First Home Buyer Schemes and Concessions: 2026 Guide

First Home Buyers
Written By Andrej Sijakovski

Buying your first home comes with more government help than most people realise. There are 5 schemes and initiatives that could make it easier, including one available only to Queenslanders.

  1. First Home Owners Grant (FHOG)

  2. First Home Guarantee Scheme (5% Deposit) (HGS)

  3. State Stamp Duty Concessions

  4. Help to Buy (Federal Scheme)

  5. Boost to Buy (QLD Scheme)

First Home Owners Grant (FHOG)

The FHOG is a one-off payment to help eligible buyers purchase or build a new home. It is administered separately by each state and territory, so the amount and property value cap depend on where you are buying, but the core eligibility rules are broadly the same everywhere. In order to be eligible for the FHOG you have to achieve the following criteria:

  • You (and your spouse or partner, if applicable) must be a natural person aged 18 or over (companies and trusts are not eligible)

  • Australian Citizen or Permanent Resident (or applying with someone who is)

  • Neither you nor your spouse or partner have previously owned and lived in residential property in Australia (generally assessed from 1 July 2000)

  • Neither of you have received a First Home Owner Grant in any state or territory before

  • The property must be new. Never previously occupied or sold as a place of residence (established homes generally do not qualify unless they have been “substantially renovated”)

  • Not available for investment property purchases. You must move in and live there as your principal place of residence, generally within 12 months of settlement or completion, for a continuous period set by your state (commonly 6–12 months)

Grant amounts and property value caps are as follows:

  • GRANT AMOUNT - $10,000

    CRITERIA - able to be received up to $600,000 purchase price for a new/renovated home or $750,000 with a land + build contract

  • GRANT AMOUNT - $10,000

    CRITERIA - able to be received up to $750,000 purchase price

  • GRANT AMOUNT - $30,000

    CRITERIA - able to be received up to a $750,000 purchase price

  • GRANT AMOUNT - $10,000

    CRITERIA - up to $800,000 purchase price south of the 26th parallel (The 26th parallel of south latitude includes all Perth metropolitan areas.) or $1,000,000 purchase price north of it

  • GRANT AMOUNT - $15,000

    CRITERIA - No set cap

  • GRANT AMOUNT - $20,000

    CRITERIA - No cap

  • GRANT AMOUNT - $50,000 (HomeGrown Territory Grant)

    CRITERIA - No cap; contracts must be signed by 30 September 2027

  • GRANT AMOUNT - No Cash Grant

    CRITERIA - FHOG payments ceased 1 July 2019; replaced by the Home Buyer Concession Scheme (a stamp duty concession)

First Home Guarantee Scheme (5% Deposit) (HGS)

The First Home Guarantee (part of the Australian Government's Home Guarantee Scheme) lets eligible buyers purchase a home with as little as a 5% deposit, without paying Lender's Mortgage Insurance (LMI) as the government guarantees the shortfall up to 15% of the property value. Since 1 October 2025 there are no income caps and no waitlist, so it is open to any eligible applicant rather than a limited number of places.

ELIGIBILITY CRITERIA:

  • Australian Citizen or Permanent Resident, 18 years or older

  • A first home buyer, or have not owned property or land in Australia in the last 10 years

  • Have saved at least a 5% deposit

  • Owner-occupier only

  • Taking out a Principal and Interest home loan through a participating lender, for up to 30 years (plus up to 3 years if building)

  • The property price must be at or below the price cap for its location (see table below)

  • Can apply on your own, or jointly with one other person

  • Only available through participating lenders, and you will still need to meet that lender's own credit and loan approval criteria, which can be found here.

Beyond avoiding LMI, many participating lenders price these loans at their standard 80% LVR interest rate, rather than the higher rate margin often charged on 90-95% LVR loans. However this depends on the lender's own pricing policy, so it is worth comparing offers.

