Many states and territories offer grants to eligible first-home buyers to help them get their foot on the property ladder. These can vary from handouts for building new homes through to concessions on stamp duty. We’ll start by having a look at the largest first-home buyer grant in the country, offered by the Queensland Government.
The Queensland First Home Owner Grant
The Queensland First Home Owner Grant is a $30,000 payment that is available to owner-occupiers who buy a new home, build a new home or substantially renovate an existing home. Conditions include:
- You must sign the contract between 20 November 2023 and 30 June 2025.
- You must move into the home within one year of the completed transaction and live there continuously for six months.
- The value of your new home must be less than $750,000 (including land and any contract variations).
- If you have a spouse, they must be included on the application.
- You must be an Australian citizen or permanent resident, or applying with someone who is.
- You or your spouse must not have previously received a first home owner grant in any state or territory of Australia.
The grant can be used for houses, units, duplexes and townhouses, as well as granny flats, tiny homes and kit homes. You may be eligible for a grant if you build a detached dwelling for yourself on a relative’s land, provided the contract to build is in your name.
When to apply for the Queensland First Home Owner Grant
- Buying your home – within one year of taking possession of the new home and your title being registered.
- Contract to build – within one year of the new home being completed.
- Owner–builder – within one year of the new home being completed.
How to apply for the Queensland First Home Owner Grant
You can apply either through an approved agent (i.e. a lender) or the Queensland Revenue Office. As part of the process, you will need to provide a range of supporting documents, which may include:
- Proof of identity.
- Details of any financial help received (such as a cash gift or loan guarantee).
- Building contract.
- Final inspection certificate.
Your Loan Market broker can help you apply for the grant.
First-home buyer grants in other states and territories
All the other states and territories, except the ACT, offer first-home buyer grants to owner-occupiers:
- New South Wales – a $10,000 grant to buy or build a new home valued up to $600,000 (or $750,000 for a house-and-land package with a comprehensive building contract).
- Victoria – $10,000 to buy or build a new home up to $750,000.
- Western Australia – $10,000 to buy or build a new home up to $750,000 for homes south of the 26th parallel or $1 million north of the 26th parallel.
- South Australia – $15,000 grant to buy or build a new home of any value.
- Tasmania – a $10,000 grant to buy or build a new home of any value.
- Northern Territory – a $10,000 grant to buy an established home of any value and a $50,000 grant to buy or build a new home of any value.
Further conditions apply for all these grants.
Does the grant count towards the deposit?
Yes, states generally allow you to use a first-home buyer grant as part of your deposit.
What are stamp duty concessions?
Stamp duty concessions are reductions or exemptions in stamp duty that some state and territory governments award to eligible first-home buyers. These concessions aim to make it easier for first-home buyers to enter the market by reducing their upfront costs. Caps and the size of the concession varies depending on the state or territory. You can get an estimate on the amount of stamp duty you may need to pay using this stamp duty calculator.
Is there anything for non-new, already built first homes?
The Northern Territory is the only state that offers a grant to first-home buyers who purchase an established property. However, under the federal government’s First Home Guarantee, eligible first-home buyers can purchase either a new or established property with just a 5% deposit, without needing to pay lenders mortgage insurance. Conditions apply.
Do any lenders still take a 5% deposit?
Yes, some lenders will accept a 5% deposit, but conditions apply. If you take out a guarantor home loan with the support of a guarantor (usually a parent), it may be possible to enter the market with a 0% deposit, but, again conditions apply.
