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Table of Contents
- Core Grant Criteria and How To Apply
- Queensland Government’s First Home Owner Grant
- First Home Owner Assistance In Victoria
- New South Wales Government Support For Home Buyers
- South Australia’s First Home Owner Grant
- First Home Buyer Assistance In Western Australia
- Tasmanian First Home Owner Grants
- First Home Owner Support In The Northern Territory
- ACT Home Buyer Concession Scheme
- Frequently Asked Questions (FAQs)
Buying your first home is likely to be your biggest financial investment, so it’s nice to know there’s government grants and concessions available that can put thousands of dollars back in your pocket. Different states provide different support types and amounts depending on whether you’re:
- Buying or building a new home you plan to live in.
- Buying an established property that you plan to live in.
Financial advisor and managing director of Caboodle Financial Services, Peita Diamantidis, says that chasing tax benefits often leads to bad decisions so it’s important to focus on property quality first.
“The decision to buy or build, and how much to spend to buy the property, all need to be decisions made based on personal circumstances and need with a healthy dose of research into the local area and surrounds,” Diamantidis tells Forbes Advisor Australia.
“Once that is narrowed down, then understanding whether this means a grant is in play should be a second step in the research process.”
Core Grant Criteria and How To Apply
Key eligibility requirements for first home owner grants (FHOGs) are:
- That you’re an Australian citizen, aged over 18 years-old;
- That you haven’t owned property previously; and
- That you’re buying or building a home you’ll reside at day-to-day — not an investment property.
Your eligibility may be impacted if your spouse has owned a property before or received a first home owner grant previously.
No matter how many buyers are involved, only one application per property is required (and only one payment per property is made). The easiest and fastest way to apply for a first home buyer grant is through the same financial institution you take out your home loan with, often called “approved agents”.
Diamantidis says that while the grant can increase your purchasing capacity—how much you can pay for a property—you can’t necessarily count on it to boost your home loan deposit.
“The timing of the payment of FHOGs can absolutely vary, and therefore it is safer to simply ensure you have sufficient funds for the deposit and other upfront costs on a property purchase, without depending on the grant,” Diamantidis says.
“For example, in some cases, the grant may be paid at settlement if you’re purchasing an established home, whereas for some new builds, the funds are paid once construction begins.”
Also, usually lenders won’t count the FHOG as evidence of genuine savings and your ability to service a loan, according to Diamantidis.
“The biggest impacts on borrowing capacity are income and expenses, as once the property and loan are settled, they are the biggest determinants of your ability to pay back the loan.
“FHOGs can provide wonderful assistance in the leg-up many first time buyers need to get into the property market, however I would encourage them to see it as a bonus rather than a make or break factor in the purchase of a home.”
We’ve broken down what grants are on offer state-by-state, including the core criteria you need to meet.
Queensland Government’s First Home Owner Grant
In Queensland, eligible first home buyers can receive a grant of up to $30,000 and a concession to reduce stamp duty.
QLD First home owner grant
- Amount: $30,000 (where contracts are signed, or foundations laid, between 20 November 2023 and 30 June 2025).
- Property value: Under $750,000.
- New/established: For buying or building a new home, owner-builders, and substantially renovated properties.
- Residency: You must move in within one year and live there continuously for six months.
- Application: Within one year of taking possession or the home’s completion. Apply through your bank/lender or the Queensland Revenue Office.
QLD First home concession
- Discount: Save up to $24,525 on transfer (stamp) duty.
- Property value: Under $800,000.
- New/established: Either.
- How to apply: Through the Queensland Revenue Office.
First Home Owner Assistance In Victoria
Victorian first home buyers can get a $10,000 grant and exemptions or concessions on land transfer duty.
Victorian First home owner grant
- Amount: $10,000.
- Property value: Under $750,000.
- New/established: For buying or building a new home, off-the-plan purchases and substantially renovated properties.
- Residency: You must move in within one year and live there continuously for 12 months.
- Application: Within one year of taking possession or the home’s completion. Apply through your bank/lender or the State Revenue Office Victoria.
Victorian First home buyer duty concession
- Discount: For properties with a dutiable value of $750,000 or less a sliding scale of discounts apply, with greater savings the closer the value is to $600,000. For example, the normal duty on a $605,000 value is $31,370 but after the concession it’s just $1,045.
- New/established: Either, as well as vacant land.
- How to apply: Through your conveyancer/solicitor or the State Revenue Office Victoria.
New South Wales Government Support For Home Buyers
In New South Wales, you may be exempt from transfer duty and to receive a $10,000 grant.
NSW First home owner (new home) grant
- Amount: $10,000.
- Property value: Up to $750,000 for home and land packages; up to $600,000 for new builds and off-the-plan; and up to $600,000 for newly renovated homes.
- New/established: For buying or building a new home, or a substantially renovated property.
- Residency: You must move in within one year and live there continuously for 12 months.
- Application: Within one year of taking possession or the home’s completion. Apply through your bank/lender or the NSW Government website.
NSW First home buyers assistance scheme
- Discount: For properties valued $800,000 or less there is $0 transfer duty. For properties valued between $800,000 and $1 million a reduced rate applies.
- New/established: New and existing homes are eligible, as well as vacant land.
- How to apply: Through the NSW Government website.
