied. 

Source: https://www.sro.vic.gov.au/first-home-owner

Queensland:

  • Stamp duty exemptions apply to new properties under $500,000 and vacant land under $250,000.

  • Discounted stamp duty on properties under $549,999, or vacant land under $399,999.

  • $15,000 grant for new properties under $750,000.

Source: https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes

Northern Territory:

  • If you plan to buy a house and land package in the Northern Territory (NT), you may be eligible for an exemption on stamp duty.You can do this under the House and Land Package Exemption (HLPE).

  • Stamp duty exemptions apply for properties under $500,000.

  • Discounted stamp duty on properties between $500,000-$650,000.

  • Household Goods Grant of up to $2,000 available for new property purchases to assist with setting up your household.

  • $10,000 grant to buy or build properties of any value.

Source: https://nt.gov.au/property/home-owner-assistance

South Australia:

  • All first home buyers must pay stamp duty.

  • $15,000 grant for new properties under $575,000.

Source: https://www.revenuesa.sa.gov.au/taxpayer-stories/first-home-buyer

Western Australia:

  • Stamp duty exemptions apply for properties under $430,000 or vacant land under $300,000.

  • Discounted stamp duty on property between $430,000-$530,000, or vacant land between $300,000-$400,000.

  • $10,000 grant for new properties of any value.

Source: https://www.wa.gov.au/organisation/department-of-finance/fhog

Tasmania:

  • 50% discount applies on property transfer duty for first home buyers of an established home, which was dutiable value of $600,000 or less.

  • $30,000 grant for new properties of any value.

  • Source: https://www.sro.tas.gov.au/first-home-owner

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Chippendale NSW, Australia

hello@nurse.money

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