First Home Incentives That Make Buying Easier
Buying your first home? It’s a big milestone—and one that can feel both exciting and overwhelming. Thankfully, several first-home incentives across Australia can help you get into the market sooner and with fewer upfront costs.
From low deposit schemes to stamp duty exemptions and first home buyer grants, here’s a clear look at the support that’s available—and how Bayland Finance can help you make the most of it.
Buy with Just 5% Deposit — No LMI
The Home Guarantee Scheme is one of the most helpful tools for first home buyers. It allows eligible buyers to purchase a home with as little as a 5% deposit, without needing to pay Lenders Mortgage Insurance (LMI)—a cost that can often be thousands.
There are a few guarantees under this scheme:
First Home Guarantee (FHBG):
Up to 35,000 places per financial year to help eligible first home buyers with a 5% deposit.Regional First Home Buyer Guarantee (RFHBG):
Available to 10,000 regional buyers per year, also with just a 5% deposit and no LMI.Family Home Guarantee:
Designed for single parents, this allows you to purchase with just a 2% deposit. There are 5,000 spots per year available.
This scheme now includes friends, siblings, and other family members buying together, not just couples. It also extends eligibility to permanent residents.
Each guarantee has its own criteria, so we recommend checking with our lending team to see which option fits your situation best.
First Home Owner Grant (FHOG)
The First Homeowner Grant is a one-off payment to eligible buyers who are building or purchasing a brand-new home. Grant amounts vary by state and territory but typically range from $10,000 to $20,000.
For example, in Victoria, eligible buyers may receive $10,000 towards their new build or purchase. Some conditions apply—such as price caps—so it’s best to confirm the rules for your location.
This grant can significantly boost your deposit and help cover other upfront expenses.
Stamp Duty Exemptions and Concessions
Stamp duty is one of the biggest costs first home buyers face—but if you’re eligible, you might not have to pay it at all.
In Victoria, for instance:
- No stamp duty on homes up to $600,000
- Discounted duty on homes between $600,001 and $750,000
Each state and territory has its own policies and price thresholds, so be sure to check your local revenue office for details or talk to your conveyancer. Here’s where to find the most up-to-date information for your state:
- NSW: Revenue NSW
- VIC: State Revenue Office Victoria
- QLD: Queensland Revenue Office
- WA: Revenue WA
- SA: RevenueSA
- TAS: State Revenue Office Tasmania
- ACT: ACT Revenue Office
- NT: Northern Territory Revenue Office
Your property conveyancer can also help explain what concessions apply to your purchase and how to apply for them.
Buy With a Friend or Family Member
As housing affordability evolves, so do the ways we buy. The Home Guarantee Scheme has expanded to allow joint purchases between friends, siblings, and family members—even if you’re not in a relationship.
This flexible approach makes it easier for more Australians to enter the property market, share ownership, and combine deposits or borrowing power.
How Bayland Finance Can Help
Buying your first home is likely the biggest financial decision you’ll make—and you don’t have to do it alone. At Bayland Finance, we help you:
- Understand what first home incentives you’re eligible for
- Navigate the application process for grants or schemes
- Find a loan that suits your lifestyle and goals
- Plan ahead for a smooth, confident purchase journey
We know the market, we know the lenders, and we’re here to make this as easy as possible for you. Whether you’re just starting to save or ready to make an offer, we’ll meet you where you are at.
There’s never been more support available for first home buyers. With government-backed first home incentives like the Home Guarantee Scheme, the First Home Owner Grant, and stamp duty exemptions, the dream of homeownership is more achievable than ever.
If you’re ready to explore your options, we’re here to guide you every step of the way. Reach out to Bayland Finance today, and let’s get you one step closer to your first home.
A quick note from us…
Government programs and incentives can change. For the most up-to-date advice tailored to your situation, speak with one of our expert brokers at Bayland Finance. We’ll help you understand what’s available right now and how to make the most of it.
