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Are you a first home buyer looking to navigate the exciting yet challenging world of property ownership? You’re in luck! The Australian government offers various forms of assistance to help make your dream of owning a home a reality. In this blog post, we’ll explore the types of government help to buy a house in Australia, including both federal and state-specific schemes. Let’s dive in!
Federal Schemes for First Home Buyers
The Australian federal government offers several programs to support first home buyers, regardless of the state or territory they reside in. These schemes include:
First Home Guarantee (FHG)
The First Home Guarantee, previously known as the First Home Loan Deposit Scheme, allows eligible first home buyers to purchase a home with as little as a 5% deposit while avoiding the cost of Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the property’s value, helping you save on LMI costs and enter the property market sooner. We have a full article that explains how to use this program here.
First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme allows you to save for your first home by making voluntary contributions to your superannuation account. You can then withdraw these funds, along with any earnings, to use as a deposit on your first home. This scheme can help you save faster for your deposit, thanks to the tax advantages and higher interest rates associated with superannuation. We have a full article that explains using your super to buy a home here.
State and Territory Schemes for First Home Buyers
In addition to federal schemes, each state and territory in Australia offers its own unique assistance programs for first home buyers. Here’s a breakdown of the government help to buy a house in each Australian state and territory:
New South Wales (NSW)
First Home Owner Grant (FHOG): In NSW, eligible first home buyers can receive a one-time grant of $10,000 when purchasing a new home or building a new property valued up to $750,000.
First Home Buyers Assistance Scheme: This scheme offers a full or partial exemption from stamp duty for first home buyers purchasing new or existing properties valued up to specific thresholds.
Victoria (VIC)
First Home Owner Grant (FHOG): In Victoria, eligible first home buyers can receive a one-time grant of $10,000 when purchasing a new home or building a new property valued up to $750,000. The grant amount increases to $20,000 for new homes built in regional Victoria.
Stamp Duty Concessions: Victoria offers stamp duty exemptions or concessions for eligible first home buyers, depending on the property’s value and location.
Queensland (QLD)
First Home Owner Grant (FHOG): In Queensland, eligible first home buyers can receive a one-time grant of $15,000 when purchasing a new home or building a new property valued up to $750,000.
Stamp Duty Concessions: Queensland offers stamp duty exemptions or concessions for eligible first home buyers, depending on the property’s value.
South Australia (SA)
First Home Owner Grant (FHOG): In South Australia, eligible first home buyers can receive a one-time grant of $15,000 when purchasing a new home or building a new property valued up to $575,000.
Stamp Duty Concessions: South Australia offers stamp duty concessions for eligible first home buyers purchasing off-the-plan apartments within specific areas.
Western Australia
First Home Owner Grant (FHOG): A one-time grant of $10,000 for eligible first home buyers purchasing or building a new home.
Stamp Duty Concessions: A full or partial exemption from stamp duty for first home buyers purchasing a new or existing home below a certain value.
Tasmania
First Home Owner Grant (FHOG): A one-time grant of $20,000 for eligible first home buyers purchasing or building a new home.
Australian Capital Territory (ACT)
Home Buyer Concession Scheme: The ACT Home Buyer Concession Scheme offers full stamp duty concessions for eligible first home buyers, regardless of the property’s value. This can provide significant savings and make it easier for you to enter the property market. To qualify, you must meet certain income and residency requirements.
Northern Territory (NT)
First Home Owner Grant (FHOG): In the Northern Territory, eligible first home buyers can receive a First Home Owner Grant of $10,000 when purchasing a new or substantially renovated home. This grant can help offset the cost of buying a home and provide a financial boost for first-time property buyers.
First Home Loan Deposit Scheme (NT): The Northern Territory government offers its own First Home Loan Deposit Scheme, which provides eligible buyers with an additional grant of up to $20,000 on top of the federal FHLDS. This extra support can make it even easier for first home buyers in the NT to enter the property market.
Stamp Duty Concessions: First home buyers in the Northern Territory can also benefit from stamp duty concessions on the purchase of a new or established home. These concessions can provide significant savings and make it more affordable to buy your first home.
Final Thoughts: Government Help to Buy a House in Australia
As a first home buyer in Australia, you can access a range of federal and state-specific schemes designed to support you on your path to homeownership. By understanding the different forms of government help to buy a house in Australia, you can take advantage of the financial assistance available and make your dream of owning a home a reality. So, start exploring your options and take the first step towards becoming a proud homeowner!