Property price caps vary by location and are reviewed periodically. As it currently stands, the caps are:

  • Capital City & Regional Centres*: $1,500,000

    Other Areas: $800,000

    *Central Coast, Coffs Harbour–Grafton, Illawarra, Mid North Coast, Richmond–Tweed, Newcastle, Lake Macquarie

  • Capital City & Regional Centres*: $950,000

    Other Areas: $650,000

    *Geelong

  • Capital City & Regional Centres*: $1,000,000

    Other Areas: $700,000

    *Gold Coast, Sunshine Coast

  • Capital City: $850,000

    Other Areas: $600,000

  • Capital City: $900,000

    Other Areas: $500,000

  • Capital City: $700,000

    Other Areas: $550,000

  • Capital City: $750,000

    Other Areas: $600,000

  • All of ACT: $1,000,000

State Stamp Duty Concessions

For first home buyers, you may be eligible to have your stamp duty discounted or, in some cases, fully waived, provided you meet the criteria in your state or territory. Below is a table of the discounts and waivers currently available in each state and territory.

  • First home buyers pay no stamp duty on a home (new or established) valued up to $800,000. Between $800,001 and $999,999, a reduced concessional rate applies instead. At $1,000,000 or more, no concession is available.

    For vacant land, the exemption applies up to $350,000, with a concessional rate between $350,001 and $449,999.

  • First home buyers pay no stamp duty on a property valued up to $600,000. Between $600,001 and $750,000, the duty is reduced on a sliding scale, phasing out completely at $750,000. This applies to new homes, established homes, and vacant land you intend to build on.

    To qualify, you need to move into the property within 12 months of settlement and live there continuously for 12 months (36 months if it's vacant land)

  • For an established or completed home, first home buyers pay no stamp duty up to $700,000, with a phasing concession between $700,001 and $799,999. At $800,000 or more, no concession applies.

    Brand new dwellings and vacant land fully exempt from stamp duty with no price cap at all.

  • First home buyers pay no stamp duty on a home (new or established) valued up to $600,000, with a concessional rate applying between $600,001 and $800,000.

    For vacant land, the exemption applies up to $450,000, with a concessional rate between $450,001 and $550,000.

  • Full stamp duty exemption is available for new homes and vacant land bought for a new build, with no value cap at all. Established homes don't qualify for any first-home stamp duty relief in SA

  • No stamp duty exemptions

  • A full stamp duty exemption, with no value cap, is available — but only if you're buying a new home as a house-and-land package through a builder. This is called the House and Land Package Exemption and covers contracts signed between 1 July 2022 and 30 June 2027. You need to live in the home as your main residence within 12 months, for a continuous 6 months.

    Established homes and standalone vacant land purchases don't qualify for any stamp duty concession in the NT.

  • Eligible first home buyers pay $0 stamp duty — this applies to new homes, established homes, and vacant residential land, with no property price cap and no income cap.

Help to Buy (Federal Scheme)

Help to Buy is a federal shared equity scheme run by Housing Australia. Instead of borrowing the full purchase price, the Australian Government co-buys the home with you which reduces the size of your mortgage and, in most cases, removing the need for Lender's Mortgage Insurance

HOW IT WORKS:

  • You provide a minimum 2% deposit and take out a home loan for the rest through a participating lender.

  • The government contributes up to 40% of the purchase price for a new home, or up to 30% for an existing home (you choose how much of that you take up).

  • No rent or interest is charged on the government's share while you're in the scheme.

  • You can repay the government's share either in part or full at any time, or when you sell/refinance. What you repay is based on the property's value at that time, not what you originally paid, so you share in any rise or fall in value.

ELIGIBILITY CRITERIA:

  • Australian citizen, 18 years or older

  • Can apply on your own or with one other person.

  • Annual taxable income up to $103,000 (individual) or $165,000 (joint applicants or single parents). These caps are indexed each 1 July.

  • Must not currently own property in Australia or overseas (limited exceptions apply for single parents buying out a co-owner).

  • Owner-occupier only. You must live in the home as your principal place of residence for as long as you're in the scheme.

