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There are a number of government grants and schemes currently on offer to Australian home buyers. In this blog, our agents outline major grants and schemes, as of 2022, available at a national and state level.

National government grants and schemes

First Home Loan Deposit Scheme (FHLDS): small deposit, no LMI.

The FHLDS allows eligible first-home buyers with a small deposit (as little as 5 per cent) to get a home loan without paying Lender’s Mortgage Insurance (LMI). 10,000 places are available in the scheme, as released on the 1st of July each year.

To be eligible, participants must:

• Be an Australian citizen aged 18 or over
• Never have owned property in Australia
• Meet income and property price threshold requirements
• Have a deposit of between 5 and 20 per cent of the property’s value in genuine savings

Find out more about the FHLDS here.

First Home Super Saver Scheme (FHSS): deposit from superannuation.

The FHSS helps first home buyers save faster with the concessional tax treatment of superannuation. From 1 July 2022, first home buyers can make voluntary super contributions of up to $50,000 into their super, then withdraw this amount to form their deposit on their first home. Only voluntary contributions can be accessed as part of this scheme.

To be eligible, participants must:

• Be an Australian citizen aged 18 or over
• Never have owned property in Australia
• Have not previously had funds released from superannuation under this scheme

Find out more about the FHSS here.

The Family Home Guarantee Scheme (FHG): small deposit without LMI for single parents.

The FHG supports eligible single parents with dependents and a small deposit (as little as 2 per cent) to get a home loan without paying LMI to build or buy a family home. 10,000 places are available in the scheme, which are released on the 1st of July each year.

To be eligible, participants must:

• Be an Australian citizen aged 18 or over
• Be a single parent with at least one dependent living with them
• Not currently own a home
• Be an owner-occupier (not an investor)
• Meet income and property price threshold requirements
• Have a deposit of at least 2 per cent of the property’s value

Find out more about the FHG here.

First Homeowner Grant (FHOG): one-off payment for new homes.

The FHOG is a national scheme, funded by the states and territories. Positioned as an economic stimulus tool, the FHOG changes from year to year to reflect housing affordability and, in most cases, is worth between $10,000 and $15,000.

Each state and territory has its own rules, however, as a rule of thumb, to be eligible, participants must:

• Be an Australian citizen or permanent resident
• Be aged 18 or over
• Never have owned property in Australia
• Be an owner-occupier (not an investor)
• Meet property price threshold requirements

Note: Application process and eligibility criteria vary by state or territory. Find out more about the FHOG, as broken down into states and territories here and view the state sections below for FHOG requirements.

Stamp duty concessions

Stamp duty is a tax designed to cover the costs of documents and transactions, such as property transfers. How much stamp duty you pay is determined by the property’s value and the state in which you are buying.

In certain cases, namely for first home buyers and off-the-plan purchases, stamp duty may be waived or discounted. View the state sections below for a look at stamp duty concessions and requirements.

State government grants and schemes.

Australian Capital Territory (ACT)

• Home Buyers Concession Scheme (aka Stamp Duty Concession): home buyers in the ACT will not pay stamp duty on a home purchase, subject to eligibility criteria outlined here.

New South Wales (NSW)

• First Home Buyers Assistance Scheme (aka Stamp Duty Concession): home buyers in NSW will not pay stamp duty on a home purchase, subject to eligibility criteria outlined here.
• First Home Owner Grant: first-home buyers in NSW may be eligible for a one-off payment of $10,000 for newly built, purchased off the plan or substantially renovated homes, subject to eligibility criteria outlined here.

Northern Territory (NT)

• First Home Owner Grant: first-home buyers in NT may be eligible for a one-off payment of $10,000 to buy or build a new home, subject to eligibility criteria outlined here.

Queensland (QLD)

• First Home Owner Grant: first-home buyers in QLD may be eligible for a one-off payment of $15,000 to buy or build a new home, subject to eligibility criteria outlined here.
• Housing Finance Loan: for people who can afford to buy or build a home but cannot get private finance from a bank or building society – subject to eligibility criteria outlined here.

South Australia (SA)

• First Home Owner Grant: first-home buyers in SA may be eligible for a one-off payment of $15,000 to buy or build a new home, subject to eligibility criteria outlined here.

Tasmania (TAS)

• Stamp Duty Concession: home buyers in TAS may receive a 50 per cent stamp duty discount on the purchase of an established home, subject to eligibility criteria outlined here.
• First Home Owner Grant: first-home buyers in TAS may be eligible for a one-off payment of $30,000 to buy or build a new home, subject to eligibility criteria outlined here.

Victoria (VIC)

• Stamp Duty Concession: home buyers in VIC will not pay stamp duty on a home purchase up to $600,000, and receive a discount on purchases up to $750,000, subject to eligibility criteria outlined here.
• First Home Owner Grant: first-home buyers in VIC may be eligible for a one-off payment of $10,000 to build or buy a new home, subject to eligibility criteria outlined here.

Western Australia (WA)

• Stamp Duty Concession: first-home buyers in WA will not pay stamp duty on a principal place of residence purchase up to $430,000 and receive a discount on purchases up to $530,000, subject to eligibility criteria outlined here.
• First Home Owner Grant: first-home buyers in WA may be eligible for a one-off payment of $10,000 to build or buy a newly built residential property for use as their principal place of residence, subject to eligibility criteria outlined here.

How do I apply for a government grant?

You can apply for government schemes and grants at the same time you apply for a home loan. However, it’s important to discuss your options with your bank or mortgage broker prior to submitting your application. Most lenders will apply for the grant on your behalf once your home loan has been approved and formalised.

How do I apply for a stamp duty concession?

Your solicitor or conveyancer will handle stamp duty paperwork for you on settlement day.

Can I apply for multiple government grants and schemes?

Yes, you can if you’re eligible.

For assistance with starting your buying journey speak to your local Belle Property agent today.

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