Australian Government 5% Deposit Scheme FAQ

The First Home Owner Grant ($30,000) is a state government incentive helping first home buyers to buy or build a brand new home.

We can support first home buyers to complete an application for the First Home Owner Grant.

To access the First Home Owner Grant, you must be buying or building a new home valued less than $750,000 (including land and any contract variations). You must be 18 years or older and this must be the first residential property owned in Australia.

The home:

• must not have been lived in or sold as a place of residence at the time of completion
• could be a
  • house, unit, duplex or townhouse; or a granny flat built on a relative's land
  • home that has been moved from one site to another (including kit homes or modular homes)
  • home in a manufactured home park
  • substantially renovated home
• must be one of the following eligible transactions
  • new home
  • off-the-plan purchase
  • substantial renovation
  • contract to build
  • owner–builder

The Australian Government 5% Deposit Scheme can help you into your new family home if you have saved a minimum 2% deposit with a Government guarantee. No income caps, no waitlists and no LMI helps get you into your own home sooner. Applicants can have previously owned a home and still be eligible provided they no longer have an invested interest in the property.

As a first home buyer you may also be eligible for other government support programs like the First Home Super Saver Scheme, state and territory First Home Owner Grants, and stamp duty concessions.

There are no costs or repayments associated with the Scheme. However, first home buyers are responsible for meeting all costs and repayments for the home loan associated with the Scheme.