  • Cannot be combined with another shared equity scheme or a state/territory shared equity loan or guarantee. You can still use stamp duty concessions and grants (like the FHOG) alongside it.

  • The property must be at or below the price cap for its location.

  • Only 10,000 places are available nationally each year.

  • You'll need to keep the property insured and provide updated income/circumstance information periodically while part of the scheme.

Help to Buy uses its own property price caps, which are similar but not identical to the First Home Guarantee's caps. Below are the caps for each state and territory:

  • Up to $1,300,000 for a property in Sydney or one of these regional centres: Newcastle, Lake Macquarie, Illawarra, Central Coast, Mid North Coast, Coffs Harbour–Grafton, or Richmond–Tweed.

    Everywhere else in NSW, the cap is $800,000.

  • Up to $950,000 for a property in Melbourne or Geelong.

    Everywhere else in Victoria, the cap is $650,000.

  • Up to $1,000,000 for a property in Brisbane, the Gold Coast, or the Sunshine Coast.

    Everywhere else in Queensland, the cap is $700,000.

  • Up to $850,000 for a property in Perth.

    Everywhere else in WA, the cap is $600,000

  • Up to $900,000 for a property in Adelaide.

    Everywhere else in SA, the cap is $500,000

  • Up to $700,000 for a property in Hobart.

    Everywhere else in Tasmania, the cap is $550,000

  • A flat cap of $600,000 applies across the whole Territory — Darwin and the rest of the NT share the same cap.

  • A single cap of $1,000,000 applies right across the territory

Boost to Buy (QLD Only Scheme)

Boost to Buy is Queensland's own shared equity scheme, run by Queensland Treasury alongside (not instead of) the federal Help to Buy scheme. It's deliberately structured to favour regional Queenslanders: half of all places are reserved for buyers outside the South East corner, even though regional Queensland accounts for a much smaller share of the state's population and property sales, making a place comparatively easier to secure for a regional buyer.

HOW IT WORKS:

  • Minimum 2% deposit — your deposit plus the government's contribution must add up to at least 20% of the purchase price, which is what avoids Lender's Mortgage Insurance

  • The government contributes up to 30% of the purchase price for a new home, or up to 25% for an existing home

  • The government's equity share is calculated on whichever is lower, the purchase price or the lender's valuation

  • No ongoing repayments are required while you stay in the scheme. You repay the government's share either in part, in full or when you sell/refinance

  • You must live in the property as your principal residence for a minimum of 2 years before you can exit via sale or a full buy-back

  • Applications are made through Unity Bank, the scheme's sole participating lender, which lodges the application on your behalf

ELIGIBILITY CRITERIA:

  • Australian citizen or permanent resident, 18 years or older

  • Neither you nor your spouse/partner have owned real property in Australia before

  • Annual taxable income up to $155,000 (single) or $232,000 (couples, or a single applicant with dependents)

  • Minimum 2% deposit from genuine, demonstrated savings (this cannot include the First Home Owner Grant)

  • Property must be an existing home or new build in Queensland priced at $1,000,000 or under. This cap applies statewide, with no regional variation. Off-the-plan purchases, vacant land, and auction properties are not eligible

  • Must intend to live in the property as owner-occupier and be a registered owner

  • 2,000 places are available under current funding ($330 million). It is split evenly, with 1,000 reserved for South East Queensland and 1,000 for regional Queensland

There is a lot of opportunity for first home buyers to best position themselves to enter their first home. It’s important you reach out to a mortgage broker to see what schemes you’ll be eligible for and how it can benefit your situation. If you're not sure which scheme you're eligible for, get in touch with one of our mortgage brokers and they'll guide you on what's possible for you.

This information is general in nature only and does not take into account your personal objectives, financial situation, or needs. It should not be relied upon as personal financial or credit advice, please seek independent professional advice before making a decision based on this information. If you'd like more personalised information about your borrowing potential, reach out to us directly for a consultation.

Antigona Finance Pty Ltd Corporate Credit Representative 576679 | Australian Credit Licence 384704

Andrej Sijakovski
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