First Home Buyer Incentives

First Home Buyer Deposit Scheme

Applicants qualifying for this scheme can apply for a home loan with a 5% deposit without having to pay lenders’ mortgage insurance.

This is the second year that this scheme has been offered by the Federal Government and will be capped at the first 10,000 applicants in the 2020-21 financial year.

To qualify, first-home buyers will need to show that their taxable income is below $125,000 for individuals and $200,000 for couples. This can be easily demonstrated with a 2019-20 Notice of Assessment from the Australian Taxation Office.

Click for more details and how to apply

First Home Owner Grant (new home)

A $10,000 first home owner grant is available for purchases of new properties valued less than $600,000 or when buying land and building a new first home worth less than $750,000.

To qualify as a first home buyer, you must be purchasing the first home you or your spouse have owned or co-owned in Australia.  You must also move into the property within twelve months and live there for at least six continuous months.

First Home Buyer Assistance Scheme

Stamp duty on new homes under $800,000 is being waived by the NSW government for twelve months for first home buyers starting on August 1, 2020.

Click for details and eligibility requirements.


This Federal Government stimulus is open to first and experienced home buyers, but it can complement the First Home Owner Grant (New Home) Scheme and First Home Buyers Assistance Scheme.  HomeBuilder grants $25,000 for new home builds and renovations where:

• The recipient is an owner-occupier

• The recipient earns no more than $125,000 per annum as a single applicant or $200,000 for a couple

• The contract is signed between June 4 and December 31 2020

• Construction commences within 3 months of the contract date

• For renovations, the existing property value must be no more than $1.5 million, and the renovation must be worth between $150,000 and $750,000. For new builds, the house and land value must not exceed $750,000.

Click for full details.