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Unlock $50,000 in Hidden Grants: First Home Buyer's Ultimate Guide 2025
121 Plays9 days ago
Did you know you could be missing out on up to $50,000 in first homebuyer grants? In this episode, we break down every federal and state-based grant available across Australia in 2024 and 2025—helping you maximize your purchasing power and avoid leaving money on the table. Whether you're a first homebuyer in NSW, VIC, QLD, or beyond, we cover the eligibility criteria, income caps, and hidden perks that could make homeownership a reality for you.
Need help navigating the home buying journey? Get a free pre-approval and explore your options with Hunter Galloway – a trusted mortgage broker for homebuyers across Australia. Call 1300 088 065 or visit huntergalloway.com.au
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Transcript
Introduction to Missed Grants
00:00:00
Speaker
You get a grant, you get a grant, you get a grant. Did you know that thousands of Aussies miss out on up to $50,000 in government grants every year just because they didn't know they exist?
First Home Buyer Grants for 2024-2025
00:00:10
Speaker
That's not gonna happen to you. Today, we're unlocking every single first home buyer grant available in Australia in 2024 and 2025. Don't go leaving money on the table. If you're a first home buyer in Australia and you're not taking advantage of these grants and schemes, you're leaving tens of thousands of dollars on
Comprehensive Guide to Australian Grants
00:00:25
Speaker
the table. $10,000 in New South Wales, 20 grand in regional Victoria, a whopping $50,000 in Northern Territory,
00:00:30
Speaker
Wonder what these numbers mean? They're just a taste of the first homeowners grants that are available across Australia this year. In this video, I'm gonna walk you through every single grant and scheme to make sure you can maximize your purchasing power and borrowing for your first home. So if you're considering buying your first home, you might be worried if you're eligible. I'm gonna take you through everything in this comprehensive guide to answer what you're eligible for, breaking down every
Podcast Introduction and Purpose
00:00:50
Speaker
scheme state by state and helping you turn your homeownership dreams into reality. And if you're a first home buyer looking for more content like this, feel free to hit subscribe below.
00:00:58
Speaker
Welcome to the Buying Your First Home Podcast, your personal guide through the Australian housing market. Here we tackle the big questions and the small details that come up when buying your first home. From financial prep to finding the right neighbourhood, we're here to ensure that you've got all the knowledge at your fingertips.
Federal Schemes and Eligibility
00:01:15
Speaker
So let's take the first step towards unlocking the door to your new home.
00:01:24
Speaker
All right, let's jump in. Federal schemes. Let's kick things off with the heavy hitters. The federal schemes applied to everyone nationwide. These beauties are gonna help you out regardless of what state you're in. The first one up is the first home buyer guarantee scheme. This is a game changer for heaps of Aussies helping you get in the market with a lower deposit. It's literally the best of both worlds. You can put in a 5% deposit and not pay lenders mortgage insurance. This is a bank fee that would normally cost you tens of thousands of dollars. Sounds too good to be true, right? Well, there are a couple of hoops to jump through.
00:01:49
Speaker
Firstly, to be eligible for this scheme, you need to be a first-home buyer or not have owned a home for the last 10 years. You need to be an Australian citizen, New Zealand citizen or permanent resident living in Australia at least 18 years old. There are income caps too, so if you're buying on your own, your taxable income for the last financial year needs to be under $125,000. If you're buying as a couple, your combined income has to be under $200,000. And you can't just buy a place and rent out. It has to be a home, you have to live there for at least six months. Depending on the state, you might need to be there longer to get this temperature concessions as well. Looking at the loan itself, there are limitations with this scheme. It needs to be a standard principal interest loan, so you can't look at interest only or investment products, and it's a standard 30-year loan term. So you can't do interest only.
Super Saver and Family Home Guarantee Schemes
00:02:25
Speaker
This scheme is not called the first-time investor scheme, it's the first-time buyer scheme, and it's to help you get in the market. The other one that's a federal scheme that's awesome and totally underutilized is the first-home super saver scheme. This scheme lets you save for your deposit using your superannuation fund.
00:02:37
Speaker
I know you're probably thinking isn't super for retirement, but it is, but the government lets you dip in early to help with homeownership. Here's how it works. You can save up to $15,000 per year and withdraw up to $50,000 in total for your deposit. The best part is you pay less tax on these savings compared to if you save them in a regular account. There are conditions with this scheme. You need to be a first homebuyer and you need to live in the home for at least six months after you buy it. And just to be clear, I always get the ask this. You can't use your employees' mandatory contributions.
