Home Owner Grants & Schemes

An Australian Government initiative to support eligible First Home Buyers purchase a home sooner. With The FHBG, participating lenders will receive up to a maximum of 15% Guarantee by the National Housing Finance and Investment Corporation (NHFIC) for eligible first home buyers. This means that a deposit of as little as 5% is required without paying Lenders Mortgage Insurance. 

Limit places are available each year. 

According to the NHFIC website, applicants must be: 

• Applying as an individual or couple (married/de facto) 
• An Australian Citizen
• At least 18 years of age 
• Earning up to $125,000 for Individuals or $200,000 for couples (Notice of Assessment is required) 
• Intending to buy an Owner Occupied property 
• first-time homeowners and not previously owned or had interest in a  property in Australia

Visit the NHFIC website for more information and which lenders are participating in the scheme. Link below: 

Better yet, let us do the heavy lifting and walk you through the options. Contact us for a consultation... 

The FHOG is a national scheme facilitated in each state and is only available to newly built or substantially renovated homes. In most states, it is generally a cash amount given to eligible customers to be used towards the new home. However, it is slightly different state by state.  

In NSW, for instance, a $10,000 grant is available for:

• House, townhouse, apartment, unit or similar that is newly built must not exceed $600,000
• For Land and then Building, the total combined cost must not exceed $750,000 

The eligibility criteria differs slightly between each state and territory. Generally, however, the eligibility criteria includes:

• You must be a first home buyer as a person (not a company or trust)
• At least one applicant must be a permanent resident or Australian citizen.
• Each applicant must be 18 years or older.
• You or your spouse, partner or de facto must not have previously owned an interest in land in Australia which had a residence on it before 1 July 2000.
• You or your spouse or partner cannot have lived in a residential property which you owned from 1 July      2000.
• You or your spouse, partner or de facto may not have claimed the grant previously.
• You must occupy your first home as your principal place of residence within 12 and the minimum period of  occupancy is 12 continuous months.
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Other state/territory specific conditions may apply also. 

Click on the relevant state below for more information: 

ACT      NSW      NT      QLD      SA      TAS      VIC      WA

Better yet, speak with a RION consultant today and find out what you are eligible for in your state...

As a first home buyer, you may be entitled to a concessional rate of transfer duty (aka Stamp Duty) or even an exemption from paying it all together under the First Home Buyers Assistance scheme (FHBAS). 

Like the First Home Owners Grant (FHOG), the FHBAS is administrated in each state. Unlike the FHOG, the home does not have to be new or newly renovated to be eligible. 

The amount of Transfer Duty you pay depends on the value of the home (or land) and state. For instance, in NSW (as at 01/08/2021):

• No Transfer Duty – for new & existing homes <$650,000 or land <$350,000 
• Concessional Transfer Duty – New & Existing homes between $650,000 & $800,000 or Land between $350,000 and $450,000

Anything above these amounts and the full amount of transfer duty must be paid. 

Again, it is slightly different for each state. However, in general: 

• you must be an individual, not a company or trust
• you must be over 18
• you, and your spouse or partner, must never have owned or co-owned residential property in Australia
• you, and your spouse or partner, must never have received an exemption or concession under this scheme
• at least one of the first home buyers must be an Australian citizen or permanent resident
• move into the new home within 12 months after buying the property and
• live there for at least six continuous months 

Some states have additional schemes to assist First Home Buyers further. For instance:

• NSW - As part of the 2022-23 Budget, the NSW Government announced the First Home Buyer Choice, where first home buyers purchasing properties with a value less than $1.5 million will have the option to pay an annual property tax in replacement for transfer duty. 

Click on the relevant state below for more information: 

ACT      NSW      NT      QLD      SA      TAS      VIC      WA

Speak with a RION consultant today and find out what you are eligible for in your state... 

The FHSS scheme allows people to save money for their first home inside their super fund. The intent is to assist first home buyers to establish a deposit in a tax-effective way. 

If you’re 18 and over and are an eligible first home buyer (refer above), you can withdraw voluntary super contributions which have been made since 1 July 2017 to put towards a home deposit. Voluntary super contributions of up to $15,000 per financial year can be withdrawn (plus associated earnings, less tax) from your super fund to help with a deposit. The maximum amount of contributions that can be withdrawn under the scheme is $50,000 for individuals.

It's important to note that your employer’s superannuation guarantee contributions (and any spousal contributions) cannot be released under the FHSS scheme.  

There’s a lot to consider in this scheme and one we would recommend further financial advice. One to speak with your Financial Planner and/or Accountant about. 

 You can find more information from the ATOs website on the FHSS scheme webpage. 

Like the FHBG, the FHG is an Australian Government initiative and is administered by the NHFIC. Its aim is to support eligible single parents (with at least one dependent child) in purchasing a family home. 

FHG Applicants can either be a first home buyer or previous owners who do not currently own a home. 

Up to a maximum of 18% of a participating lenders home loan is guaranteed by the NHFIC, enabling eligible buyers to purchase a home with as little as 2% deposit without paying Lenders Mortgage Insurance. 

Limited spots are made available each year. 

The NHFIC website provides the following eligibility criteria. Applicants must:

• be single - a person is considered single if they don't have a spouse and/or a de facto partner. 
• have at least one dependent child 
• be an Australian Citizen aged 18 years or over
• have a taxable income that does not exceed $125,000 per annum for the previous financial year. 

Visit the NHFIC website for more information and which lenders are participating in the scheme. Link below: 

Better yet, let us do the heavy lifting and walk you through the options. Contact us for a consultation...