2022 Guide: Government First Home Buyer Grants and Schemes

April 6, 2022
first home buyer grants and schemes 2022

The Australian government in 2000 started first home buyer grants and schemes to offset the increase in taxes.

Fast forward to 2021, the price of Australian homes rose by 20% as a result of the coronavirus. Another contributor to the surge in price of Australian homes is the increase in debts that has caused financial instability in different states.

These issues have created a domino effect for first time home buyers as it makes it increasingly difficult for them to afford their dream homes. One way through which the government is looking to mitigate this crisis is by providing grants for first home buyers to be able to get the homes they want.

In this guide, we will look at conditions for getting the government grants for first time home buyers in NSW, VIC and QLD.

But before we get into it, it is important that we look at a simple definition of low-income first home buyer grants.

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What are first home buyer grants?

First time home buyer grants are a financial plan that the government uses to help people buy their first homes. Grants for a first time buyer are an amount of money that you do not need to repay to the state or the federal government.

However, there are some factors that you need to consider before the grants become available to you. 

How to qualify for first time home buyer grants

first home buyer grants and schemes

Although each state has its qualification criteria, there are some basic conditions that qualify you for first home buyer grants. We will also look at some other conditions when we look at some states in greater detail, but here are some basic qualification criteria:

  • It is standard that to be eligible to be awarded the government grants for first time home buyers, it is imperative that you are a permanent resident in Australia or an Australian citizen
  • In a case where you are co-buying, one of the first time home buyers needs to be an Australian citizen or a permanent resident in the country.
  • You will not be eligible if you have previously owned or co-owned an Australian home.
  • You should be above 18 years and it has to be your first time receiving the first home buyer grants.
  • The home you want to buy has to be for residential purposes not for investment.
  • You should live in the home for at least six months after getting the place.

How to apply for first home buyer grants

For many people, a mortgage broker is the go-to person when they apply for their first home buyer grants. These professionals will be able to submit your application through your home loan settlement.

Each state in Australia has different amounts its government awards people.

first home buyer grants and schemes

Another way people apply for government grants for first time home buyers is by applying online. For each state, there are different sites that you can use to apply.

We will look at some of the states and the application process as well as the stamp duty intricacies below.

How to apply for first home buyer grants Victoria

If you are looking to be a receiver of the first time buyer grants by the Victoria state government, you will need to apply by providing information to the mortgage broker. Sometimes, people will want to do this online, you can visit the Victoria State Government website for first home buyers grant

The Government in Victoria will only award you the first time buyer grant for the following reasons:

  • if the house you want to buy is less than five years old. 
  • If the home you want to buy has to be valued at $750,000 or less for you to get awarded the $10,000.

Stamp duty in Victoria for first home buyers

You do not get to pay stamp duty if the house you want to buy is less than $600,000 so you can save about $30,000 if you check everything off the eligibility list. So, even if it is a new home or an established one, as long as it is valued below $600,000, you will not pay stamp duty.

However, from $600,000 above, you may pay some stamp duty depending on the price. 

How to apply for first home buyer grants QLD

first home buyer grants and schemes

If you are choosing to apply for first home buyer grants QLD online, you can check the Queensland state government website

Queensland state government will offer you a $15,000 first home owner grant if the home you want to buy is valued at less than $750,000. Another grant that the Queensland government gives first home buyers is the Regional Home grant, which is valued at $5000.

This amount of money is given when you construct a brand new house or townhouse that is less than $750,000.

Stamp duty in QLD for first home buyers

You will pay zero stamp duty if the home you have made up to $400,00 for your block. One of the perks of being a receiver of first home buyer grants QLD is the higher you pay for your home, the more the stamp duty reduces.

If the house you want to buy is within the range of $500,000 – $550,000, there may be some stamp duty that could be imposed. But generally, if you pay below $500,000, there is no stamp duty incurred. 

How to apply for first home buyer grants NSW

If you are not choosing the Mortgage Choice Broker to help you submit your application, you can apply online via the NSW state government website.

Stamp duty in NSW for first home buyers

In NSW, the state government will award you $10,000 for a home that no one has ever stayed in before. Stamp duty details for NSW’s first home buyer grants are soothing no wonder many people end up settling here.

According to the First Home Buyer Assistance Scheme (FHBAS), you will not have to pay any stamp duty for a house that is valued at less than $650,000. The same law applies to a land that is valued at less than $350,000 in New South Wales. 

You can check these links below for first time home buyers conditions in the remaining states in Australia.

first home buyer grants and schemes

ACT first home buyers grants

For you to be eligible for ACT first time home buyers grants, your household income should be below $160,000. You can click here to get more information about how to access the first time buyers grant in ACT.

NT first home buyers grants

 The NT first time home buyers grants are available to people who are looking to buy new homes. You can check the NT government website to see all the requirements for access to the first time home buyers grant. 

SA first home buyers grants

For first time home buyers looking to access the government grants in SA, it is Imperative to check the website for more information. 

TAS first home buyers grants

If you do not want to go through the Mortage Broker, you can apply through the TAS website. 

WA first home buyers grants

You can apply online through the WA website to access the first time home buyer grants.

Conclusion

If you meet the requirements that we have explained, you can be a first time home buyer in no time, So, if you need any help you can contact us. We will help you get these government grants for low-income first home buyers. 

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