The complete list of every government incentive available to first home buyers

Grants, schemes, concessions… there are countless government programs that make buying your first home a little bit easier on your bank account.

The tricky part is understanding what is available to you and which limitations restrict your eligibility.

“It’s important to check the criteria for each state as, depending on the grant, the eligibility requirements will differ,” Nicole Palazzi, Franchise Principal of RAMS Home Loans Brisbane Central North, explains.

“However, the best and easiest way [to understand grant eligibility] is to speak with your home loan specialist. We pride ourselves on having a good understanding of what grants are available and how they impact our customers. For anyone who comes in, especially first home buyers, we would certainly compare costs with and without grants to find the greatest benefit.”

To help get you started on your journey to home ownership, we’ve compiled a list of current government grants and what they offer.

Nationwide

As of last year, the federal government introduced a First Home Loan Deposit Scheme, which allows low and middle income earners to buy their first home with a deposit of only 5%.

While initially limited to the 2019-20 financial year, the scheme has been extended until June 30, 2021.

ACT

New homes, established homes and land:

The ACT doesn’t have a first home owners grant (FHOG) but it does offer a stamp duty concession for vacant land, new and established properties alike. This gives homeowners under a certain income threshold the chance to buy a property without the added cost of transfer duty (stamp duty).

Learn more at the ACT Revenue Office.

NSW

New homes:

The NSW FHOG of $10,000 is offered against new homes up to $600k, and house and land packages up to $750k in value.

As of August 1, 2020, NSW also upped the value threshold for parts of its separate First Home Buyers Assistance Scheme.

Homes valued up to $800,000 can apply for a full transfer duty exemption, with a partial exemption offered to homes between $800k and $1 million.

Get a newly-built apartment and claim the First Home Buyers Assistance Scheme benefits. Picture: realestate.com.au/buy

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Established homes:

The First Home Buyer Assistance Scheme offers full transfer duty exemption on existing homes up to $650k, and a partial exemption for those valued up to $800k.

Land:

Under the First Home Buyer Assistance Scheme, first home buyers can pay zero transfer duty on vacant land up to $400k, or a concessional duty rate for land between $400k and $500k.

Learn more at the NSW Revenue Office.

NT

New homes:

The First Home Owners Grant of up to $10,000 for newly built homes.

Those eligible for the FHOG, who entered into a build or purchase contract before November 30, 2020, can also then apply for the Household Goods Grant of up to $2,000 to purchase items for your new home.

There is also a BuildBonus Grant, which offers up to $20,000 towards the construction of a new home. This grant is available to everyone, not only first home buyers, and is also offered on a first-in-first-served basis for up to 600 applicants. But be quick for this one! Applications must be submitted before April 1, 2021.

Finally, the Territory Home Owner Discount offers concessions up to $18,601 on stamp duty for new or existing homes or land.

Established homes:

Established home purchasers can also access the Territory Home Owner Discount, outlined above.

Land:

The Territory Home Owner Discount on stamp duty is also offered on vacant land purchases.

Learn more at NT.GOV.AU.

QLD

New homes:

Queensland offers a $30,000 grant to first home buyers building or purchasing a new home with a value less than $750,000. This applies to transactions entered into or after 20 November 2023 until 30 June 2025. The grant will return to $15,000 after 30 June 2025.

New homes valued up to $750,000 can make first home buyers eligible for a grant. Picture: realestate.com.au/buy

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New or established homes:

The First Home Concession offers a concession up to $15,925 on any home less than $550,000.

This is not to be confused with the Home Concession, which doesn’t strictly apply to first home buyers. The Home Concession offers a concessional rate on stamp duty on the first $350,000 of the home purchase. Foreign citizens can also apply for the Home Concession.

Land:

The Vacant Land Concession is for first home buyers who purchase land up to $400,000 in value. The concession amount is up to $7,175. You can’t receive both concessions.

Learn more at Queensland Government.

SA

New homes:

South Australia residents can apply for a first home buyers grant of up to $15,000 to be put towards new homes valued up to $575,000.

Furthermore, first home builders who are still constructing on June 30 in any year (the date state land tax is calculated) can apply for a land tax exemption if they intend to move into the property as their primary place of residence before June 30 of the following year.

Learn more at RevenueSA.

TAS

New homes:

The Tassie First Home Owner Grant includes up to $20,000 to put towards a new home.

Established homes:

First home buyers looking to buy an established home aren’t eligible for the FHOG but they can apply for a transfer duty concession of up to 50% on homes valued up to $400,000.

Learn more at the State Revenue Office of Tasmania.

VIC

New homes:

Victoria has different grants available for those buying in cities versus regional areas.

The first home buyer grant is $10,000 for metropolitan areas, while in the regions it jumps to $20,000. Both only apply to properties valued less than $750,000.

There is also an off-the-plan duty concession to those who meet the eligibility criteria for either the Principal Place of Residence duty concession or the first home buyer duty exemption.

How’s about a new townhouse in Geelong? You could get $20,000 towards a build under $750k. Picture: realestate.com.au/buy

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New or established homes:

First home owners may also apply for a first home buyer duty concession or exemption. A full exemption is offered on new or established homes up to $600,000, and a concession is available on homes up to $750,000.

If you’re buying your first home – new or existing – and its value is under $200,000, you may be eligible for a first home owner with family duty concession. To be eligible you must have a dependent child at the time or within 11 months of the purchase. A full duty exemption is offered to homes under $150,000, while a partial concession is offered on homes up to $200,000.

Victoria has a number of other stamp duty concessions with various eligibility requirements. For instance, there is a Principal Place of Residence (PPR) concession available for those buying a home up to the value of $550k that they intend to live in for at least a year.

There is also a young farmer duty concession available those under the age of 35 buying their first farmland property.  A full exemption from transfer duty is available on farmland valued at $600,000 or less, while a concession is available on farmland between $600,001 and $750,000. You cannot apply for this and the PPR concession, but rather calculate which works out better for you.

Pensioners can also access a duty concession or exemption if they’re buying a principal place of residence less than $750,000.

Learn more at State Revenue Office Victoria.

WA

New homes:

WA’s FHOG gives $10,000 to those building or buying new.

Established homes:

First home owners wanting to buy an existing home may also be eligible for duty concessions. The concession rates vary according to the value of your home, so you’ll have to look yours up on the government website.

Learn more at WA.gov.au.

Since 1995, RAMS has helped hundreds of thousands of Australians realise the Great Australian Dream of owning their own home. Our national network of dedicated home loan specialists provide guidance and advice throughout the home buying journey. Find out more about our range of flexible home loan options at www.rams.com.au.

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice. RAMS Financial Group Pty Ltd ABN 30 105 207 538 AR 405465 Australian credit licence 388065. Credit provider and issuer of RAMS deposit products: Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.