September 26, 2022

Are you thinking of buying your first home? If so, there are a number of government schemes and grants available, giving you additional funding towards buying that first home.

As a first home buyer, you may be eligible for any of the five grants and schemes, which can help you get into your own place sooner, with possibly a smaller deposit.

What grants are available to First home buyers?

The grants available to first home buyers, with varying eligibility criteria, are:

  1. First home owner grant
  2. First home super saver scheme
  3. First home guarantee scheme
  4. First home buyers assistance scheme

First Home Owner Grant

The First Owner Owner Grant is a one-off payment to help first homeowners manage the costs of buying their first home.

Introduced on 1 July 2000, this grant is aimed to offset the effect of GST on home ownership. It is also a national scheme funded by states and territories, so each state will have their own eligibility criteria.

In NSW, you could be eligible to get $10,000 towards the purchase price of your first home or as a grant post settlement. The home must have a total value of less than $600,000 and be either newly constructed or ‘substantially renovated’, and no one has lived in it after the renovations were completed.

Yes, this means buying off-the-plan apartments falls into this category.

For info on all state information, click here.

First Home Super Saver Scheme

The Australian Government introduced the First Home Super Saver Scheme in 2017, allowing first home buyers to make voluntary contributions towards their super and use it as a deposit.

How the FHSS Scheme works

Here is a simplified version of a step by step on how the FHSS Scheme works:

  • Step 1: Make voluntary contributions to your super fund.
  • Step 2: Save up to the capped amount of $50,000 (Maximum $15k per financial year)
  • Step 3: Apply to the Australian Tax Office (ATO) for an FHSS determination – this will tell you the maximum amount that you can release.
  • Step 4: Withdraw funds from your super and buy your first home

Looking for more information, find out here.


First Home Guarantee Scheme

It may seem overwhelming to save up a 20% deposit. That is why The First Home Guarantee Scheme, previously known as the First Home Deposit Scheme (FHLDS), is set up and allows first home buyers to purchase with deposits as low as 5%, without paying Lenders Mortgage Insurance (LMI) fees.

Based on the maximum regional price cap under the scheme, first-home buyers can save anywhere up to $40,000 in LMI fees.

This scheme was expanded in July 2023 with the New Home Guarantee Scheme expansion. This allowed an additional 50,000 places across the three schemes for First Home Buyers, including:

  • 35,000 places for the First home buyers to buy new homes with a 5% deposit
  • 10,000 places for buyers to buy or build new homes in regional areas
  • 5,000 places for single parents to buy/built homes with a 2% deposit

Starting July 1, 2023, the Home Guarantee Scheme will undergo changes to broaden its accessibility and eligibility criteria, including the following:

  1. Inclusion of Groups: The scheme will now be available to groups of friends, siblings, and other family members who wish to purchase a home together. This expansion allows for a more flexible approach to property ownership.
  2. Non-First Home Buyers: The scheme will now extend its benefits to individuals who are not first home buyers, provided they have not owned any property in the past decade. This change opens up opportunities for a wider range of potential homebuyers to take advantage of the scheme.
  3. Family Home Guarantee: Single legal guardians, such as aunts, uncles, and grandparents, who are responsible for raising children, will now have the opportunity to apply for the Family Home Guarantee. This provision recognizes the unique circumstances of these guardians and supports them in securing a home for their families.

These adjustments aim to enhance the inclusivity and reach of the Home Guarantee Scheme, ensuring that more individuals and families have access to affordable housing options.

Find out more about the scheme here.

First Home Buyers Assistance Scheme (NSW)

As a first home buyer in NSW, you may be eligible for a full or partial exemption from paying stamp duty (transfer duty). This scheme applies to existing properties, new properties and vacant land on which you will build.

There are differing criteria for each property type, as per the below.


  • Buy a new & existing home valued at less than $800,000, apply for a full exemption, and pay no transfer duty.
  • Buy a new & existing home valued between $800,000 and $1,000,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.


  • You won’t pay transfer duty if your land is valued at less than $350,000.
  • For land valued between $350,000 and $450,000, you’ll receive a concessional rate.

This scheme can save you anywhere, up to $22,000 in upfront stamp duty costs when buying your first home. That could be $22,000 more towards your deposit or simply $22,000 less you don’t need to save!

Final Words

Buying your first home is a major purchase however it is made easier by finding out which government grants you are eligible for. These government grants are there to help you get into a place sooner, rather than later by making property more accessible to you.

If you think you’re eligible for a government grant, chat with the St Trinity team to find your perfect property, and we will help you on your property journey towards the purchase of your first home!

If you’re still unsure what you are eligible for, reach out to us below, and our team will be happy to discuss some of the eligibility criteria to assist you.

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