IT’S your right, your dream, and what we all work hard for. Buying your first home is one of life’s most significant endeavours, and fortunately, there is plenty of help available from both State and Federal Governments to assist home buyers in getting a firm foot on the property ladder.
Below is a quick go-to of what is available:
Federal Government Support
Help to Buy Scheme- a share equity program
How it works: The government contributes up to 40 per cent of the purchase price for new homes (or 30 per cent for existing homes), meaning buyers can secure a property with as little as a 2 per cent deposit and no Lenders’ Mortgage Insurance (LMI).
Eligibility depends on income and property price caps, so be sure to check the fine print
Home Guarantee Scheme
How it works: This program helps first home buyers, regional buyers, and single parents purchase with just a 5 per cent deposit, and no LMI.
The government has expanded places for 2025, making it easier to qualify.
Victorian Government incentives If you’re buying in Victoria, there’s even more support available:
First Home Owner Grant How it works: Get a $10,000 grant for new homes valued up to $750,000.
Stamp Duty Relief * No stamp duty on homes under $600,000.
* Discounted stamp duty for homes priced up to $750,000.
Victorian Homebuyer Fund
How it works: The government can contribute up to 25 per cent of the purchase price in exchange for a stake in the home. This significantly lowers your loan amount and eliminates the need for LMI.
Act fast — this program ends on June 30, 2025.
