Australia offers several grants and schemes to help first-time homebuyers enter the property market. Here’s a concise list of the key programs available in 2025:
1. First Home Owner Grant (FHOG)
- Overview: A one-off grant provided by the state or territory government to first-time buyers of newly built homes or properties.
- Amount: Varies by state, typically up to $10,000–$20,000.
- Eligibility: Must be a first-time buyer, meet residency requirements, and purchase a newly built home.
2. First Home Loan Deposit Scheme (FHLDS)
- Overview: Allows first-time buyers to purchase a home with a deposit as low as 5%, with the government acting as a guarantor for up to 15% of the home loan.
- Eligibility: Income and property price limits apply. Available to both singles and couples.
- Amount: No deposit insurance required, reducing upfront costs.
3. First Home Super Saver Scheme (FHSSS)
- Overview: Allows first-time buyers to save for a home deposit inside their superannuation fund, benefiting from lower tax rates.
- Eligibility: Must be a first-time buyer and meet withdrawal conditions.
- Amount: You can withdraw up to $30,000 for a deposit.
4. Stamp Duty Exemption/Concession
- Overview: Many states and territories offer stamp duty exemptions or concessions for first-time homebuyers.
- Eligibility: Varies by state, but generally applies to properties under a certain value, and sometimes requires the buyer to live in the property for a set period.
- Amount: Varies depending on property price and location.
5. First Home Buyer Grant for Regional Buyers
- Overview: Specific grants for first-time buyers purchasing property in regional areas.
- Eligibility: Buyers must purchase property in designated regional areas.
- Amount: Additional support on top of the regular FHOG in some states.
6. Shared Equity Schemes
- Overview: Allows first-time buyers to enter the market with a smaller deposit, with the government or a private entity providing part of the purchase price.
- Eligibility: Typically for low to moderate-income earners, with caps on property prices.
- Amount: The government or investor holds a share of the property’s equity.
7. First Home Buyers’ Scheme (State-Specific)
- Overview: Various states offer additional schemes targeting specific areas of need, such as low-income earners or regional buyers.
- Eligibility: Depends on the specific program, but generally includes income and property price caps.
- Amount: Varies by state, ranging from cash grants to tax relief.
Conclusion
In 2025, Australia offers a range of grants and schemes to assist first-time homebuyers, reducing the financial barriers to homeownership. Be sure to check with local state and territory governments for specific eligibility requirements and application processes to take full advantage of these opportunities.