What grants are available for first home buyers in Australia in 2026?

First home buyers in Australia in 2026 can access: (1) First Home Guarantee (5% deposit, no LMI, all eligible first home buyers from October 2025), (2) First Home Owner Grant (FHOG) — $10,000 in most states for new builds, amounts vary by state, (3) Stamp duty concessions or exemptions in most states for properties under defined thresholds, (4) Help to Buy shared equity scheme (Commonwealth, pending state implementation), (5) State-specific schemes including Victorian Homebuyer Fund and similar programs.

What is the income limit for the First Home Guarantee in Australia?

From October 2025, the First Home Guarantee (5% deposit scheme) has no income limit — it is available to all eligible first home buyers regardless of income. Previously the scheme had income caps of $125,000 for singles and $200,000 for couples. Property price caps still apply and vary by state and territory.

How much deposit do I need to buy a house in Australia in 2026?

The minimum deposit required in Australia in 2026 is 5% of the property purchase price for eligible first home buyers using the First Home Guarantee, with no lender's mortgage insurance required. Without the scheme, you need 20% to avoid LMI, or between 5–19% with LMI (which typically costs $10,000–$30,000 on a $700,000 purchase).

First Home Buyer in Australia 2026: Every Grant, Scheme, and Strategy Explained

Entering the property market as a first home buyer in Australia in 2026 is harder than at any point in the past three decades by most affordability measures. But there has also never been more government assistance available. Understanding every scheme, grant, and strategy available to you — and how they interact — is essential before you sign anything.

The Complete List of Government Support in 2026

1. First Home Guarantee (previously First Home Loan Deposit Scheme)

From 1 October 2025, the First Home Guarantee was expanded to all eligible first home buyers with no income cap. Previously restricted to singles earning under $125,000 and couples under $200,000, the scheme is now universal.

First Home Guarantee — How It Works

Deposit required: As low as 5% of purchase price
LMI: Waived — the government guarantees the difference
Income cap: None (removed October 2025)
Property type: New and existing homes
Available through: Participating lenders (check Housing Australia website for current list)
Key condition: Must be owner-occupier, not investor

The practical effect: on a $700,000 property, you need $35,000 (5%) rather than $140,000 (20%). You avoid LMI — which on a 95% LVR loan of $665,000 would typically cost $20,000–$25,000. The tradeoff: a larger loan, higher monthly repayments, and more total interest paid over the life of the loan.

2. First Home Owner Grant (FHOG)

The First Home Owner Grant is a one-time payment from state and territory governments. Amounts vary:

New South Wales: $10,000 for new builds under $600,000
Victoria: $10,000 for new homes in metropolitan Melbourne; $20,000 in regional Victoria
Queensland: $30,000 for new builds (increased in 2025)
Western Australia: $10,000 for new builds under $750,000
South Australia: $15,000 for new builds
Tasmania: $10,000 for new builds
ACT: FHOG replaced by Home Buyer Concession Scheme
Northern Territory: $10,000 for new builds

Important: the FHOG is only available for new or substantially renovated homes in most states. Buying an established property does not qualify in the majority of jurisdictions.

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3. Stamp Duty Exemptions and Concessions

Stamp duty (transfer duty) is typically the largest upfront cost beyond the deposit. Most states offer exemptions or concessions for first home buyers:

NSW: Full exemption for new homes up to $800,000. Concessions for $800,000–$1,000,000. Option to pay annual property tax instead of stamp duty (First Home Buyer Choice).
Victoria: Full exemption for properties up to $600,000. Sliding concessions up to $750,000.
Queensland: Full concession for homes under $700,000 (owner-occupied).
WA: Full exemption for homes under $430,000. Concessions up to $530,000.
SA: Full exemption for new homes up to $650,000.

4. Help to Buy — Shared Equity Scheme

The federal Help to Buy scheme provides a Commonwealth equity contribution of up to 40% for new homes and 30% for existing homes. You own your home outright but share a portion of any capital gain (or loss) with the government when you sell or refinance.

Help to Buy — Key Numbers

Government equity contribution: Up to 40% (new) or 30% (existing)
Income caps: $90,000 singles, $120,000 couples
Deposit required: Minimum 2%
When you sell: Government receives its share of the sale price
Availability: Pending state implementation agreements — check current status in your state

What to Do First: A Step-by-Step Process

Calculate your borrowing capacity — use Finrivo's mortgage calculator to understand what loan size your income supports at current rates with a 3% serviceability buffer
Check which grants and schemes you qualify for — use the Housing Australia eligibility checker for the First Home Guarantee, and check your state revenue office for FHOG and stamp duty concessions
Get pre-approval — this tells you your actual borrowing limit and shows vendors you are a serious buyer
Factor in all costs — deposit, stamp duty (if applicable), conveyancing ($1,500–$3,000), building and pest inspection ($500–$800), loan application fees, moving costs
Use a mortgage broker — over 75% of Australian first home buyers now use brokers. They have access to more lenders and products than you can access directly, at no cost to you

The cost people forget

Beyond the deposit and stamp duty, first home buyers consistently underestimate: conveyancing ($1,500–$3,000), building and pest inspection ($500–$800), loan establishment fees ($0–$600), lender's mortgage insurance if applicable ($10,000–$30,000), moving costs ($1,000–$5,000), and the immediate costs of moving into a new property (connection fees, appliances, repairs).

Calculate What You Can Afford

Use Finrivo's free mortgage calculator to see your repayments at any property price, deposit size, and interest rate — and stress test at higher rates.

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