00:03:03
Speaker
The first home super saver scheme relies on any extra voluntary contributions you make. So in other words, if your employer is playing you double super, they're paying you 11% plus the extras, you can't touch that. You need to ask your employer, hey, employer, I want to make extra voluntary contributions towards the first home super saver. They'll take that from your weekly pay packet. You'll kind of get a little bit less in your bank account, but more in your first home super savings. I hope you get into the property ladder way quicker.
00:03:26
Speaker
There's also a third scheme for any single parents out there called the family home guarantee scheme. This scheme is similar, the home guarantee deposit scheme so allows you with a smaller deposit, but this scheme is targeted specifically for single parents and carers and helps you get in the market with just a 2% deposit, still avoiding that lender's mortgage insurance. Now there still are the income caps. So as a single parent applying, you need to be earning less than $125,000 taxable income, which is tricky to get stuff for that borrowing capacity, but it is a foot in the door.
00:03:53
Speaker
The last one that's federally available is the regional first home buyer scheme. It's pretty much the same as the first home buyer guarantee scheme, 5% deposit, but used to be buying a home in regional areas outside the major metro areas. So that's the federal schemes in a nutshell. We've got different videos on each of these individual schemes, so check out our channel, but let's break it down state by state to see what's helping first home
State-Specific Grants Overview
00:04:11
Speaker
buyers get in the market. Let's start off with our most popular state, no populism here, just the most popular state, New South Wales. So New South Wales has a couple of tricks up its sleeve to help first home buyers get into the competitive pop video market.
00:04:21
Speaker
Let's start with the big one, the one that most people ask for is the first home owners grant. This is for just new homes that I've never been lived in before. And I know you're probably thinking, well, where am I going to find my dream home in Sydney for this grant? Well, just to hear me out, like the New South Wales government is offering $10,000 to first home buyers who are either buying a brand new home that's never been lived in or building one. So this does count if you're buying a unit off the plan that hasn't been built yet and due to finish in the next couple of years.
00:04:44
Speaker
There are some conditions, though. The property cap for newly built homes is $600,000. And if you're doing a house and land package constructing yourself, it's up to $750. Has to be your first home you need to live in it for at least six months. New South Wales also has the first homebuyer assistance program. This is all about giving a bit of a break on stamp duty. If you're buying a home, an existing or new home, up to $800,000, you won't pay a cent on stamp duty. If you're buying something between $800 to $1 million, you get a bit of a discounted rate. Like I mentioned, this applies to both new and existing properties. So they're the two available in New South Wales. You either get the first homeowners grant, if it's a brand new home, or the stampage concession, which is one that is more widely available because a lot of people will be looking at existing homes. Next up, let's go to the land of great coffee, unpredictable weather and fierce AFL rivalries. That's it, Victoria. So first up, the Victorian first homeowners grant. Now, pay attention here because this one's a bit different. If you're buying or building a home in Metro Melbourne, you're going to look at a $10,000 grant.
00:05:34
Speaker
But if you're looking at regional Victoria, it doubles to go to $20,000. It's kind of like the government wanting you to get out of town. The catch is a new property needs to be valued at less than $750,000. In Melbourne, you might be looking at a nice apartment, but in regional Victoria, you could be looking at a proper house. Victoria also has the first home buyer due to exemption or concession. So in this one, it gives you a bit of a break on stamp duty. The caps are less than in Sydney. So in Victoria, you won't be paying for stamp duty if you buy a place for $600,000 or less. And as you find something between $600,000 to $750,000, you get a bit of a discounted rate. There's also something called the Victorian Home Buying Fund. This is a shared equity scheme, which might sound complicated, but stick with me. Basically, the government will own or chip in 25% of the purchase price, and in return, they're going to own that percentage of the home. You'll just need a 5% deposit, and the government contribution means you'll avoid paying lenders mortgage insurance. The negative of the scheme is the government owns that 25%. So if property values increase in the future, if you turn to investment property, you've got the government as your co-owner.
00:06:28
Speaker
There's also conditions around this scheme, income can't be more than $128,000 for singles and $204,000 for couples. And like I mentioned, when you eventually sell or refinance, you're going to need to buy out the government's share, so it can be a bit tricky. Let's head north to the Sunshine State in Queensland, which is famous for beaches, but also some good deals for first-home buyers.
