Frequently Asked Questions
What is the First Home Owner Grant (FHOG)?
The First Home Owner Grant is a national scheme funded by the states and territories. It provides a one-off grant to first home buyers who are building or buying a new home. The amount varies by state — ranging from $10,000 to $30,000.
How much deposit do I need?
Most lenders require a minimum 5% deposit, but to avoid paying Lenders Mortgage Insurance (LMI), you typically need 20%. However, with the First Home Guarantee scheme, eligible buyers can purchase with as little as 5% deposit without LMI.
What is stamp duty and do first home buyers pay it?
Stamp duty (or transfer duty) is a state government tax on property purchases. Many states offer stamp duty concessions or exemptions for first home buyers, depending on the property value and whether it is a new or existing home.
What is the First Home Super Saver Scheme (FHSSS)?
The FHSSS allows you to save money for your first home inside your superannuation fund. You can make voluntary contributions of up to $15,000 per financial year (up to $50,000 total) and withdraw them later to use as a deposit.
Can I buy a home with no deposit?
While no-deposit home loans are very rare, some options exist such as guarantor loans (where a family member uses their property as additional security) or using your super through the FHSSS.