2024 First Home Buyer Schemes: Complete Guide

Buying your first home in Australia comes with several government support options. Here's a comprehensive guide to all the schemes available in 2024.

Federal Government Schemes

First Home Guarantee (FHBG)

The First Home Guarantee allows eligible first home buyers to purchase a home with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI). The government guarantees up to 15% of the property value.

• 35,000 places available per financial year
• Income cap: $125,000 for singles, $200,000 for couples
• Property price caps vary by location

Regional First Home Buyer Guarantee

Similar to the FHBG but specifically for regional property purchases, with 10,000 places available annually.

First Home Super Saver Scheme (FHSSS)

Save for your deposit inside your superannuation fund and benefit from tax advantages. You can withdraw up to $50,000 in voluntary contributions.

State-Based Grants

Each state offers its own First Home Owner Grant (FHOG) for new homes, typically ranging from $10,000 to $30,000 depending on the state and property type.

How to Apply

Most schemes are applied for through your lender or mortgage broker at the time of your home loan application. We can help you identify which schemes you're eligible for and ensure you don't miss out on any benefits.

Ready to explore your options? Visit our First Home Buyer page or book a free consultation.