First Time

BUYERS

First Time

BUYERS

Find the Perfect Loan for Your First Home

The government offers several grants for first-time home buyers, including the First Home Guarantee Scheme, the Family Home Guarantee Scheme, and the First Home Super Saver Scheme.

Additionally, there are programmes providing reductions and exemptions from stamp duty. With this extensive support, you may be closer to owning your home than you realise!

Grant/Scheme Details Value
First Home Guarantee Scheme,
Regional First Home Guarantee
Scheme and Family Home Guarantee Scheme
  • Purchase with just a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy with a 2% deposit.
  • No Lenders Mortgage Insurance (LMI) required.
  • Up to 50,000 guaranteed loans are available per financial year across both schemes.
  • Property value limits:
    • Up to $900,000 for Sydney and regional centres.
    • Up to $750,000 for the rest of the state.
 The value of your property determines your insurance savings
First Home Super Saver Scheme
  • Deposit up to $27,500 per financial year into your super.
  • Withdraw up to $50,000 from your super for your first home deposit.
  • After your initial withdrawal, access up to $15,000 per financial year to make payments towards your home loan.
 A lower cash deposit is required to buy.
First Home Owner Grant
  • New or substantially renovated homes: up to $600,000.
  • New builds: combined home and land value up to $750,000.
 $10,000
First Home Buyer Assistance Scheme New Homes:

  • Stamp duty exemption: up to $650,000
  • Stamp duty reduction: $650,000 – $800,000

Established Homes:

  • Stamp duty exemption: up to $650,000
  • Stamp duty reduction: $650,000 – $800,000

Vacant Land:

  • Stamp duty exemption: up to $350,000
  • Stamp duty reduction: $350,000 – $450,000
 The value of your property determines tax savings.
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $10,000
+ tax and insurance savings.
Grant/Scheme Details Value
First Home Guarantee
and Family Home Guarantee Scheme
  • Purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can purchase a house with a 2% deposit.
  • There is no need for Lenders Mortgage Insurance (LMI).
  • Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value must not exceed $750,000.
 The value of your property determines your insurance savings.
First Home Super Saver Scheme
  • You can deposit up to $27,500 per financial year.
  • Withdraw up to $50,000 from your super for your first deposit.
  • Subsequently, withdraw up to $15,000 per financial year for home loan payments.
 A lower cash deposit is required to buy.
Home Buyer Concession Scheme
  • All property types are eligible, regardless of price.
  • A concession cap limits the amount of tax waived.
  • Household income must not exceed $170,000 without dependents.
  • Eligible incomes increase based on the number of dependent children in your care, up to a maximum of $186,650.
 Capped at $34,790.
First Home Buyer Assistance Scheme New Homes:

  • Stamp duty exemption: up to $650,000
  • Stamp duty reduction: $650,000 – $800,000

Established Homes:

  • Stamp duty exemption: up to $650,000
  • Stamp duty reduction: $650,000 – $800,000

Vacant Land:

  • Stamp duty exemption: up to $350,000
  • Stamp duty reduction: $350,000 – $450,000
 The value of your property determines tax savings.
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $34,790
+ other tax and insurance savings depending on the value of your property.
Grant/Scheme Details Value
First Home Guarantee and Family Home Guarantee Scheme
  • Eligible buyers can purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy a house with a 2% deposit.
  • There is no need for Lenders Mortgage Insurance (LMI).
  • Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value limits:
    • Up to $800,000 for Melbourne and regional centres.
    • Up to $650,000 for the rest of the state.
 The value of your property determines your insurance savings.
First Home Super Saver Scheme
  • You can deposit a maximum of $27,500 per financial year.
  • Withdraw up to $50,000 from your super for your first deposit.
  • Subsequently, withdraw up to $15,000 per financial year for home loan payments.
 A lower cash deposit is required to buy.
First Home Owner Grant
  • New apartments, houses, and townhouses: up to $750,000.
 $10,000
Homebuyer Fund
  • The state contributes funds in exchange for a share or proportional to the interest on the property.
  • Eligible homebuyers can receive up to 25% of the home’s value.
  • Purchase with a 5% deposit.
  • Aboriginal and Torres Strait Islander Victorians can receive up to 35% of the home’s value.
  • Purchase with a 3.5% deposit for Aboriginal and Torres Strait Islander Victorians.
  • Property value limits:
    • Up to $950,000 in Melbourne and Geelong.
    • Up to $600,000 in eligible regional areas.
  • Ongoing obligations apply.
 Savings on insurance are based on the property’s worth and other criteria.
Stamp Duty Savings New and Established Homes

