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First Home Buyers- A Fast Guide to Rebates

By Coposit

Buying your first home is an exciting yet daunting experience. It is a crash course in adulting and can be a complete emotional rollercoaster. There are so many different people involved in the transaction from agents to brokers through to builders, developers, banks and solicitors. Plus, dealing in huge sums of money and looking at loans with 25-30-year terms can bring out the inner commitment-phobe in any of us.

But the good news is there are several special rebates available to first home buyers to help ease the financial burden and put some money back into your pocket for a change. Support for first-time property buyers is offered at both Federal and State government levels. It is important to be across what’s on offer so you don’t miss out because grants cannot be claimed after you have bought property.  After all, you are only a first home buyer once in your lifetime.

Current Federal Government initiatives include:

  • First Home Loan Deposit Scheme – allowing eligible first home buyers to get a home loan with just a 5% deposit and avoid the extra cost of lenders mortgage insurance (LMI).
  • First Home Super Saver Scheme – allowing eligible buyers to make extra contributions to superannuation funds and then withdraw them to form part of their deposit.
  • Family Home Guarantee – allows eligible single parents to buy homes with just a 2% deposit and avoid LMI costs. This doesn’t just apply to single parents who are first home buyers; single parents who have previously owned a home can also qualify.

While first home buyer rebates vary between States – there are general eligibility criteria that applies across the board outlined below:

  • You must be a first home buyer as a person (not as a company or trust).
  • At least one applicant must be a permanent resident or Australian citizen.
  • Each applicant must be at least 18 years old.
  • You or your spouse, partner or co-purchaser must not have previously owned an interest in land in Australia which had a residence on it before 1 July, 2000.
  • You or your spouse or partner cannot have lived in a residential property you owned from 1 July, 2000.
  • You or your spouse, partner or co-purchaser may not have claimed the grant previously.
  • You must occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home. The minimum period of occupancy is 12 continuous months.

Once you know you tick all these boxes, you can go ahead and confidently stake your first home buyer claims.

We’ve put together a summary outlining how first home buyer packages vary from State to State to help you when browsing Coposit’s listings, but of course you also need to research this yourself to capture any changes or updates with your own circumstances in mind.






First Home Owner Grant (New Homes) Scheme

$10,000 grant

The value of the property of a newly constructed property must be under $600,000. If buying land, the combined land and dwelling value must be under $750,000.

First Home Buyers Assistance scheme

Stamp Duty exemptions and discounts

New homes worth less than $650,000 will pay no stamp duty (if eligible). Homes valued $650,000 – $800,000 can get a discount on stamp duty.Existing homes worth less than $650,000 will pay no stamp duty (if eligible). Homes valued $650,000 – $800,000 can get a discount on stamp duty.Vacant land under $350,000 has stamp duty waived. Land $350,000 – $450,000 can get a discount on stamp duty.


First Home Owner Grant

$10,000 grant

For buying or building a new home valued up to $750,000.

Stamp Duty concessions

Stamp Duty exemptions and discounts

New and existing homes valued below $600,000 are exempt from stamp duty.New and existing homes valued $601,000 – $750,000 are eligible for a stamp duty concession, applied on a sliding scale.


Home Buyer Concession Scheme

Stamp Duty exemptions and discounts

Discounts vary according to income, property value, whether the property is new or existing, and how many dependents you have.Stamp Duty is waived if all buyers are over 18 and earn a combined income below $160,000. Buyers must live in the home continuously for 12 months, and all buyers must not have owned a property in the past two years.The income threshold varies depending on how many dependent children you have.


First Home Owners Grant

$15,000 grant

For buying or building a new home valued at less than $750,000.

Stamp Duty concessions

Stamp Duty exemptions and discounts

For homes valued under $550,000 or vacant land under $400,000.

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