What is a first home buyer?

Let's start with the basics, what does it take to qualify as a first home buyer and why is it an important definition?

First Home Buyer Guide

Am I ready to buy a house?

What is a first home buyer?

Will I be able to get a loan?

Is my Credit History and Rental History important?

Buying versus renting

How much deposit do I need?

Understanding deposits

How to meet the banks genuine savings rules

Deposit calculator

Grants and schemes for FHB's

First Home Owner Grants

First Home Guarantee Scheme

Latest government announcements to help FHB’s

Getting finance pre-approval

Pre-approval process

Benefits of getting a pre-approval

Are all pre-approvals equal?

Mortgage brokers vs Banks?

Why use a mortgage broker?

How much does a mortgage broker cost?

Are all mortgage brokers equal?

How to buy a property

Pre-approval process

Benefits of getting a pre-approval

Are all pre-approvals equal?

Preparing for settlement

Going unconditional on the property contract

What does a converyancer/solicitor do for a property purchase?

What happens on the day of settlement?

Managing your mortgage

Understanding loan repayments

Extra repayments, redraw and offset accounts

When is the right time to review your home loan?

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The term “First Home Buyer” generally refers to people who qualify for various Australian federal and state government initiatives designed to help first-time buyers enter the property market. These schemes offer financial assistance, such as grants, stamp duty concessions, or partial guarantees to make homeownership more achievable.
Before exploring available grants, you must confirm your eligibility as a first home buyer. Eligibility criteria vary by state, territory, and scheme, but generally include:
 
  • Being at least 18 years old.
  • Being an Australian citizen or permanent resident (or a New Zealand citizens in some situations)
  • Not having previously owned property in Australia (or not within a specified period, depending on the scheme).
  • Intending to live in the purchased property as your primary residence.
  • Applying within a set timeframe, typically at the time of finance application or within 12 months of settlement.
Below is an overview of the eligibility criteria for the most popular first home buyer schemes, grants, and concessions available in Australia in 2025, organised by federal and state/territories.

First Home Guarantee (First Home Loan Deposit Scheme)

What is it?
This federal government initiative helps eligible first home buyers purchase a home with a 5% deposit, avoiding costly Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the loan amount above 80% of the property’s value.
 
Eligibility:
  • Australian citizen(s), aged 18 or older.
  • Individual income up to $125,000 or combined couple income (married or de facto) up to $200,000, verified by a Notice of Assessment from the Australian Taxation Office for the most recent financial year.
  • Must be an owner-occupier (not an investor).
  • Must not have previously owned property in Australia.
More Information: Visit the Australian Government Housing website.

New South Wales (NSW)

1. First Home Buyers Assistance Scheme
What is it?
Provides full or partial exemption from transfer (stamp) duty for eligible first home buyers.
 
Main Requirements:
  • Australian citizens or permanent residents, aged 18+.
  • Property value must be $800,000 or less.
  • Must intend to live in the property.
More Information: Check the NSW Revenue Office website.
 
2. First Home Owner Grant (New Homes)
What is it?
A $10,000 grant for buying or building a new home, which can be combined with the First Home Buyers Assistance Scheme.
 
Main Requirements:
  • First home purchase or build.
  • Property must be new (no prior occupants) and valued at $750,000 or less.
  • Must be an owner-occupier.
More Information: Visit the NSW Revenue Office website.

Queensland (QLD)

Queensland offers multiple grants and concessions for first home buyers:
  1. First Home Owner Grant (FHOG):
    • $15,000 for buying or building a new home valued at $750,000 or less.
  2. Regional Home Building Boost Grant:
    • $5,000 for purchasing or building in regional Queensland, for properties valued at $750,000 or less.
  3. First Home Concession:
    • Full or partial stamp duty exemption for properties valued at $550,000 or less.
  4. First Home Vacant Land Concession:
    • Full or partial stamp duty exemption for vacant land valued at $400,000 or less.
More Information: Visit the Queensland Government website.