  • There is nomp duty exemption for homes valued up to $600,000.
  • Stamp duty reduction for homes valued between $600,000 and $750,000.
 Tax savings are determined by the value of your property. Additional concessions and exemptions are offered based on other considerations.
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $10,000 + tax and insurance savings.
Grant/Scheme Details Value
First Home Guarantee
and Family Home
Guarantee Scheme
  • Eligible buyers can purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy a house with a 2% deposit.
  • No need for Lenders Mortgage Insurance (LMI).
  • Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value limits:
    • Up to $600,000 for Adelaide and regional centres.
    • Up to $450,000 for the rest of the state.
 The value of your property determines your insurance savings.
First Home Super Saver Scheme
  • Maximum annual deposit limit: $27,500.
  • Initial withdrawal limit for first deposit: up to $50,000 from your super.
  • Subsequent annual withdrawal limit for home loan payments: up to $15,000 per financial year.
 A lower cash deposit is required to buy.
First Home Owner Grant
  • New homes off the plan, new builds, or substantially renovated homes: up to $575,000.
 $15,000
HomeStart
  • Exclusive access to SA government-backed lenders.
  • Avoid additional loan charges.
  • Starter Loan option up to $10,000: five-year term with no repayments or interest (secondary loan type).
  • You are eligible if your household income is ≤$65,000 (singles) or ≤$90,000 (couples).
  • Deposit required.
 $10,000 (Must be paid back at the completion of the term).
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $25,000 + tax and insurance savings.
Grant/Scheme Details Value
First Home Guarantee
and Family Home
Guarantee Scheme
  • Eligible buyers can purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy a house with a 2% deposit.
  • There is no need for Lenders Mortgage Insurance (LMI).
  • Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value limits:
    • Up to $600,000 for Hobart and regional centres.
    • Up to $450,000 for the rest of the state.
 The value of your property determines your insurance savings.
First Home Super Saver Scheme
  • Maximum annual deposit: $27,500.
  • Initial withdrawal: Up to $50,000 from your super for your first deposit.
  • Subsequent withdrawals: Up to $15,000 per financial year for home loan payments.
 A lower cash deposit is required to buy.
First Home Owner Grant
  • New homes off the plan and new builds up to any value.
 $30,000 until 30 June 2023
Stamp Duty Savings Established homes:

  • <50% discount when you buy a home valued at <$600,000.
 Tax savings depend on the value of your property.
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $30,000 + tax and insurance savings.
Grant/Scheme Details Value
First Home Guarantee
and Family Home Guarantee Scheme
  • Eligible buyers can purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy a house with a 2% deposit.
  • There is no requirement for Lenders Mortgage Insurance (LMI).
  • Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value limits:
    • Up to $700,000 for Brisbane and regional centres.
    • Up to $550,000 for the rest of the state.
 The value of your property determines your insurance savings
First Home Super Saver Scheme
  • Maximum annual deposit: $27,500.
  • Initial withdrawal: Up to $50,000 from your super for your first deposit.
  • Subsequent withdrawals: Up to $15,000 per financial year for home loan payments.
 A lower cash deposit is required to buy.
First Home Owner Grant
  • New homes off the plan, new builds, or substantially renovated homes: up to $750,000.
 $15,000
Queensland Housing Finance Loan
  • Designed for individuals who can afford to buy or build a home but face challenges securing private finance from a lender.
  • Household income must be ≤$141,000.
  • Applicable to both established and new builds.
  • Purchase a house with a 2% deposit or the difference between the maximum loan amount and the purchase price.
  • There is no requirement for Lenders Mortgage Insurance (LMI).
 The value of your property determines your insurance savings
Stamp Duty Savings Vacant Land:

  • Stamp duty exemption for land valued up to $250,000.
  • Stamp duty reduction for land valued between $250,000 and $400,000.

New and Existing Homes:

  • Stamp duty exemption for homes valued up to $500,000.
  • Stamp duty reduction for homes valued between $500,000 and $550,000.
 Tax savings depend on the value of your property.
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $15,000 + tax and insurance savings.
Grant/Scheme Details Value
First Home Guarantee
and Family Home
Guarantee Scheme
  • Eligible buyers can purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy a house with a 2% deposit.
  • There is no need for Lenders Mortgage Insurance (LMI).
  • >Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value must not exceed $600,000.
 The value of your property determines your insurance savings.
First Home Super Saver Scheme
  • You can deposit a maximum of $27,500 per financial year.
  •  You can withdraw up to $50,000 towards your first deposit from your super.
  • From then on, you can withdraw up to $15,000 per financial year for payment towards your home loan.
 A lower cash deposit is required to buy.
First Home Owner Grant
  • New homes off the plan and new builds up to any value.
 $10,000
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. $10,000 + tax and insurance savings.
Grant/Scheme Details Value
First Home Guarantee
and Family Home Guarantee
Scheme
  • Eligible buyers can purchase with a 5% deposit (subject to lender criteria).
  • Eligible single parents can buy a house with a 2% deposit.
  • There is no requirement for Lenders Mortgage Insurance (LMI).
  • Up to 40,000 guaranteed loans are available per financial year (combined across both schemes).
  • Property value limits:
    • Up to $600,000 for Perth and regional centres.
    • Up to $450,000 for the rest of the state.
 The value of your property determines your insurance savings.
First Home Super Saver Scheme
  • Maximum annual deposit: $27,500.
  • Initial withdrawal: Up to $50,000 from your super for your first deposit.
  • Subsequent withdrawals: You can withdraw up to $15,000 per financial year for payments towards your home loan.
 A lower cash deposit is required to buy.
Home Buyers Assistance
 Reimburse some costs associated with the purchase of
your first home, including mortgage registration fees,
solicitor and/or conveyancing fees, valuation fees, inspection fees, mortgage insurance premiums and lender fees.		 Property value: ≤ $400,000 ≤ $2,000
Keystart
  • Designed for individuals who do not meet mainstream lender requirements.
  • Purchase a house with a deposit between 2% and 10% (varies by property location).
  • There is no requirement for Lenders Mortgage Insurance (LMI).
  • Income limits apply (which vary by property location).
  • Property value up to $750,000 (varies by property location).
  • Shared-equity schemes are also available.
 The value of your property determines your insurance savings.
First Home Owner Grant
  • Only applicable to new homes.
  • South of the 26th parallel, the combined land and building value must not exceed $750,000.
  • North of the 26th parallel, the combined land and building value must not exceed $1,000,000.
 $10,000
Stamp Duty Exemptions Vacant Land:

  • Purchase up to the value of $300,000: no stamp duty.
  • Purchase between $300,000 and $400,000: reduced stamp duty.

House Purchase:

  • Purchase up to the value of $430,000; no stamp duty.
  • Purchase between $430,000 and $530,000: reduced stamp duty.
 Tax savings depend on the value of your property.
Maximum total support available ($) Scheme eligibility is subject to income caps, property value limits, and other criteria. ≤ $12,000 + tax and insurance savings.

Benefits of the First Home Guarantee (FHBG) Scheme

Qualifying for the First Home Guarantee (FHBG) Scheme allows you to purchase with as little as a 5% deposit. That means you could buy a $500,000 home with just $25,000 or an $800,000 home with $40,000!

Benefits of the First Home Guarantee (FHBG) Scheme

Qualifying for the First Home Guarantee (FHBG) Scheme allows you to purchase with as little as a 5% deposit. That means you could buy a $500,000 home with just $25,000 or an $800,000 home with $40,000!

Top 6 Benefits of Working with a Broker:

At AussieFin, we offer comprehensive mortgage broking services tailored to your needs:

  • Qualifying for First Home Owner Schemes:

We guide you through the qualification process and assist with applications.

  • Document Preparation:

We handle all necessary loan documentation, ensuring a smooth process.

  • Extensive Lender Network:

With access to over 50 lenders, we can find the perfect loan to suit your requirements.

  • Fully-Assessed Pre-Approval:

We secure a fully-assessed pre-approval, empowering you during your house-hunting journey.

  • Efficient Communication:

We manage all communications with your lender, keeping you updated at every stage.

  • Ongoing support:

Throughout the life of your loan, we provide continuous support and keep you informed about opportunities to secure better rates.

Top 6 Benefits of Working with a Broker:

At AussieFin, we offer comprehensive mortgage broking services tailored to your needs:

Qualifying for First Home Owner Schemes:

We guide you through the qualification process and assist with applications.

Document preparation:

We handle all necessary loan documentation, ensuring a smooth process.

Exclusive Lender Network:

With access to over 50 lenders, we can find the perfect loan to suit your requirements.

Fully-Assessed Pre-Approval:

We secure a fully-assessed pre-approval, empowering you during your house-hunting journey.

Efficient Communication:

We manage all communications with your lender, keeping you updated at every stage.

Ongoing Support:

Throughout the life of your loan, we provide continuous support and keep you informed about opportunities to secure better rates.

First Home Loan Basics

Q: How does the loan process work?

A: We have a streamlined approach to getting you the right loan, where AussieFin does all the heavy lifting for you.

Q: How much should I offer?

A: To determine your offer amount, consider these three key questions:

How much can you afford to borrow?
What is the property worth?
What are you willing to pay to secure ownership of this home?

These questions will help you establish a clear understanding of your financial limits and priorities when making an offer.

Standard Documents:
  • Passport (or another form of identification)
  • Bank statements covering the last six months to verify savings
  • Most recent credit card statement
  • Proof of income options:
    • Two consecutive payslips showing year-to-date earnings or
    • Employer letter confirming salary, along with your most recent group certificate and tax assessment notice
For self-employed individuals:
  • Latest Tax Assessment Notice
  • Personal Income Tax Returns for the last two years
  • Business Tax Returns and financial accounts for the last two years
Q: What can I use as a deposit?

A: Besides personal savings, there are several other sources from which a deposit can be sourced:

Family Guarantor: Using a family guarantor can reduce the deposit required for securing the loan.
Financial Gift: A financial gift from family or friends can contribute towards your deposit.
First Home Owner Grant: Many lenders accept the First Home Owner Grant as part of your deposit.
First Home Super Saver Scheme: You can withdraw up to $50,000 from your super towards your first home deposit.
First Home Guarantee Scheme: This scheme enables you to purchase with as little as a 5% deposit.
Family Home Guarantee Scheme: This scheme allows you to buy with as little as a 2% deposit.

T&Cs apply. All loans are subject to suitability and a thorough financial review prior to acceptance of offers.