Incentives for First Home Owners

Unlock First-Home Buyer Opportunities with Expanded Government Support

With cost-of-living pressures top of mind, now is an ideal time for first-home buyers to enter the property market. The government has expanded assistance programs, providing valuable incentives to reduce upfront and ongoing costs. If you’re working with first-home buyers or want to stay informed on the latest benefits available, here’s a straightforward breakdown by state.

Queensland (QLD)

First Home Owner Grant
– $30,000 for new home purchases or builds with contracts signed between 20 November 2023 and 30 June 2025
– $15,000 for contracts signed before 20 November 2023.
-Property must be valued at $750,000 or less (house and land included if building).

Stamp Duty Concessions
– Full exemption for homes up to $500,000, saving up to $15,925.
– Partial concession for homes valued between $500,000 and $550,000.
– Vacant land concession: No stamp duty for land up to $350,000, with partial discounts up to $400,000.

Government Home Buyer Scheme
– Purchase with just a 5% deposit for homes valued up to $700,000.
– Buyers must show $35,000 in savings for at least one month and live in the property for at least 6 months.

Victoria (VIC)

First Home Owner Grant
– $10,000 grant for new homes valued up to $750,000.
– $20,000 grant for regional new home purchases.

Stamp Duty Concessions
– Full exemption for homes up to $600,000.
– Concessional rate for homes valued between $600,000 and $750,000.

Home Guarantee Scheme
– Buy with as little as 5% deposit, with the government acting as a guarantor.
– Applies to homes up to $800,000 in metro Melbourne and $650,000 in regional VIC.

New South Wales (NSW)

First Home Buyer Assistance Scheme
– Full stamp duty exemption for homes up to $800,000.
– Concession for homes between $800,000 and $1 million.
– Vacant land exemption for land up to $350,000; partial discount for land up to $450,000.

First Home Owner Grant
– $10,000 grant for new homes valued up to $600,000.
– Applies to building contracts with total house and land value up to $750,000.

Shared Equity Home Buyer Helper
– Buy with just a 2% deposit, with the NSW government co-owning a share in the property.
– Available for homes up to $950,000 in metro areas and $600,000 in regional areas.
– Open to single parents, over-50s, and lower-income first-home buyers.

South Australia (SA)

First Home Owner Grant
– $15,000 grant for new homes valued at $575,000 or less.

Stamp Duty Relief
– Full exemption for homes up to $650,000.
– Partial exemption for homes between $650,000 and $700,000.
– Vacant land exemption for land up to $400,000, with partial relief up to $450,000.

Off-the-Plan Concession
– Stamp duty reductions for off-the-plan apartments in key Adelaide locations.

Why This Matters

Many first-home buyers aren’t fully aware of these opportunities, and with the right guidance, they can unlock significant savings. Understanding these incentives allows you to add real value and set yourself apart in a competitive market.

At Smartloans, we’re committed to helping first-home buyers secure their dream home with tailored finance solutions. Whether you’re a first-time buyer or a broker assisting clients, our expertise ensures you make the most of these government incentives.

Want to know more? Get in touch with our team today and let’s make homeownership a reality.


Resources


For more detailed information on the First Home Owner Grants and stamp duty concessions available in each state, visit the following official resources:

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