A guide to first home buyer grants

Dreaming of buying your first home? With government help, you could make it happen sooner.

04 Aug 2021 | Home finance & property | Share:
4 Aug
A guide to grants for first home buyers

To help first home buyers get into the property market, Australian state and federal governments offer several types of support.

If you’re looking to get into your first home sooner, take the time to explore some of the grants and support schemes available and how they could work for you.

Buying an existing home

If you want to buy an existing home but only have a small deposit saved, the First Home Loan Deposit Scheme (FHLDS) could help. The FHLDS allows eligible borrowers with a deposit as low as 5% to get a loan – without paying lenders mortgage insurance (LMI).

Buying or building a new home

The First Home Owner Grant (FHOG) is a one-off grant towards buying a newly built home or building your own. The eligibility criteria and grant amounts differ across states and territories. In Victoria, the grant amount is $10,000 while eligible Tasmanians can access $30,000.

You may also be able to access the FHLDS or the New Home Guarantee (NHG). The NHG is designed to help singles and couples looking to buy or build a new home. Like the FHLDS, borrowers could access a loan with a minimum deposit of 5%.

Buying or building as a single parent

For eligible single parents, the Family Home Guarantee (FHG) may aid in purchasing an existing home or building a new home. Applicants can either be first home buyers or previous homeowners with a deposit as low as 2%.

Am I eligible?

For help to understand the eligibility and application requirements in your state, speak with a Liberty Adviser.

Even if you’re not eligible for a grant, other options might be available. Your adviser can help you find the right lending solution to make your homeownership dreams a reality.