Your guide to the First Home Owner Grant
If you’re thinking about buying your first home, you could be eligible for financial assistance using government programs that support first home buyers.
Depending on where you buy, you’re going to face very different requirements and receive very different amounts. Your lender can assist you with comparing costs and available grants or concessions.
This helpful guide to the first home buyer grant can help you understand how to get one step closer to home ownership.
What is the first home buyers grant in Australia in 2024?
The First home owner grant is a national scheme that provides a one-off grant to eligible first home owners.
This grant is available to you when you are building or buying a brand new home. The scheme is funded by each state and territory government, so each area has slightly different eligibility criteria.
Who’s eligible for the first home owner grant?
The general criteria for eligibility is similar across all states and territories, with some exceptions. Some of the common criteria includes the following parameters:
- You're buying or building your first home that no one has lived in before, or a home that has been substantially renovated.
- You’ve never owned property in Australia.
- You’re an Australian citizen or a permanent resident of Australia.
- You’re at least 18 years old.
How to apply for the first home owner grant
If you need the grant to help contribute to the purchase price and costs associated with buying your home at settlement, you need to submit your application with your financier if they are an approved agent.
If you’ve bought your property, you can lodge an application with the revenue office for your state via their respective First home owner grant online portal.
First Home Owner Grant – Queensland
Maximum amount: $30,000
With the Queensland First Home Owner Grant, eligible buyers can get a grant of $30,000 towards buying or building a new home when the contract is signed between 20 November 2023 and 30 June 2025.
To be eligible for the grant you must be buying or building a new home valued under $750,000. This includes land and any building contract variations. You must move into your new home within one year of settlementif it’s an existing home – or if building – when construction is complete and a final inspection certificate is issued.
You need to reside there as your principal place of residence for a continuous six-month period at minimum. If you have to move out during this time, the government may request that you pay back the grant.
You aren’t eligible for the QLD first home owner grant if you, or any buyer involved in the purchase, have previously owned property in Australia.
Additional eligibility criteria applies. You can read more on the Queensland Revenue Office website.
First Home Owner Grant – New South Wales
Maximum amount: $10,000
NSW has a few different options for people wanting to get into the property market. There is a $10,000 NSW first home owner grant available for newly built, off the plan, or substantially renovated homes.
To be eligible for the grant, you must be buying a home that no one has lived in before – or has been substantially renovated by the seller – and the purchase price must be not be more than $600,000.
If you’re building a home on vacant land, however, then the combined cost for a house and land package with comprehensive building contract must not be more than $750,000 (including the cost of any building variations).
Do first home buyers pay transfer duty in NSW?
There are concessions on transfer duty for properties under $1,000,000, while buyers purchasing homes under $800,000 are not required to pay any transfer duty at all. Depending on the initial property value, this can save you an additional $30,000.
NSW First Home Buyers Assistance Scheme
Buyers may also be entitled to a reduced rate of transfer duty, or a full exemption under the First Home Buyers Assistance scheme. Under this scheme, you may be eligible for:
- full transfer duty exemption on existing or new homes up to $800,000
- partial exemption for homes valued over $800,000 and up to $1,000,000
- exemptions when buying vacant land that you intend to build a home on.
Additional eligibility criteria applies. Find out more at the NSW Government Revenue Office website.
First home owner grant – Victoria
Maximum amount: $10,000
If you are buying or building a new home in Victoria valued up to $750,000, you may be able to receive $10,000 with the Victorian grant.
Established homes are not eligible for the first home own in Victoria; however, there are stamp duty exemptions for homes valued at up to $600,000, or concessions for homes valued from $600,001 up to $750,000.
There are further concessions available if the home is your principal place of residence (PPR), or if you are a pensioner, off-the-plan buyer, or a first home buyer with a family.
Additional eligibility criteria applies. Find out more at the Victorian State Revenue office website.
First home owner grant – Tasmania
Maximum amount: $30,000
First home buyers in Tasmania are eligible for a $30,000 grant for eligible applicants who buy or build a new home – this refers to a comprehensive building contract, owner-builder construction, purchase of an off-the-plan build, kit home or a new dwelling that has not previously been occupied or sold as a place of residence.
Those who purchase an established property may be eligible for a concession of 50 per cent on their property transfer duty, depending on the value and when it was purchased.
Additional eligibility criteria applies. You can read more on the Tasmanian State Revenue Office website.
First home owner grant – South Australia
Maximum amount: $15,000
In South Australia, the standard grant for first home owners $15,000 for the construction or purchase of a brand new property that has not previously been occupied or sold as a place of residence.
The criteria can also include a home that has been substantially renovated by the seller. To be eligible, the home value needs to be no more than $650,000.
Additional eligibility criteria applies. Find out more on the SA Revenue Office website.
First home owner grant – Western Australia
Maximum amount: $10,000
In Western Australia, an initial grant of $10,000 applies when you buy or build a new home. The home value threshold will vary depending on the location of your purchase or build. The grant isn’t eligible for established homes, but homes that have been substantially renovated may be considered a new home.
First home buyers purchasing an established home may be eligible for a concession on their property transfer duty, known as the First Home Owner Rate.
Additional eligibility criteria applies. Read more on the WA Government website.
First home owner grant – Northern Territory
Maximum amount: $10,000
If you are buying or building a new home in the Northern Territory, you can apply for a grant of $10,000. A new home is one that hasn’t previously been occupied or sold as a place of residence.
There are also other concessions and grants available, like the BuildBonus grant, and the Territory Home Owner Discount. In the NT, your income and the price of your home do not affect your eligibility for the grant.
Additional eligibility criteria applies. Find out more on the NT government website.
First home buyer concession scheme – Australian Capital Territory
In the ACT, the first home owner grant has been replaced by the Home Buyer Concession Scheme (HBCS), which offers concessions on stamp duty. All properties in the ACT are eligible for the scheme – meaning new and established homes.
Eligibility for home owners is decided by the total gross income of all buyers, and the amount of dependent children the buyer/s have.
Additional eligibility criteria applies. Read more on the ACT Revenue office website.
We’re here to help you buy your first home
Right across Australia, there are grants and concessions to make purchasing property easier for first home buyers. If you’re currently looking to buy your first home, get in touch with your local BOQ branch.
