Australia's First Home Owner Grants and concessions: how do they work?
The First Home Buyers Grant can offer a valuable financial helping hand to get you into your first home sooner. As the First Home Owner Grant is a state- or territory-based incentive, the size of the grant varies between states and territories. Here’s what you need to know to get started.
What is the First Home Owner Grant?
The First Home Buyers Grant has been around for a long time. It’s amazing to think it was first launched back in July 2000, just in time for the Sydney Olympics! Back then, the First Home Owners Grant was designed to offset the introduction of the GST.
Fast forward to today, and the First Home Buyers Grant can provide a much-needed financial boost to help first home buyers battling high property prices.
Across Australia, the First Home Buyers Grant provides a one-off lump sum payment. It can be the extra cash needed to help you take that important first step into the property market.
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How much is the First Home Buyers Grant?
The First Home Owners Grant is funded separately by each of the states and territories. So how much you may receive and the conditions for eligibility for the First Home Buyers Grant will vary around the country.
The common thread is that in those states and territories where the First Home Buyers Grant is offered, it is generally only available if you buy or build a brand new home. In some states and territories, you may also be eligible if you purchase a substantially renovated home.
Click on the links below for details of the First Home Buyers Grant in your state or territory.
- NSW. The First Home Buyers Grant in New South Wales is worth $10,000.
- QLD. The First Home Owners Grant in Queensland is valued at $30,000 as of 20 November 2023.
- ACT. The First Home Buyers Grant in the Australian Capital Territory was scrapped from 1 July 2019, and replaced with stamp duty savings worth up to $35,910 as of FY21/22.
- VIC. The First Home Buyers Grant in Victoria is worth $10,000.
- TAS. Until 30 June 2023, the First Home Buyers Grant in Tasmania is a generous $30,000.
- SA. The First Home Buyers Grant in South Australia is worth $15,000.
- WA. The First Home Buyers Grant in Western Australia is a lump sum payment for $10,000.
- NT. The First Home Owners Grant in the Northern Territory currently sits at $10,000.
Am I eligible for the First Home Owners Grant?
In states and territories where the First Home Buyers Grant is available, it is usually a requirement that you are buying or building a brand new home or one that has been substantially renovated.
Some of the finer points of eligibility do vary though across states and territories. As a guide, various limits may apply to the price you can pay for your first home to be eligible.
In general though, you will typically need to meet the following conditions to be eligible for the First Home Owners Grant:
- You must be an Australian citizen or permanent resident aged over 18.
- You must not have previously owned a home you have lived in.
- You must not have received the First Home Owner Grant in the past.
- You need to live in the home you buy for at least six months after purchasing it, or upon completion.
Can I use the First Home Owners Grant as part of my deposit?
High property prices in many areas make it unlikely the First Home Buyers Grant will be enough to comprise all your deposit. But it can certainly make a welcome contribution.
That said, you need to have committed to buying or building a home to apply for the First Home Buyers Grant.
You’ll be asked to provide evidence of buying or building a home when you apply for the First Home Buyers Grant – and it is usually paid either on settlement when you buy a completed home, or at the time of the first progress payment (usually when the foundation slab is laid) if you are constructing a new home.
Long story short, you can’t apply for the First Home Buyers Grant if you are still in the early stages of saving for your first home.
How do I apply for the First Home Buyers Grant?
Applications for the First Home Owners Grant can usually be made through your home loan lender or with the help of your mortgage broker.
You can also apply directly to the Revenue Office in your state or territory. But there’s a lot riding on getting your application right, so you may also decide to ask your bank manager or broker for help – they are likely to have plenty of experience with the First Home Buyers Grant paperwork.
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Unlimited repayments and redraw
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