Know the home-buying process
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.
Let our calculators give you a clearer picture of buying
Do your homework
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.
Gather your details
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.
Question one
In which Australian state or territory do you intend to buy your first home?
Question two
What kind of home will you be purchasing? New? Established? Are you building a new home?
Question 3
What is the value of the property you’ll be purchasing?
Your first home buyers grant questions answered
In NSW
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.
In QLD
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
In NSW, eligible first home buyers no longer have to pay stamp duty on homes valued up to $650,000. For homes valued between $650,000 and $800,000 a concessional rate is applied. This could help you save as much as $26,857 when you buy your first home.
As a first home owner, you also won’t pay any stamp 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 QLD
In Queensland, first home owners receive a concessional rate of stamp duty on homes worth up to $550,000. This concession is applied by deducting a set amount from the usual rate of stamp duty that would apply to owner/occupiers.
This means that you will effectively pay no stamp 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 stamp 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.
In NSW
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:
- an Australian citizen or a permanent resident of Australia
- at least 18 years old.
To find out more, visit the NSW Govenment website.
In QLD
- You need to be a natural person (not a company or trust) aged 18 years or older.
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You need to be a permanent resident or Australia citizen.
- You or your spouse must not have previously received a First Home Owner Grant in Australia.
- You must not have previously owned property in Australia that you lived in.
- You may still be eligible for the First Home Owner Grant in Queensland if you have owned an investment property as long as you haven’t lived in it.
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.
Assess your eligibility
Once you’ve got this info, complete your details below and we can help assess whether you may be eligible for the first home buyer grant in your state.
If you feel ready to kick-start the home buying journey, leave us some details via our enquiry form below, and an expert lender will be in touch to discuss how we can help.
Compare Home Loans
|
Featured rate
Great Rate Home Loan
Our simple, low rate loan that’s perfect if you’re after great value and no ongoing fees. Our Great Rate loan lives up to its name and offers flexible repayment and loan term options.
|
Ultimate Home Loan
Our ultimate in loans. Our Ultimate Home Loan offers the flexibility of fixed or variable rate, or a mixture of both. What's more, it features a linked offset account and free redraw available around the clock via online banking.
|
Line of Credit
Our Line of Credit helps you make the most of the equity in your home. Great if you’re thinking about renovating, investing, or just want more flexibility.
|
Ultimate Investment Home Loan
Our Ultimate Investment loan combines great value with a range of extra products designed to make investing easier.
|
Great Rate Investment Home Loan
With low-interest rates and no monthly or annual fees, we've made investment simple.
|
|---|---|---|---|---|
|
Interest rate
1.89
%#
p.a.
Comparison rate
2.17
%^
p.a.
~1 year fixed discounted revert rate, owner occupied, principal and interest
|
Interest Rate
1.89
%#
p.a.
Comparison rate
3.11
%^
p.a.
~1 year fixed discounted revert rate, owner occupied, principal and interest
|
Interest rate
4.60
%
p.a.
Line of Credit home loan base rate
|
Interest rate
2.19
%#
p.a.
Comparison rate
3.17
%^
p.a.
~1 year fixed discounted revert rate, principal and interest
|
Interest rate
2.19
%#
p.a.
Comparison rate
2.29
%^
p.a.
~1 year fixed discounted revert rate, principal and interest
|
|
|
|
|
|
|
|
|
|
|
|
Can't quite find what you're after?
Drop into a branch
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
Can’t make it to a branch?
Our mobile lenders are more than happy to come to you. Find a lending expert close to you and request a callback today.
Get in touch
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 Limited ABN 88 087 651 956. AFSL/Australian credit licence No. 237476.
~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 90% 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.