How much deposit do I need as a first home buyer?

Lenders typically look for at least 5% of the property value, plus enough for stamp duty and fees. With less than 20%, you'll usually pay Lenders Mortgage Insurance (LMI) — though government schemes can help you avoid it with as little as 5%.

What government help is available for first home buyers?

Depending on your state and eligibility, you may access the First Home Owner Grant, stamp duty concessions or exemptions, and the federal First Home Guarantee (which lets eligible buyers purchase with a 5% deposit and no LMI). A broker can confirm what you qualify for.

How long does it take to buy my first home?

From getting pre-approval to settlement, the process often takes 2–4 months — but it varies. Getting your finances and pre-approval sorted early makes everything faster and less stressful.

Should I get pre-approval before house hunting?

Yes. Pre-approval tells you your budget with confidence and shows agents you're a serious buyer. It's free to arrange through a broker.

First Home Buyer Guide

Buying your first home in Australia is a big step — but it's far simpler with a plan. Here's how it works, from deposit to keys, plus the grants and schemes that can save you thousands.

The 6 steps to your first home

1
Work out your budget
Use our Borrowing Power and Repayment calculators to understand what you can comfortably afford — including repayments at higher rates.
2
Save your deposit (and extras)
Aim for a deposit plus stamp duty and fees. Our Property Purchase Cost calculator shows the full upfront cash you'll need.
3
Check grants & schemes
First home buyer grants, stamp duty concessions and the First Home Guarantee can save you tens of thousands. Eligibility varies by state and income.
4
Get pre-approval
A broker arranges pre-approval so you know your budget and can bid or offer with confidence — at no cost to you.
5
Find your home & make an offer
Once you've found the right place, your broker finalises your loan to match the purchase and timeline.
6
Settle & move in
Your conveyancer and lender handle settlement. Then the keys — and your first home — are yours.

Government help worth knowing

First Home Owner Grant — a one-off grant for eligible new builds (amount varies by state).
Stamp duty concessions — full or partial exemptions below state price thresholds.
First Home Guarantee — buy with a 5% deposit and no LMI if eligible.
First Home Super Saver Scheme — use voluntary super contributions toward your deposit.

First Home Guarantee Scheme

Buy with a 5% deposit and no LMI if you're eligible — income and price caps apply.

The 5% Deposit Scheme

How the deposit guarantee works, who qualifies and what you need to save.

Grants & schemes by state

First home buyer grants and stamp duty concessions vary a lot between states and territories. Here's a quick guide — amounts and thresholds change regularly, so confirm the current details with a broker before you buy.

NSW

New South Wales

First Home Owner Grant: $10,000 First Home Owner Grant for eligible new homes (build/buy) up to set value caps.
Stamp duty: Full stamp duty exemption for first home buyers on homes up to $800,000, with concessions tapering up to $1,000,000.

Administered by Revenue NSW. Vacant land buying to build also has concessions.

Official NSW source

VIC

Victoria

First Home Owner Grant: $10,000 First Home Owner Grant for eligible new homes (regional grants may differ).
Stamp duty: Full exemption for first home buyers on homes up to $600,000, with a sliding concession from $600,001 to $750,000.

Administered by the State Revenue Office Victoria.

Official VIC source

QLD

Queensland

First Home Owner Grant: Up to $30,000 First Home Owner Grant for eligible new homes (higher than most states).
Stamp duty: First home concession can reduce or remove transfer duty on homes up to set thresholds.

Administered by Queensland Revenue Office. Grant amount is subject to government review.

Official QLD source

Western Australia

First Home Owner Grant: $10,000 First Home Owner Grant for eligible new homes.
Stamp duty: First home owner rate of duty offers exemptions/concessions below state value thresholds.

Administered by RevenueWA. Metro and regional caps differ.

Official WA source

South Australia

First Home Owner Grant: $15,000 First Home Owner Grant for eligible new homes.
Stamp duty: Stamp duty relief available for eligible first home buyers building or buying new.

Administered by RevenueSA.

Official SA source

TAS

Tasmania

First Home Owner Grant: $10,000 First Home Owner Grant for eligible new homes.
Stamp duty: Stamp duty concession for eligible first home buyers of established homes up to a value cap.

Administered by the State Revenue Office of Tasmania.

Official TAS source

ACT

Australian Capital Territory

First Home Owner Grant: No flat grant — replaced by the income-tested Home Buyer Concession Scheme.
Stamp duty: Eligible buyers under the income test can pay $0 stamp duty regardless of property type.

Administered by the ACT Revenue Office.

Official ACT source

Northern Territory

First Home Owner Grant: $10,000 First Home Owner Grant for eligible new homes, plus territory build incentives.
Stamp duty: House and land concessions available for eligible first home buyers.

Administered by the Territory Revenue Office.

Official NT source

This is general information only and not financial advice. Grant amounts, value caps and eligibility are set by each state/territory and change over time — always check the latest with your broker or the relevant state revenue office.

Official government sources

Every grant, concession and price cap above is taken from the official government pages below. Amounts, thresholds and contract-date rules change — always confirm against the source or with your broker before you sign.

Housing Australia — Home Guarantee SchemeVerifies: First Home Guarantee (5% deposit, no LMI) rules and eligibility
Housing Australia — Property price capsVerifies: 5% deposit scheme price caps for every city and region
ATO — First Home Super Saver SchemeVerifies: FHSSS release limits and eligibility
Revenue NSW — First Home Buyers Assistance SchemeVerifies: Duty exemption to $800,000 and concession to $1,000,000
State Revenue Office Victoria — First home buyer duty exemption or concessionVerifies: Duty exemption to $600,000 and concession to $750,000
Queensland Revenue Office — First Home Owner GrantVerifies: $30,000 first home owner grant for new homes
RevenueWA — First Home Owner GrantVerifies: $10,000 grant and property value caps
RevenueSA — First Home Owner GrantVerifies: $15,000 grant for new homes and removal of the property value cap
State Revenue Office Tasmania — First Home Owner GrantVerifies: First home owner grant amount and eligible property types
ACT Revenue Office — Home Buyer Concession SchemeVerifies: First home buyer duty concession / exemption rules
NT Government — HomeGrown Territory GrantVerifies: $50,000 HomeGrown Territory Grant for first home buyers

Figures last checked against these sources: August 2026.

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First home buyer FAQs

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