First Home Buyer Boost: Schemes, Grants & Government Support
Buying your first home is an exciting milestone, but it often comes with one big challenge — saving enough for a deposit. The good news? From 1 October, the Federal Government is expanding its First Home Buyer Scheme, making it easier for more Australians to step into the property market.
Here’s what you need to know about the changes, and how other government initiatives can help you save thousands on your first home.
What is the First Home Buyer Scheme?
Traditionally, first-home buyers have needed a 20% deposit to avoid paying Lenders’ Mortgage Insurance (LMI) — a cost that can add up to tens of thousands of dollars.
The First Home Buyer Scheme changes that. It allows you to purchase a property with as little as 5% deposit, while the government acts as a guarantor for the remaining 15%. That means no expensive LMI and less time spent saving.
What’s Changing from 1 October?
While the scheme has been around for a few years, new changes are making it more accessible than ever:
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✅ No more income caps – anyone can apply
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✅ No participant limits – opening access to more first-home buyers
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✅ Increased property price caps in most states and territories
This means more buyers can take advantage of the scheme and get into their first home sooner.
Other Government Support for First Home Buyers
The First Home Buyer Scheme isn’t the only support available. Here are some other options to explore:
🏡 First Home Owner Grant (FHOG)
A once-off grant (usually between $10,000–$30,000 depending on your state) available when you buy or build a brand-new home.
🏡 Stamp Duty Concessions
Many states offer significant reductions — or even exemptions — on stamp duty for first-home buyers. This can save you thousands upfront.
🏡 First Home Super Saver Scheme (FHSSS)
This allows you to make voluntary super contributions and then withdraw them to put towards your deposit. It’s a smart way to boost savings using superannuation tax benefits.
Busting the Myths
A lot of buyers hesitate because of common misconceptions. Let’s set the record straight:
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❌ You don’t need a full 20% deposit — schemes allow as little as 5%.
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❌ It’s not just for “low-income earners” — income limits will be removed in October.
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❌ It’s not “too hard” — working with a broker makes the process much simpler.
How We Can Help
Navigating the property market and government support options can feel overwhelming, but you don’t need to do it alone. At Your Finance Broker, we help first-home buyers every day understand their options and take advantage of the schemes and grants available.
If you’re ready to explore your pathway to home ownership — or just want to know what you could qualify for — reach out today. The right advice can make all the difference.
✨ Your first home could be closer than you think.
Check out our First Home Buyers Guide or find out more of our latest podcast episode on Your Finance Lounge Podcast