Victoria (VIC)

Victoria provides grants and stamp duty relief for first home buyers:
  1. First Home Owner Grant (FHOG):
    • $10,000 for buying or building a new home (less than 5 years old) valued at $750,000 or less.
  2. Stamp Duty Exemptions/Concessions:
    • Full exemption or 50% reduction for properties (new or established) valued up to $600,000.
    • Concessions apply for properties valued between $600,000 and $750,000.
More Information: Visit the State Revenue Office Victoria website.

Northern Territory (NT)

The NT offers schemes for first home buyers and some for general property owners:
  1. First Home Owner Grant:
    • $10,000 for buying or building a new home.
  2. House and Land Package Exemption:
    • Stamp duty exemption for house and land packages.
  3. Home Renovation Grant:
    • $10,000 for renovations (available to eligible homeowners).
  4. Household Goods Grant:
    • $2,000 for purchasing household goods.
More Information: Visit the NT Government website.

South Australia (SA)

South Australia introduced new schemes in 2024 to improve housing affordability:
  1. First Home Owner Grant (FHOG):
    • $15,000 one-off grant for buying or building a new home.
  2. 2% Deposit Scheme:
    • Allows eligible buyers to purchase with a 2% deposit via HomeStart.
  3. Stamp Duty Abolition:
    • No stamp duty for new homes valued up to $650,000 or vacant land up to $400,000.
More Information: Visit the Revenue SA website.

Australian Capital Territory (ACT)

Home Buyers Concession Scheme
What is it?
Replaces the FHOG, offering full stamp duty exemptions for eligible buyers.
 
Eligibility:
  • Aged 18 or older.
  • Must meet income thresholds (varies by household size).
  • No buyer can have owned property in the past 2 years.
  • At least one buyer must live in the home for at least 1 year.
More Information: Visit the ACT Revenue Office website.

Tasmania (TAS)

Tasmania offers generous support for first home buyers:
  1. First Home Owner Grant (FHOG):
    • $30,000 for buying or building a new home.
  2. Stamp Duty Discount:
    • 50% discount on stamp duty for established homes valued at $400,000 or less.
More Information: Visit the State Revenue Office Tasmania website.

Western Australia (WA)

WA provides grants and stamp duty relief for first home buyers:
  1. First Home Owner Grant (FHOG):
    • $10,000 for buying or building a new home.
  2. Stamp Duty Waiver/Concession:
    • Full stamp duty waiver for homes valued at $430,000 or less.
    • Concessional rates for homes valued between $430,001 and $530,000.
Main Requirements:
  • Must be your principal place of residence.
More Information: Visit the WA Government website.

Important note

Eligibility and scheme details can change, so always check with us or the relevant government authority before applying. Many schemes require you to apply at the time of securing finance or shortly after settlement, so plan ahead. For personalised assitance, reach out to one of our experinced Acceptance Finance mortgage brokers to take you step by step through the home buying journey.
 
If you have specific questions about any scheme or need help navigating the application process, get in touch.

Meet our First Home Buyer Specialists

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First Home Buyer Guide

Am I ready to buy a house?

What is a first home buyer?

Will I be able to get a loan?

Is my Credit History and Rental History important?

Buying versus renting

How much deposit do I need?

Understanding deposits

How to meet the banks genuine savings rules

Deposit calculator

Grants and schemes for FHB's

First Home Owner Grants

First Home Guarantee Scheme

Latest government announcements to help FHB’s

Getting finance pre-approval

Pre-approval process

Benefits of getting a pre-approval

Are all pre-approvals equal?

Mortgage brokers vs Banks?

Why use a mortgage broker?

How much does a mortgage broker cost?

Are all mortgage brokers equal?

How to buy a property

Pre-approval process

Benefits of getting a pre-approval

Are all pre-approvals equal?

Preparing for settlement

Going unconditional on the property contract

What does a converyancer/solicitor do for a property purchase?

What happens on the day of settlement?

Managing your mortgage

Understanding loan repayments

Extra repayments, redraw and offset accounts

When is the right time to review your home loan?

Get the answers to your questions.


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