Government Schemes - First Home Buyers

12 Jan 2021

Buying or building your first home can be exciting but very daunting. How do you know what to do, where to start, what you can afford? At myhouse we believe you should start here and check out your eligibility for government grants and schemes. 

Most first home buyers are not aware of these programs and there are numerous grants and schemes currently available. So here we’ll list some of the first home buyers grants and schemes to help you on your way.

Current Government Schemes

Below is a list and brief description of the government’s schemes and grants currently available for first home buyers, namely:

1. First Home Loan Deposit Scheme FHLDS (New Homes) - pay a deposit of as little as 5 per cent with the government acting as guarantor so borrowers won’t need to pay lender’s mortgage insurance. Click here to find out more from our First Home Loan Deposit Scheme Blog.

2. First-Home Owner Grant / HomeBuilder Grant  (FHOG) - $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). Click here to find out more from our First-Home Owner Grant & HomeBuilder Grant Blog

3. Regional Home Building Boost Grant - $5,000 Regional Home Building Boost Grant in QLD given after the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000.

4. First Home Super Saver Scheme - allows first-home buyers to make up to $30,000 in voluntary contributions to their superannuation fund to save for a home, with a limit of $15,000 per financial year. Click here to find out more from our First Home Super Saver Scheme Blog.

5. First Home Concession - wherein first home buyers pay no stamp duty for both new and existing property purchases under $550,000, a discount (concession) may still apply for a home valued over $550,000.

6. First Home Vacant Land Concession - for transfer duty when acquiring vacant land to build your first home, if you meet certain requirements. It only applies to vacant land valued under $400,000.

Can I apply for multiple government grants and schemes?

Yes, you can if you’re eligible. For example, an eligible first home buyer can technically apply for and qualify for the FHOG, the FHLDS, and the HomeBuilder grant while paying no stamp duty.

Where can I find out more?

As Grants can change and be updated regularly it is important that you check the Queensland Government site Queensland First Home Owners' Grant | Homes and housing | Queensland Government (www.qld.gov.au)

Buying from MyHouse

Trust is the most important factor and myhouse is committed to its clients, both our Sellers and Buyers. We want you to feel confident when you’re purchasing your first home and knowledgable of what is available to you. Contact us today if you’re interested in any of our properties and keep reading our Blogs if you’d like to learn more!