With the ongoing cost-of-living pressures, the government has expanded assistance for first-time home owners, making it a valuable moment for your clients to enter the property market. If you’re working with first-home buyers—or want to get up to speed on the latest support available—read on!
Each state offers unique programs and benefits to reduce both upfront and ongoing costs, particularly in QLD, NSW, VIC, and SA. Below, you’ll find a straightforward breakdown of what’s available in each state, helping you stay informed and ready to assist your clients in maximising these opportunities.
Queensland (QLD)
First Home Owner Grant – If you’re purchasing or building a new home, Queensland offers:
- $30,000 for contracts signed between 20 November 2023 and 30 June 2025.
- $15,000 for contracts signed before 20 November 2023.
- The property must be valued at $750,000 or less, including the house and land, if you’re building.
Eligibility:
- You must occupy the home as your principal place of residence for at least 6 months within the first 12 months of settlement.
- You must not have previously owned property in Australia.
Stamp Duty Concessions:
- Full Exemption: If you’re a first home buyer purchasing a home valued up to $500,000, you may be eligible for a full exemption from stamp duty. This can save you up to $15,925.
- Partial Concession: For properties valued between $500,000 and $550,000, a concessional stamp duty rate applies, reducing the amount of duty payable.
- First Home Vacant Land Concession: If you’re buying vacant land to build your first home, the vacant land concession allows you to pay no stamp duty on land valued at $350,000 or less. For land valued between $350,000 and $400,000, a reduced stamp duty applies.
- If the land is valued over $500,000, the full stamp duty rate will apply.
Government Home Buyer Scheme:
- For homes valued at $700,000 or less, eligible first home buyers can access the government home buyer scheme, allowing you to buy with just a 5% deposit. Buyers must show $35,000 held in a bank account for at least a month and live in the property for at least 6 months.
New South Wales (NSW)
First Home Buyer Assistance Scheme:
- The First Home Buyer Assistance Scheme offers a full exemption or concession on transfer duty (stamp duty) depending on the value of the property:
- Full exemption: For new or existing homes valued up to $800,000, first home buyers do not have to pay any stamp duty.
- Concession: For homes valued between $800,000 and $1 million, a reduced stamp duty rate applies, with the discount decreasing as the property price increases.
- For vacant land: You’ll get a full stamp duty exemption on land valued up to $350,000, and a concessional rate for land valued between $350,000 and $450,000.
First Home Owner Grant:
- For new homes valued up to $600,000, first-home buyers can access a $10,000 First Home Owner Grant.
- If you’re building a new home, the grant applies for building contracts where the total value of the house and land is up to $750,000.
Shared Equity Home Buyer Helper:
- The NSW Shared Equity Scheme allows first-home buyers to purchase a home with a deposit as low as 2%, with the NSW government owning a share in the property. The scheme is available for:
- New and existing homes priced up to $950,000 in Sydney, Newcastle, and Wollongong.
- Homes up to $600,000 in other regional areas.
- Eligible buyers include single parents, single people over 50, and first-home buyers with a household income of less than $90,000 (or $120,000 for couples).
Eligibility:
- To qualify for these benefits, the buyer must be a first-home buyer, purchase the home to live in (not as an investment), and move in within 12 months of purchase, occupying it for at least 6 months.
Victoria (VIC)
First Home Owner Grant:
- In Victoria, first-home buyers purchasing a new home can access a $10,000 First Home Owner Grant for properties valued up to $750,000.
- For regional areas, the grant increases to $20,000 for new homes.
- Eligibility:
- The property must be a new home (not previously lived in), and you must occupy it as your principal place of residence for at least 12 months.
Stamp Duty Concessions:
- Full exemption: First-home buyers purchasing a home valued at $600,000 or less are eligible for a full exemption from stamp duty.
- Concessional rate: For homes valued between $600,000 and $750,000, you can receive a reduced stamp duty rate, calculated on a sliding scale. The closer the value gets to $750,000, the smaller the concession.
- For a $650,000 home, this could save you approximately $10,357 in stamp duty costs.
Home Guarantee Scheme:
- Under the First Home Guarantee (part of the Australian Government’s Home Guarantee Scheme), eligible buyers can purchase a home with a deposit as low as 5%, with the government acting as guarantor. This removes the need for lender’s mortgage insurance (LMI), reducing the upfront costs significantly.
- The scheme applies to homes valued at up to $800,000 in metropolitan Melbourne and $650,000 in regional areas.
South Australia (SA)
First Home Owner Grant:
- In South Australia, first-home buyers can access a $15,000 grant for the purchase or construction of a new home, as long as the home is valued at $575,000 or less.
- This applies to both new homes and off-the-plan purchases.
Stamp Duty Relief:
- Full exemption: If you’re purchasing a new home valued up to $650,000, you’ll be exempt from paying stamp duty.
- Partial exemption: For new homes valued between $650,000 and $700,000, stamp duty relief tapers off, offering a reduced amount payable.
- For vacant land: If you’re buying land valued up to $400,000, you’ll get a full exemption from stamp duty. Partial relief applies for land valued between $400,000 and $450,000.
Off-the-Plan Concession:
- South Australia also offers stamp duty concessions for off-the-plan apartments in designated areas in Adelaide. The stamp duty payable is reduced, helping to make buying newly developed or under-construction apartments more affordable.
Why It Matters
While some of us may be familiar with first-home buyer incentives, often our knowledge is limited to just one or two states. Many people aren’t fully aware of the significant savings these programs can unlock for new homeowners. By getting well-versed in these incentives, you’ll be able to offer better guidance to first-home buyers and distinguish yourself in a competitive market.
Understanding how to match the right incentive to your clients’ unique situations can make all the difference—potentially helping them secure their dream home rather than staying in a challenging rental market.
Stay Informed and Add Value
Staying up-to-date on these state-specific incentives not only gives you a competitive edge but also positions you as a trusted advisor. Whether you’re assisting first-time homebuyers or supporting brokers, understanding these details can elevate your approach and success in the property market.
At ALC, we offer new home and land packages across QLD, NSW, VIC, and SA. Through our network of top builders and land developers, we provide exclusive house and land packages tailored for owner-occupiers—at the right price.
Reach out today to learn how we can help your clients secure their first home with comprehensive solutions that fit their needs and budget.
Resources
For more detailed information on the First Home Owner Grants and stamp duty concessions available in each state, visit the following official resources:
