2025 Home Buying Guide: Grants, Schemes & What First Home Buyers Need to Know

Introduction

Entering the property market as a first home buyer in 2025? Good news! Various federal and state initiatives are designed to make your journey smoother and more affordable. Here’s a comprehensive guide to help you navigate the available grants and schemes.

Federal Initiatives

First Home Guarantee (FHBG): Allows eligible first home buyers to purchase a home with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).

First Home Super Saver Scheme (FHSSS): Enables individuals to save up to $50,000 within their superannuation fund to use as a deposit for their first home.

Help to Buy Scheme: A shared equity initiative where the government contributes up to 40% for new homes or 30% for existing homes, reducing the amount you need to borrow.

State-Specific Grants and Concessions

New South Wales (NSW):

• First Home Buyers Assistance Scheme: Provides exemptions or concessions on transfer duty for eligible first home buyers purchasing new or existing homes.

Victoria (VIC):

• Stamp Duty Concessions: Significant reductions on stamp duty for off-the-plan properties, extended until October 2026.

Queensland (QLD):

• Stamp Duty Abolition: From May 1, 2025, eligible first home buyers no longer pay stamp duty on homes or residential land.

South Australia (SA):

• First Home Owner Grant: A one-off $15,000 grant for buying or building a new home.

Northern Territory (NT):

• HomeGrown Grant Scheme: Offers $30,000 to $50,000 grants for purchasing or building new homes, supporting the housing construction sector.

Conclusion

Navigating the myriad of grants and schemes can be complex, but with the right guidance, you can maximize your benefits. As experienced mortgage brokers, we’re here to help you understand and access these opportunities, ensuring a smoother path to homeownership.