If you’re looking to make your next property move but were waiting for a sign, look no further than this list of available government grants and schemes. There is a wide variety of benefits and many that are particularly useful for first home buyers. 

Take a look at our comprehensive list below to see what you might qualify for. 

First Home Loan Deposit Scheme 

HomeBuilder

First Home Buyers Assistance Scheme

First Home Owner Grant

First Home Loan Deposit Scheme 

Normally, buyers need to organise a 20% deposit for their home. If they don’t have the full 20%, they can usually apply for a loan to supplement this, but they have to pay mortgage insurance on their loan. 

However, with the First Home Loan Deposit Scheme, the government will act as a guarantor of the loan, meaning that buyers will not have to pay this insurance. 

Here’s what you need to know about the scheme: 

  • A single applicant must not have an income of over $125,000 per year
  • Couple applicants must not have an income of over $200,000 per year
  • Maximum purchase price in NSW is $700,000 (postcode restrictions may apply) 
  • The scheme supports only 20,000 applicants per year – 10,000 in the first six months of the year and 10,000 in the last six months 
  • Only Australian citizens are eligible 
  • Only First Home Buyers are eligible 
  • The scheme only applies to owner-occupied principal and interest loans 

See the full eligibility requirements here.

HomeBuilder

This scheme was introduced during the coronavirus pandemic in hopes to stimulate the residential property industry. The government will provide grants of up to $25,000 to people building new homes or conducting major renovations on their current homes. 

Here’s what you need to know about the scheme: 

  • A single applicant must not have an income of over $125,000 per year
  • Couple applicants must not have an income of over $200,000 per year
  • Only eligible for owner-occupied homes
  • Owners must spend at least $150,000 on the renovation or construction 
  • The property value cannot exceed $750,000 if you are constructing a new home
  • For renovations, applicants are only eligible if their property is worth $1,500,000 prior to any new renovations
  • A licensed builder must be used and contract must commence before 31 December 2020

See the full eligibility requirements here.

First Home Buyers Assistance Scheme

This scheme can be used by first home buyers to get some relief on stamp duty, including a reduction or waiving of the fee.  

Here’s what you need to know about this scheme: 

  • First-time buyers can be purchasing an existing home, a new home, or a piece of land on which they intend to build their first home
  • Only eligible for owner-occupied homes
  • Purchases of existing properties less than $650,000 are completely exempt from stamp duty 
  • Purchases of existing properties between $650,000 and $800,000 will receive some amount of relief
  • Purchases of a new build or vacant land under $800,000, the property is exempt from stamp duty 
  • Purchases of a new build or vacant land between $800,000 and $1,000,000 are eligible for stamp duty relief

See the full eligibility requirements here.

First Home Owner Grant

This scheme provides new homeowners with a $10,000 grant, provided they meet certain eligibility criteria. 

These include: 

  • Purchasing a newly constructed home or a substantially renovated home with a value under $600,000 
  • Purchasing land for constructing a new home on, with land and home value combined to be less than $750,000

See the full eligibility requirements here.

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