First Home Buyers Guide 2022

With so many programs and grants available at State and Federal Government levels and various updates at any given time, it can be difficult to determine what is relevant to an individual’s situation. A combined understanding of all the applicable programs and grants will help you maximise the benefits you can access as a first home buyer, getting you into the property market sooner.

Download guides:

PRD First Home Buyers' Guide 2022 - National

PRD First Home Buyers' Guide 2022 - ACT

PRD First Home Buyers' Guide 2022 - NSW

PRD First Home Buyers' Guide 2022 - NT

PRD First Home Buyers' Guide 2022 - QLD

PRD First Home Buyers' Guide 2022 - SA

PRD First Home Buyers' Guide 2022 - TAS

PRD First Home Buyers' Guide 2022 - VIC

PRD First Home Buyers' Guide 2022 - WA

Overview of Programs & Grants Available To First Home Buyers

National

At a national level, buyers can access four key schemes, depending on their individual circumstances. These are:

• First Home Loan Deposit Scheme
• Family Home Guarantee
• First Home Super Saver Scheme
• Regional First Home Buyer Support Scheme

Queensland

Queenslanders have access to three schemes that may be used in combination with any national scheme, depending on their circumstances. These are:

• First Home Owner grant - $15,000
• First Home Concession
• Queensland Housing Finance Loan

New South Wales

New South Wales has access to only two schemes, which is concerning as the state has some of the most expensive residential suburbs in Australia:

• First Home Owner grant - $10,000
• First Home Buyer Assistance Scheme

Victoria

Victorians can take advantage of three schemes:

• First Home Owner Grant - $10,000 or $20,000 for regional Victoria
• First Home Buyer Duty Exemption/Concession
• Victorian Homebuyer Scheme

Australian Capital Territory

First home buyers in the Australian Capital Territory only have access to one scheme. This makes the state the most unfriendly in terms of first home buyer grants. They can access:

• Home Buyer Concession Scheme

Tasmania

Although the Tasmanian property market was once seen as affordable across Australia, many first home buyers are now 'priced out' due to escalating supply issues and interstate and foreign investor activity. Thus, two schemes may not be enough to ensure that first home buyers have an equal footing in the market. The current schemes are:

• First Home Owner Grant - $30,000
• First Home Buyer Duty Concession

South Australia

South Australians have access to two schemes that may be used in combination with any national scheme, depending on their circumstances. These are:

• First Home Owner Grant - $15,000
• Homestart Finance

Western Australia

Those is Western Australia have access to four schemes. This positions first home buyers well, as the property market has experienced a softening in demand and price growth. They are:

• First Home Owner Grant - $10,000
• First Home Owner Rate of Duty
• Keystart
• Home Buyers Assistance Account

Northern Territory

Northern Territory home buyers now only have access to two schemes, which is fewer than in 2021 when they had access to four schemes. They are:

• First Home Owner Grant - $10,000
• HomeBuild Access

There are many options for help available to first home buyers across Australia. Depending on your individual circumstances and eligibility criteria, many will be able to combine accessing national and state-level programs and grants, which results in an unprecedented amount of monetary support from the government. Although the Reserve Bank of Australia has increased the cash rate which can result in lower borrowing power, there are new Government (state and federal) schemes being added to further assist first home buyers.

If you're in the market to buy your first home, get in touch with us today.