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EXTRA GOVERNMENT HELP FOR FIRST HOME BUYERS

The Australian Federal Government is giving new home buyers a significant boost with the announcement of the $25k HomeBuilder grant.

This new grant will see eligible home buyers paid $25k on top of any state-based schemes they qualify for. This includes the Queensland State Government’s $15k First Home Owners’ Grant and transfer duty concessions currently on offer. This could save buyers tens of thousands of dollars.

The HomeBuilder grant is only available until the end of 2020, providing a unique opportunity for those who thought home ownership was out of reach.

Read on to get more details on all current government assistance packages or talk to our Start Point Home Ownership Experts about how to get started!

How do I know what I can access?

As a first home buyer, it is crucial you understand what government assistance you can access early on. It is a big part of determining your budget for your first home. You may be able to access multiple schemes.

Here are the Federal Government buyer assistance programs available to first home buyers in all states:

  • The HomeBuilder Scheme which will see buyers paid a $25k grant on new homes valued under $750k.
  • The First Home Loan Deposit Scheme works by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% and be exempt from lenders mortgage insurance – which can save buyers tens of thousands of dollars.
  • The First Home Super Saver Scheme allows you to save money for your first home inside your super fund. This will help first home buyers save faster with the concessional tax treatment of superannuation.

Each state has different first home buyer assistance programs. The current Queensland first home buyer schemes are:

  • The First Home Owners’ Grant of $15k is available for eligible first home buyers buying or building a new home, unit or townhouse valued at less than $750k.
  • The Concessions for Homes scheme allows eligible first home buyers to claim a concession that reduces the amount of transfer duty they have to pay.

It is important to understand that you need to meet certain criteria to be eligible for each program and you will need to make applications for each scheme via an approved agent or directly to the relevant agency.

Making sense of all the information can be daunting, but our Start Point Home Ownership Experts can explain how it works in simple terms.

Current Government Assistance Packages

Queensland Programs

First Home Owners Grant

The Queensland First Home Owners’ Grant means eligible buyers can get $15k towards buying or building a new house, unit or townhouse as long as the property is valued at less than $750k. The grant is paid per new home (not to each of the applicants for the same home).

To be eligible for the grant:

  • You must be at least 18 years of age
  • You must be an Australian citizen or permanent resident (or applying with someone who is)
  • You or your spouse must not have previously owned property in Australia that you lived in
  • You must be buying or building a brand-new home
  • The value of the home including the land is less than $750k
  • You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months

For more information please visit: Queensland First Home Owners' Grant

Concessions for Homes

Through the Concessions for Homes scheme in Queensland, eligible first home buyers are able to claim a concession that reduces the amount of transfer duty owed.

If the property and the buyer meet certain criteria, the duty may be reduced to the point where you don’t have to pay anything.

The three concession types are:

The Queensland State Government has a home concession eligibility tester on its website to help you understand if you qualify.

For more information on the program visit: Concessions for Homes

Federal Programs

The Federal Government’s first home buyer assistance programs are available to eligible buyers in all states.

HomeBuilder Scheme

The HomeBuilder initiative will see eligible home buyers receive a payment of $25k when they enter into a new home building contract or a home renovation contract by the end of 2020.

The criteria for this initiative includes:

  • You must be an ‘owner occupier’ — the grant does not apply for investment properties
  • The new home must be valued at less than $750k (including land)
  • Renovations must be valued at more than $150k and under $750K and the home must have been previously valued at under $1.5 million
  • Single buyers can have an income up to $125k
  • Couples must have a combined income of up to $200k
  • Construction works must commence within three months of the contract signing


The HomeBuilder payment is not only for first home buyers, but for all new homes and renovations that fit the criteria. The $25k payment can be combined with the relevant first home owner grants and concessions in each state. The grant will also be available to anyone accessing the Federal Government’s First Home Loan Deposit Scheme for a new home. The grant will be administered by each State and Territory revenue office and will be paid directly to the owner occupier by the office of revenue after the first progress payment is made.

For more information visit: https://treasury.gov.au/coronavirus/homebuilder

First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme allows first home buyers to purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5%. The guarantee is not a cash payment and property price thresholds apply in each state.

This scheme is available to single people earning up to $125k, while couples earning up to $200k will also be eligible. Buyers must have saved at least 5% of the value of the home. Applicants must not have owned a home in Australia (either alone or jointly), and the applicants must intend to be the owner-occupiers of the property.

Under the scheme, successful applicants are not required to pay lenders mortgage insurance, which can potentially save thousands, if not tens of thousands, of dollars.

This scheme is limited to the first 10,000 applicants, with more places scheduled for release in July 2020.

First Home Super Saver Scheme

The First Home Super Saver Scheme allows first home buyers to save their deposit inside their super fund. This means the savings receive the concessional tax treatment of superannuation.

First home buyers can make voluntary before tax and voluntary after-tax contributions to save for their first home. Buyers can facilitate this through salary sacrifice contributions if offered by their employer.

To be eligible you must be over 18 years of age and you must not have owned property in Australia. You must also intend to reside in the property for at least six months.

SUPER

Before applicants start saving, they should check their nominated super fund will release the money under the scheme, and ask about any fees, charges and insurance implications that may apply.

First home buyers must apply for and receive a First Home Super Saver Scheme determination from the Australian Tax Office before they sign a contract for a home.

For more information visit: First Home Super Saver Scheme

We work with first home buyers every day and we know it can be hard to understand what government help you may be entitled to. Our Start Point Home Ownership Experts can help you make sense of it all.

*Disclaimer: All information is taken from relevant Federal and State Government websites. Start Point and Simonds Homes do not determine the eligibility of customers for government buyer assistance programs. To qualify for government buyer assistance programs, customers must meet the eligibility requirements of the relevant agency and apply through an approved agent or the relevant agency.

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