First Home Loan Deposit Scheme
Launched at the beginning of 2020 by the federal government, with this incentive, a first home buyer can procure a property with a deposit that is as low as 5% of the property value. Generally, lenders opt for LMI (Lender Mortgage Insurance) to protect themselves from defaults in case of mortgages with a deposit of less than 20% of the property cost. The cost of LMI is usually passed to the borrower resulting in larger mortgage-repayments. Under this scheme, the federal government bears the cost of the LMI allowing first home buyers the chance at a property with a lower deposit amount at the approximate cost of a regular mortgage (that doesn’t have an LMI).
First HomeBuilder Scheme
This $688 million package grants $25,000 for renovation or building of a new home. Some eligibility criteria include
- The grant is available for owner-occupied properties (investment properties are ineligible)
- The price cap for a new home build is $750,000, and construction must commence within three months of awarding of a contract.
- The Renovation cost range has been set between $150,000 to $750,000 for properties with a value of no more than $1.5 million. The grant can be used to improve liveability, safety and accessibility. Examples include kitchen and bathroom renovations through licensed contractors. Add-ons like swimming pools, tennis courts, outdoor spas and saunas, and detached sheds or garages are therefore ineligible.
- Available to singles with a yearly income of $125,000 and couples earning $200,000
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First Home Super Saver Scheme
This scheme lets first-home buyers save as much as $30,000 for a home deposit through superannuation contributions with a cap of $15,000 per financial year. The government taxes these contributions at a lower rate allowing first home buyers to accumulate a home deposit faster.
State run Schemes
Victoria
| Scheme | Description | Link |
| First Home Buyer Assistance | No stamp duty for properties costing up to $650,000 and 50% exemption for properties up to $750,000. | https://www.sro.vic.gov.au/first-home-owner/apply-first-home-buyer-duty-reduction |
| First Homeowner Grant | $10,000 grant for new properties worth less than $750,000. | https://www.sro.vic.gov.au/fhogapply |
New South Wales
| Scheme | Description | Link |
| First Home Buyer Assistance | No stamp duty for properties and land costing up to $650,000 and $350,000 respectively. Reduced stamp duty for property and land costing up to $450,000 and $800,000 respectively | https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme |
| First Homeowner Grant | $10,000 grant for new properties worth less than $600,000 and owner-builder/building contracts costing less than $700,000. In case of new construction on land the cap is $750,000. | https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/first-home-owners-grant-new-homes-scheme |
Queensland
| Scheme | Description | Link |
| Stamp Duty | No stamp duty for properties costing up to $500,000 | https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant |
| First Homeowner Grant | $15,000 grant for new properties costing up to $750,000. | https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant |
South Australia
| Scheme | Description | Link |
| First Homeowner Grant | $15,000 grant for new properties costing up to $575,000. | www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners |
Western Australia
| Scheme | Description | Link |
| Stamp Duty | No stamp duty for properties costing up to $430,000 and reduced stamp duty for properties costing up to $530,00 | https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme |
| First Homeowner Grant | $10,000 grant for any first home buyer | https://www.wa.gov.au/organisation/department-of-finance/fhog |
ACT
| Scheme | Description | Link |
| Home Buyer Concession | No stamp duty for certain low-income households that haven’t owned property in the past two years | https://www.revenue.act.gov.au/home-buyer-assistance/home-buyer-concession-scheme/home-buyer-concessions-from-1-July-2019#income |
Tasmania
| Scheme | Description | Link |
| Stamp Duty | 50% stamp duty exemption for properties costing up to $400,000 | https://www.sro.tas.gov.au/first-home-owner-grant |
| First Homeowner Grant | $12,000 grant for any first home buyer | https://www.sro.tas.gov.au/Documents/FHOG-Guideline17.pdf |
Northern Territory
| Scheme | Description | Link |
| Stamp Duty | Stamp duty reduction of up to $18,601 for homeowners who haven’t owned property for the past two years | https://nt.gov.au/property/home-owner-assistance/first-home-owners/first-home-owner-discount |
| First Homeowner Grant | $10,000 grant for first home buyers | https://nt.gov.au/property/home-owner-assistance/first-home-owners/first-home-owner-grant |
Call us to understand what incentives and schemes are applicable for you 1300 00rehl – 1300 007 345