00:06:43
Speaker
First up, the big one, the big change that's just come in this year is the first homeowners grant, which is now $30,000 towards buying or building a brand new home. The catch is again, the property needs to be valued at $750,000 or less. The next scheme available in Queensland is the first home concession. It's all about giving you a break on stamp duty. So if you're buying a home up to $700,000, there's no stamp duty in Queensland for first home buyers. If you're buying something for $700,000, $800,000, you get a discounted rate. Concessions do change on vacant land So if you are looking at vacant land, and check out the stamp duty calculator on our website. If you're looking at going regional, you might be eligible for the regional home building boost. This is an extra $5,000 on top of the first homeowners grant. So if you're building a house in regional Queensland, you potentially get up to $35,000, provide you meet the other terms and conditions, mostly on that 750 value. Now time to head west now to WA. The first homeowners grant in Western Australia is $10,000. Again, it applies only to brand new homes or units I've never been lived in before. Perth gets a bit confusing with the property value limits. The value limit is 750,000 if your home is south of the 26th parallel, which includes Perth and most major towns, or a million dollars if you're up north. Where WA has a little bit of catching up to do is the stamp duty concession. So unlike the other states, it's a little bit lower. So if you're buying a home up to $430,000, stamp duty is waived and it's only discounted between $430,000 and $530,000. Obviously property prices in WA have gone nuts over the last 12 months. So keep an eye on that. Hopefully the government catches up. Western Australia has also introduced a build for me scheme. This is a shared equity program aimed at lower income owners who are struggling to get into the property market. And this scheme, the government will co-own up to 30% of the property with you.
00:08:10
Speaker
Times Look South Australia now famous for Brossa Shiraz, but also some reasonable deals, I guess, first home buyers. The first one is the first home owners grant. This is generous. It's $15,000 for a brand new home, but only valued up to $575,000. So you're probably looking more regional or apartment in Adelaide if there's something off the plan.
00:08:27
Speaker
Now, a stamp duty, it kind of isn't great in South Australia. They don't have specific stamp duty concessions for first home buyers, but they do offer a general concession based on the property value. Say if you're buying existing home in South Australia for $400,000. In other states, the stamp duty is waived. In Adelaide, you're still paying $20,000 for that stamp duty. So keep that in mind. It's going to move around your deposit figures because you don't need to come up with the 5% deposit plus the stamp duty if you're buying an Adelaide.
00:08:51
Speaker
All right, let's go across to the Bass Strait to Tasmania. We've got the first Hermitage Grant Tasmania for $10,000. If you're building a brand new home or buying a brand new one, the good thing about this one is there's no property price cap. So if you're buying something in Hobart or lawn system, it doesn't matter where, ah potentially you get this as long as a brand new property. On stamp duty, Tasmania offers 100% discount on transfer duty for first home buyers buying home up to $750,000 if you're buying between Feb 2024 and June 2026. So whether you're buying newer establishments, you could save a bunch. That's about it though. Looking at Northern Territory next, the government's giving some massive grants to get people.
00:09:24
Speaker
up there. First off, there's the Homegrown Territory Grant boosting the first home in this grant from $10,000 to a staggering 50 grand if you're buying a brand new home or building new in the territory. And there's no cap on property prices. So whether you're buying an apartment or a house, you would be eligible for this grant. But it doesn't stop there. If you're a first home buyer looking to establish home in Northern Territory, the grant still offers $10,000 to help you seal the deal. Again, there's no price on it, which is pretty crazy. It's only for contracts dated from the 1st of October, 2024. So if you signed something before then, you're not gonna be eligible. And for those who aren't first home buyers but ready for a fresh start, the Fresh Start New Home Grant ditches out $30,000 towards building or purchasing a new home. And it's a good opportunity to move up to the NT. There's also access to low deposit loans and the whole home build access helping you foot in the door.
00:10:09
Speaker
Last up and often forgotten is Canberra at ACT. The starters show here is the homebuyer concession scheme. Now pay attention, to this one's a little bit different. Instead of a cash grant, the ACT is offering to waive your stamp duty entirely. That's right, no stamp duty for eligible first home buyers, but there are some conditions.
Aligning Goals with Grants
00:10:24
Speaker
There is an income threshold that you need to meet, so a family can earn up to 160,000 to be eligible. I'll include some links to that below.
00:10:31
Speaker
Remember, each state and territory has its own unique offering, some with cash grants, often with stamp duty waivers, but a lot of them are about new homes, so keep that in mind. The key is understanding what your goals are, what you're looking to do with your home and where you're looking to buy. it And that's where it comes back to your goals. It's important about being clear about what you want, the areas you want to live, and then we can work out home loan options and grants that fit your situation.
00:10:50
Speaker
At Hunter Gallo, the home for home buyers across Australia, we can sit down and give you a free assessment on what grants you're eligible for, your borrowing capacity, what's available in your location, and what's going to work out best to you. We help people all around Australia. So if you need help from anywhere from Perth to Queensland, everything in between, hit us up at huntergallo.com.au. And until next time, I'll see you later. um