South Australia’s First Home Owner Grant
In South Australia, you may be eligible for stamp duty relief and a grant of up to $15,000.
SA First home owner grant
- Amount: $15,000.
- Property value: No value cap for contracts on or after 6 June 2024. $650,000 or less for contracts between 15 June 2023 and 5 June 2024.
- New/established: For buying or building a new home, or vacant land you’ll build a new home on.
- Residency: You must move in within one year and live there continuously for six months.
- Application: Within one year of taking possession or the home’s completion. Apply through your bank/lender or through Revenue SA.
SA Stamp duty relief for eligible first home buyers
- Discount: No stamp duty will be paid (for contracts after 6 June 2024).
- New/established: New homes, house and land packages or vacant land to build a new home.
- How to apply: Through Revenue SA.
First Home Buyer Assistance In Western Australia
In Western Australia, first home buyers can get a one-off payment of up to $10,000.
WA First home owner grant
- Amount: $10,000.
- Property value: $750,000 or less in Perth metropolitan area and anywhere south of the 26th parallel of South latitude; $1 million or less north of the 26th parallel of South latitude (north of Shark Bay).
- New/established: For buying or building a new home, or owner-builders.
- Residency: You must move in within one year and live there continuously for six months.
- Application: Within one year of taking possession or the home’s completion. Apply through your bank/lender or through the WA Government website.
WA First home owner rate
- Discount: $0 duty payable on dutiable values less than $450,000; discounted rate of $15.01 per $100 for dutiable values between $450,000 to $600,000.
- New/established: New or established homes, provided you meet other criteria for a first home owner grant.
- How to apply: Through the WA Government website.
Tasmanian First Home Owner Grants
In Tasmania, eligible first home buyers can receive a grant of $10,000.
TAS First home owner grant
- Amount: $10,000 (for sales/contracts from 1 July 2024).
- Property value: No cap.
- New/established: For buying or building a new home, or owner-builders.
- Residency: You must move in within one year and live there continuously for six months.
- Application: Within 12 months after settlement. Apply through your bank/lender or through the Tasmanian Government website.
TAS First home buyers of established homes duty relief
- Discount: $0 duty payable for settlements between 18 February 2024 to 30 June 2025 on dutiable values of $750,000 or less.
- New/established: Established homes only. You must live in the property continuously for at least six months within one year of buying it.
- How to apply: Through TAS Government website.
First Home Owner Support In The Northern Territory
Northern Territory offers generous assistance for building or purchasing both new and established homes.
NT HomeGrown Territory grants
- Amount: $50,000 for new homes and $10,000 for established homes (for sales/contracts from 1 October 2024 to 30 September 2025).
- Property value: No cap.
- New/established: $50,000 grant applies to off-the-plan purchases and owner-builders. A $10,000 grant applies to any established house, townhouse or apartment.
- Residency: You must live there continuously for at least 12 months once you take possession or the build is complete.
- Application: Apply through your bank/lender or through the Territory Revenue Office.
The NT Government also specifically states that the grant can be used towards a deposit on your new home—you can ask the bank or lender you’re applying for a loan through to release the grant early.
ACT Home Buyer Concession Scheme
In the Australian Capital Territory, the home buyer concession scheme replaced its first home owner grant. It provides a discount on conveyance duty owed. Eligibility for ACT’s concession scheme depends on the taxable income of all buyers, and you must not have owned property anywhere in the past 5 years.
ACT Home buyer concession scheme
- Discount: $0 duty payable on properties up to $1 million in value. For properties valued at more than $1 million, a maximum concession of $34,270 in the 2024-25 year is possible.
- Income threshold: To be eligible, the income of all buyers and their partners must be less than or equal to $250,000 if you have no children. Higher thresholds apply if you have one or more dependents.
- New/established: All properties in ACT are eligible.
- Residency: You must move in within one year and live there continuously for 12 months.
- Application: You’ll need to quote a concession code when you lodge your Buyer Verification Declaration with the ACT Government.
Additional editing: Kevin Pratt
Frequently Asked Questions (FAQs)
How much is the first home buyer grant in Victoria?
If you meet the eligibility requirements you can receive a $10,000 first home owner grant when you buy or build a new home, or a substantially renovated property, worth $750,000 or less in Victoria.
How much is the first home buyer grant in NSW?
The NSW Government offers first home owner grants of $10,000 when you buy or build a new home, or a substantially renovated home, provided you meet eligibility criteria.
What is the deposit for a first-time buyer?
Under the Australian Government’s First Home Guarantee, a number of banks and lenders offer home loans that require a deposit as low as 5%, without having to pay Lenders Mortgage Insurance (LMI). LMI is usually payable if your deposit is below 20%. A first home owner grant may be able to be used towards your deposit but the timing of grant payments depends on when and how you apply.
What happens if you incorrectly apply for a FHOG?
State government departments investigate applicants to ensure they meet eligibility and residency requirements. If you don’t meet the conditions you may have to pay back the grant amount plus a penalty. “A good way to avoid these issues is to thoroughly review the eligibility criteria for the specific grant you are applying for, and if you’re unsure, be sure to reach out to your mortgage broker, conveyancer, financial advisor or accountant and ask for help,” says financial advisor Peita Diamantidis.
