The First Home Owner Grant (FHOG) is a government initiative designed to help Australians buy their first home. It's a one-off payment that can give your deposit a significant boost.
However, the rules and regulations surrounding the FHOG can be confusing, as they vary from state to state. To help you make sense of it all, we've put together this state-by-state guide.
Your State-by-State Guide to the First Home Owner Grant
New South Wales: $10,000 for new homes up to $600,000, or land and new builds up to a combined value of $750,000.
Victoria: $10,000 for new homes up to $750,000.
Queensland: A generous $30,000 for new homes valued under $750,000 (until 30 June 2025).
Western Australia: $10,000 for new homes, with property value caps depending on the location.
South Australia: $15,000 for new homes with a market value of up to $575,000.
Tasmania: $30,000 for new homes, with no property value cap.
Northern Territory: $10,000 for a new home, with no property value cap.
Australian Capital Territory: The FHOG has been replaced by the Home Buyer Concession Scheme, which provides a stamp duty exemption for eligible buyers.
Other Government Schemes to Help You Buy Your First Home
In addition to the FHOG, the Australian government offers a range of other schemes to help first-home buyers, including:
- Home Guarantee Scheme: Allows you to buy a home with a deposit as low as 5% without paying Lenders Mortgage Insurance (LMI).
- First Home Super Saver Scheme: Allows you to save for your first home deposit inside your superannuation fund.
Don't Navigate the Process Alone
The world of government grants and schemes can be a minefield. An experienced buyer's agent can help you understand your eligibility and navigate the application process.
At RICO Buyers Agent, we can help you find a property that meets the FHOG eligibility criteria and guide you through every step of the buying process. Contact us today for a free consultation.
