Government First-Home Buyers Schemes And Grants

Q: Can I Apply For Multiple Government Grants And Schemes?

Yes, you can if youre eligible. For example, an eligible first-home buyer can technically apply for and qualify for the First Home Owners Grant (FHOG) and the First Home Guarantee, while paying no stamp duty. Since each government grant/scheme has its own eligibility criteria and timelines, qualifying for them all is challenging, so, please speak with one of our specialist mortgage brokers to determine how best to proceed. Call us on 1300 889 743 or fill in our online assessment form.

Q: Are There Any Disadvantages To Government Grants?

Government grants and schemes do have an effect on the market. The main objective of these grants is to help you own a home. However, when grants are introduced, the demand for a certain range of houses shoots up, and as a result, prices rise as well. Having said this, getting a grant or qualifying for a scheme can aid you significantly on your purchase. On top of that, if you can qualify for a grant/scheme early, before the market has had a chance to move, the rising prices will increase your equity in your home.

Q: Does Brisbane have a first-home buyer scheme?

No, Brisbane does not have its own first-home buyer scheme. Eligible home-buyers can apply for any one of the national schemes.

Q: How does the first-home buyers scheme work?

The Home Guarantee Scheme is a guarantor scheme where the government guarantees loans so borrowers avoid paying LMI. Help To Buy is a shared equity scheme where the government contributes 40% for new builds and 30% for existing properties. The First Home Super Saver Scheme allows eligible individuals to withdraw their voluntary superannuation contributions to put towards purchasing their first home.

Q: How to apply for the first-home buyers scheme?

First off, you want to make sure that youre eligible for the government scheme/grant for which youre applying. Each program has slightly different eligibility requirements so you want to check off all the boxes prior to submitting your application. Generally, you can apply for these government schemes and grants at the same time you apply for a home loan. However, if youre planning on using any of the aforementioned grants or schemes, please have a discussion with your bank or mortgage broker prior to submitting your application. Most lenders will apply for the grant on your behalf once a formal home loan approval is granted, and you have signed any relevant applications/declaration. For the stamp duty waiver, your solicitor will handle the paperwork for you on settlement day. There can be different eligibility requirements so its best to consult with your mortgage broker or directly with your lender up front.

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First-Home Buyer Schemes Available in 2024

Let’s go through the national government schemes available for first-home buyers in 2024:

Home Guarantee Scheme
- First Home Guarantee
- Regional First Home Buyer Guarantee
- Family Home Guarantee
First Home Super Saver Scheme
Help To Buy

Home Guarantee Scheme

The Home Guarantee Scheme (HGS) is an Australian government initiative to help eligible home buyers purchase their home sooner. It is administered by the National Housing Finance and Investment Corporation (NHFIC).

It is a guarantor scheme where the government guarantees loans so eligible home buyers avoid paying Lenders Mortgage Insurance (LMI) , even with a deposit as low as 2% of the property value.

LMI is usually paid when your deposit is less than 20% of the property value, which means you’re borrowing more than 80% of the property value.

There are three schemes under the Home Guarantee Scheme:

Details	First Home Guarantee	Regional First Home Buyer Guarantee	Family Home Guarantee
Minimum deposit	5%	5%	2%
Places FY24	35,000	10,000	5,000
Prior property ownership	First-home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years.	First-home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years.	Single parents or single legal guardians, who do not currently own a property or do not intend to own a separate property when they settle on the home.
Location restrictions	All locations	Regional areas only	All locations
Income Caps	$125,000 per year for individuals or $200,000 per year for joint applicants	$125,000 per year for individuals or $200,000 per year for joint applicants	$125,000 per year
Who Can Apply?	Australian citizens and permanent residents. Can be individual or joint applicants	Australian citizens and permanent residents. Individual or joint applicants	Australian citizens and permanent residents. Single parent or single legal guardian of at least one dependant.

First Home Super Saver Scheme

The First Home Super Saver Scheme allows first-home buyers to save a deposit for their first home inside their super account, to take advantage of the concessional tax treatment.

Under the scheme, the government has increased the total amount of savings borrowers can release from super to make a deposit on a home from $30,000 to $50,000.
Tip: You’ll need a determination letter from the ATO (Australian Taxation Office) specifying the amount that can be released from your super to use as a deposit for a home loan.

Help To Buy Scheme

The Help to Buy Scheme is a shared equity scheme wherein the government helps first-home buyers purchase a home by contributing up to 40% of the property price for a new home and up to 30% for an existing one.

The scheme is designed to help with the longstanding affordability crisis. There will be 10,000 places available for eligible Australians each year. The government has not confirmed the scheme will commence in 2024.

Find Out Which Schemes Are Available To You

Home Loan Experts can show you the government schemes for which you’re eligible and help you apply. Please speak with one of our specialist mortgage brokers by giving us a call on 1300 889 743 or by filling in our short assessment form to buy your first home. Find out the best path to your new home today!

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Frequently Asked Questions

Can I Apply For Multiple Government Grants And Schemes?

Yes, you can if you’re eligible.

For example, an eligible first-home buyer can technically apply for and qualify for the First Home Owners Grant (FHOG) and the First Home Guarantee, while paying no stamp duty.

Since each government grant/scheme has its own eligibility criteria and timelines, qualifying for them all is challenging, so, please speak with one of our specialist mortgage brokers to determine how best to proceed.

Call us on 1300 889 743 or fill in our online assessment form.

Are There Any Disadvantages To Government Grants?

Does Brisbane have a first-home buyer scheme?

How does the first-home buyers scheme work?

How to apply for the first-home buyers scheme?

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Government First-Home Buyers Schemes And Grants