First-home Buyer Grants and Schemes in Australia

Government Grants and Schemes for First Home Buyers in Australia.

Stepping into the property market for the first time can feel overwhelming, especially in a market like Australia, where property prices are steadily rising. But here is the good news: there are several first-home buyer grants offered by the government to lighten the load. Whether it’s through upfront grants, shared equity options, or guarantees that reduce the need for a large deposit, first time buyers have several opportunities to make home ownership more achievable.

Understanding the available first-home buyer grants can help you make informed decisions and maximise your chances of success.

1. First-home Guarantee Scheme (Housing Australia)

One of the most well-known first-home buyer grants is the first-home Guarantee, managed by Housing Australia. Its main purpose is to enable first home buyers to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI).

To be eligible for the First–home Guarantee, you must satisfy certain criteria, including:

Citizenship – Must be an Australian citizen or permanent resident.
Income – Taxable income must be $125,000 or less for individuals, or $200,000 or less combined for joint applicants, based on the latest ATO Notice of Assessment.
Deposit – Minimum savings of at least 5% of the property value.
First Home Status – You must be a first home buyer or have not owned property in Australia in the past 10 years (applies to both applicants in a joint application).
Occupancy – The property must be your primary place of residence (investment properties are ineligible).
Age – Applicants must be at least 18 years old.

Need to see if you qualify for the First Home Guarantee?

Use the Eligibility Tool to check if you meet the key criteria.

For more information: First Home Guarantee

2. Queensland First-home Owners Grant (FHOG)

Queensland continues to offer a generous $30,000 grant for those buying or building a new home.

Eligibility Criteria:
- The property must be newly built (not an existing property)
- Valuation must be under $750,000
- Property must be used as a principal place of residence, not an investment

This is a direct first-home owner grant and doesn’t need to be repaid, making it an ideal option for those wanting a financial boost toward their deposit or construction.

A great choice for buyers who are already saving but need a push to cross the threshold.

3. Boost to Buy Scheme (Queensland Government)

Announced recently, the Boost to Buy Scheme is a shared equity scheme by the Queensland Government. While full details are yet to be released, here’s a quick overview of the scheme:

The Boost to Buy scheme is designed to help first home buyers bridge the gap to homeownership through a new shared equity program.
Here’s how it works: The government offers an equity contribution of up to 30% for new homes and 25% for existing homes, making it easier for buyers to get into the property market.
Expressions of interest open on 1 July for individuals earning up to $150,000 and couples earning up to $225,000. Eligible buyers can purchase homes valued up to $1 million.
To qualify, first home buyers need at least a 2% deposit to purchase a property valued up to $1 million. For example, with a $15,000 deposit, you could buy a property worth $750,000.
Keep in mind! You’ll likely need more than 2% to cover legal fees and government charges.
This scheme is a fantastic opportunity to step onto the property ladder sooner with less upfront cash.

For More Information: Boost to Buy Scheme | Qld Treasury Web press release

If you’re struggling with borrowing capacity or saving a deposit, this scheme is your chance to get into the market sooner, a fresh, modern alternative to traditional first-home buyer grants.

4. Help to Buy Scheme (Australian Government)

Set to launch in late 2025, the Help to Buy Scheme is an exciting initiative by the Australian Government in partnership with the States. It aims to assist 10,000 households each year for four years to step into homeownership more easily.

While official details are still emerging, here’s what we know so far based on government updates and industry insights:

This shared equity scheme offers a game-changing way to buy a new or existing home with a smaller deposit or mortgage. The Government will own a proportional share of your property, easing your upfront financial burden.
Buyers will need a minimum deposit of just 2%, while the Government could contribute up to 40% equity for new homes and 30% for existing homes.
Income caps have been updated to $100,000 for individuals (up from $90,000) and $160,000 for joint applicants and single parents (up from $120,000).
Property price caps vary by location: $1,000,000 in capital and regional centres, and $700,000 in other areas.

This scheme represents a fresh opportunity for aspiring homeowners to enter the market sooner with less financial strain.

For More Information: Help To Buy

Final Thoughts: Essential Steps to Take Today

Entering the property market for the first time can feel overwhelming, but preparation is key to turning your homeownership dreams into reality. The sooner you take control of your financial situation and understand your options, the better positioned you’ll be to take advantage of valuable government grants and schemes.

Don’t wait for the perfect moment. Start laying the groundwork now to set yourself up for success.

Here are four crucial steps every first-home buyer should take to get ready:

Review your borrowing capacity to know exactly what price range you can comfortably afford.
Start building a realistic savings goal that includes your deposit, legal fees, and other upfront costs.
Speak with a broker or financial expert who can help clarify your eligibility and guide you through the options.
Register for updates on upcoming schemes so you’re among the first to hear about new opportunities.

Taking these actions today will bring you one step closer to owning your first home with confidence!