What first home buyer incentives am I eligible for?

A common first home buyer tip you're likely to hear is that you should save as much as possible for your deposit. That way, you'll have less debt overall, pay less interest and less fees. While this is a good principle, not everyone has a financial situation that makes this possible.

Luckily, there are some great Government-funded grants, schemes and incentives that can help boost your deposit, avoid taxes and fees, as well as use your super to boost your deposit. We've outlined some of these programs to help show how each could help you get into your own place sooner.

Each program has its own criteria and conditions, so always do plenty of research on each one before factoring them into your budget. When in doubt, you can always chat with our team for more personalised information on your own eligibility.

We speak to first home buyers (like you!) every day. Something that comes up regularly is that it's confusing to work out which grants and schemes you're eligible for. To simplify things, we've come up with some general criteria you'll need to meet if you're interested in any incentives.

While incentives vary by state and territory, you must meet these criteria below to be eligible for most.

If you don't meet these criteria, you're going to have limited options for assistance to purchase your property. If you can meet these guidelines, you've passed the first hurdle and have a better chance of being eligible for the grants and schemes below. That said, always read the fine print and talk to a first home buying expert before you assume you're eligible for assistance.
  • You must be an adult, aged 18 years and over.
  • You must be an Australian citizen (permanent residents may be eligible for some programs).

  • Any grants you're paid may only be put towards a home which you will live in.

First Home Guarantee (FHBG)

Putting down a deposit of 20% or more on your home loan can do more than save you interest. If you put down less than a 20% deposit, you're liable to pay for something called Lenders' Mortgage Insurance (LMI). This is insurance to protect your lender in case you can't make your mortgage repayments – and it can be expensive!

To help you avoid paying for LMI, there's a Government program called the First Home Guarantee (FHBG). If you can provide a minimum of 5% of your home loan value as a deposit and apply to borrow through an approved lender – that's us! – the Australian Government will guarantee up to 15% of the value of the property. This doesn't mean that the Government pays for the remaining part of your deposit, they are only guaranteeing the lender that you will pay it off.

You can register by visiting our dedicated FHBG page.