Depending on the location, price and type of property you plan to buy as your first home, you may be able to access differing amounts.
In which Australian state or territory do you intend to buy your first home?
What kind of home will you be purchasing? New? Established? Are you building a new home?
What is the value of the property you’ll be purchasing?
Once you’ve got this info, assess your eligibility via the Australian Government website below.
If you feel ready to kick-start the home buying journey, leave us some details via our enquiry form, and an expert lender will be in touch to discuss how we can help.
Often, first home buyers will hear about the first home buyer grant first, before they’ve done any other research into what it takes to buy a home. While the prospect of securing financial assistance to get the keys to your first place may seem attractive, accessing it will form one part of what can sometimes be a complicated process.
Once you’re aware of what it takes to buy a home, you’ll be able to budget and set your expectations accordingly.
The first homeowner grant is financial assistance in the form of a one-off payment from your state or territory government, that can be accessed to help with the purchase of your first home.
The first homeowner grant scheme was introduced to offset the effect of the GST on home-ownership, and the amount you may be able to access differs from state to state, so making yourself aware of just how much you may be able to access will help you adjust your deposit savings budget.
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.
For more information, visit the NSW Government website.
The Queensland first home owners' grant provides first-time home buyers an extra bit of help to get into the market sooner. If eligible, you'll get $15,000 towards buying or building your new home. The Queensland grant covers new houses, units and townhouses—you can even buy off the plan or choose to build yourself.
For more information, visit the QLD Government website.
In NSW, eligible first home buyers no longer have to pay transfer duty on homes valued up to $800,000. For homes valued between $800,000 and $1,000,000 a concessional rate is applied.
As a first home owner, you also won’t pay any transfer duty on vacant land worth up to $350,000, while land valued between $350,000 to $450,000 attracts a concessional rate.
For more information, visit the NSW Government website.
In Queensland, first home owners receive a concessional rate of transfer duty on homes worth up to $550,000. This concession is applied by deducting a set amount from the usual rate of transfer duty that would apply to owner/occupiers.
This means that you will effectively pay no transfer duty if you’re buying a first home worth less than $500,000, with a concessional rate applying to home valued between $500,000 and $550,000.
If you’re buying vacant land, you’ll also receive similar benefits, which mean that you’ll pay no transfer duty on land valued up to $250,000. A concessional rate applies to land valued between $250,000 and $400,000.
For more information, visit the QLD Government website.
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, although there are some exceptions.
You must also move into the property within 12 months, and live there for at least six continuous months.
You must be:
To find out more, visit the NSW Government website.
In QLD
In addition, you’ll need to live in your first home for at least six months within a year of becoming the owner.
To find out more, visit the QLD Government website.
As a general rule, there are a number of things which can pose problems for first-time buyers, which include:
To familiarise yourself with the home-buying journey, check out our piece on 5 questions every first-time buyer should answer.
As a buyer, once you have secured a home loan, and have agreed on terms and exchanged contracts with the seller, you will have to pay your full deposit amount.
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
Our mobile lenders are more than happy to come to you. Find a lending expert close to you and request a callback today.
Speak to our contact centre
Monday to Friday 8:00am – 6:00pm AEST.
Saturday 8:00am to 1:00pm AEST.
*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992, Australian Financial Services Licence/Australian credit licence 238273
++$2,000 cashback for loans ≥$250,000 or $2,500 cashback for loans ≥$500,000. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.
Rate City Gold Award 2024, see http://ratecity.com.au/home-loans/awards for more information