First Home Buyers Assistance Scheme Australia in 2024

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The Insider @ Houst
Last updated on
September 13, 2023

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First Home Buyers Assistance Scheme Australia in 2024

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Since July 1, 2023, new rules exist for buying homes and land. If you're getting a home that costs up to $800,000, you won't have to pay transfer duty anymore. But if your new place is valued over $800,000 and less than $1,000,000, you might get a bit of a break on the transfer duty - it'll be at a lower rate.

Now, if you're considering getting some vacant land and building a home on it, here's the deal: You can get a pass on the transfer duty if the land's worth up to $350,000. And if it's valued over $350,000 but less than $450,000, you'll still get a discount on that transfer duty. It's all about making things easier for folks wanting to own a home or land.

Being a first-home buyer comes with some good news and complexity. The Australian government has your back with various schemes to ease the financial journey. Let's be real – it can get pretty baffling with all those different programs and their eligibility rules. But, in this article, we’ll discuss Australia's first home buyers assistance scheme. So, let’s get started!

Table of Contents

Option 1: First Home Guarantee

 

The First Home Guarantee scheme is like a helping hand from the Australian government for first-time homebuyers. It's designed to make getting into the property game a bit easier.

What is it?

Here's the deal: If you're an eligible first-home buyer, you can buy a property with just a 5% deposit. That's a lot less than the usual 20% most folks need. The government guarantees the rest of the deposit so you don't have to pay for Lenders Mortgage Insurance. It's like a safety net for the lender if you can't repay the loan.

How many spots are there?

For the year from July 1, 2022, to June 30, 2023, are 35,000 spots up for grabs.

Who’s eligible? 

  • Individuals or couples (whether you're married or de facto).
  • You have to be an Aussie citizen.
  • Applicants need to be at least 18 years old.
  • Your annual income can't be more than $125,000 if you fly solo or $200,000 for couples. They'll check this with your Notice of Assessment from the Australian Taxation Office.
  • You have to plan on living on the property yourself.

This one's for first home buyers. If you've already owned a property in Australia, sorry, you're not in the club.

Option 2: First Home Super Saver Scheme

The First Home Super Saver (FHSS) Scheme is like a financial boost from the Australian Government, specially tailored for first-time homebuyers. It lets you save for your deposit using your superannuation.

What is it?

With this scheme, you can stash away some extra cash for your home deposit by voluntarily contributing to your super. You can tuck in up to $15,000 each financial year and up to $50,000.

Here's the cool part: Depending on your contributions, you might get some sweet tax benefits or offsets.

Just remember, you can only dip into the voluntary contributions you've made to your super fund, not the ones your employer chips in. You can add to this fund through salary sacrifice (before tax) – you'll need to chat with your boss about that. Or you can toss in some voluntary contributions from your after-tax income.

When you're ready to buy your home, you can withdraw your savings, plus any earnings they've made, and use them to beef up your deposit.

How many people can get in on this?

There's no limit to the number of people joining this scheme.

Who's eligible?

You've got to be at least 18 years old to request that your super gets released through the FHSS scheme. But you can start saving before you hit 18.

This one's for people who haven't owned any property in Australia before. That includes buying an investment property and land. So, if it's your first property dance, you're in the club.

Good news for international people: you don't need to be Australian citizens or residents to join the FHSS scheme action.

Option 3: Family Home Guarantee

 

The Family Home Guarantee is like a friendly hand reaching out to eligible single parents with dependent kids to help them snag their family home sooner.

What is it?

Here's the deal: If you qualify, you can dive into the world of homeownership with a tiny 2% deposit, and you won't have to worry about pesky Lenders' Mortgage Insurance. The government's got your back for the remaining 18%, so you can hit that typical 20% target.

How many spots are up for grabs?

Every financial year, from 1 July 2022 to 30 June 2025, will be 5,000 spots waiting for new homeowners.

Who's eligible?

This one's for all the single folks out there. No spouse or de facto partner is needed. You won't be considered single if you're separated but not officially divorced.

And there's one more thing: You must have at least one dependent child.

Option 4: Regional First Home Buyer Support Scheme

The Regional First Home Buyer Support Scheme is like sunshine for those dreaming of their first home in regional Australia.

What is it?

Picture this: Starting in January 2023, if you're eyeing a place in regional areas, you can make your homeowner dreams come true with just a teeny 5% deposit. No need to stress about Lenders Mortgage Insurance because the government's got your back for the rest, up to 15% of the purchase price.

How many opportunities are there?

Every year, 10,000 spots are reserved for regional first-home buyers.

Who's eligible?

If you live outside an Australian capital city and are a first-home buyer, you're in!

Here's the lowdown:

  • You should be an Australian citizen aged 18 or older.
  • You must plan to live in the property you're buying.
  • Your annual taxable income should stay below $125,000 if you fly solo. For couples, your combined income can't soar past $200,000 per year.
  • You've got a call that region home for at least the last 12 months.
  • Lastly, your dream home should match the property price thresholds.

Option 5: Help to Buy Scheme

Labour's Help to Buy Scheme is like a friendly neighbour offering a helping hand to first-home buyers. It's designed to make that leap into the property market less daunting by providing eligible applicants with a government loan towards the upfront purchase price.

What is it?

Here's the deal: If you're eligible, the government will boost you by loaning you part of the upfront purchase price for a new home. You can get 30% of an existing property or 40% of a new build. It's like having a home equity buddy in the government!

How many spots are up for grabs?

Labour's Help to Buy Scheme aims to assist 100,000 eligible home buyers get their own slice of the property pie. The program starts in the first half of 2024 and spans four years.

Who's eligible? 

To be eligible, you must save at least a 2% deposit and demonstrate that you can comfortably handle the rest of the property price with a home loan. It's all about making homeownership more achievable for folks like you.

Can I Apply for Multiple Government Grants and Schemes?

 

Yes! You can apply for multiple government first home buyers grant and first home buyers assistance schemes to maximise the benefits. However, it's essential to carefully review the eligibility criteria for each program to ensure you qualify for multiple schemes simultaneously. 

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If you're a property owner, Houst is your trusted partner in the real estate world. We're not just another rental management company; you're your key to unlocking your property's full potential.

If you're a property investor, Houst can help you manage your property. It doesn't matter if you're new to this or experienced. We'll cover everything, from finding tenants to maintaining your property. 

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The Insider @ Houst

The Insider @ Houst

The Insider team at Houst is dedicated to providing up-to-date and relevant information on short-term rentals. If you have hosting inquiries, please write to us at expert@houst.com. For guest inquiries, reach out at guest@houst.com. We are here to help you navigate the world of short lets and look forward to assisting you with your needs.

The Insider @ Houst

The Insider @ Houst

The Insider team at Houst is dedicated to providing up-to-date and relevant information on short-term rentals. If you have hosting inquiries, please write to us at expert@houst.com. For guest inquiries, reach out at guest@houst.com. We are here to help you navigate the world of short lets and look forward to assisting you with your needs.

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