Buying a home
In short
Buying a first home usually needs a deposit, proof you can repay a loan, and money for costs like conveyancing and (in most states) stamp duty. Two federal schemes now do most of the heavy lifting: the 5% Deposit Scheme (no income caps, no place limits since 1 October 2025) and Help to Buy (the government takes a share of the price so you borrow less). State grants and duty relief sit on top and vary a lot - Tasmania's position changed on 1 July 2026 and is set out below, with a state-by-state table underneath.
The stamp-duty exemption for first-home buyers of established homes up to $750,000 ended for transfers settling after 30 June 2026; the State Revenue Office lists it under "ending 30 June 2026" and no replacement first-home duty concession was announced in the 2026-27 Tasmanian Budget, so first-home buyers of established homes now pay duty at the ordinary scale. The First Home Owner Grant is $20,000 for eligible transactions entered into from 1 July 2026 to 30 June 2027 (new homes only - buying or building), down from $30,000 the year before. The federal 5% Deposit Scheme and Help to Buy both apply in Tasmania with a price cap of $700,000 in Hobart and $550,000 elsewhere in the state.
The deposit
Lenders traditionally want a 20% deposit to avoid Lenders Mortgage Insurance (LMI) - an insurance that protects the lender (not you) and can cost thousands. You can buy with less (5%, or 2% in some schemes) without LMI where a government guarantee or equity scheme covers you.
Federal schemes - they apply in every state and territory
5% Deposit Scheme (Home Guarantee Scheme)
Buy with a 5% deposit and no LMI - the government guarantees part of the loan. Since 1 October 2025 there are no income caps and no limit on places; any Australian citizen or permanent resident first-home buyer who has saved 5% can apply through a participating lender. A single-parent stream allows a 2% deposit. Property price caps apply (table below). Administered by Housing Australia; official portal firsthomebuyers.gov.au.
Help to Buy (shared equity)
Applications opened 5 December 2025. The government contributes up to 30% of the price of an existing home or up to 40% of a new home, so you borrow only the rest. You need at least a 2% deposit. Income caps (your taxable income on last year's notice of assessment) are $103,000 for a single applicant and $165,000 for joint applicants or single parents (figures from the 1 July 2026 fact sheet). You buy the government's share back over time or when you sell. Price caps apply (table below).
First Home Super Saver (FHSS)
Save a deposit inside super, where voluntary contributions are taxed at only 15%, then withdraw them (plus deemed earnings) for your first home. It stacks with both schemes above. Limits and rules apply - see the super page and the ATO.
Can I combine them?
Usually yes: for example, FHSS to build the deposit, the 5% Deposit Scheme to avoid LMI, and your state's grant on a new build. Whether the 5% Deposit Scheme and Help to Buy can be used on the same purchase is set by each scheme's rules - a participating lender or mortgage broker will confirm what stacks in your case.
Property price caps for the two federal schemes
The same caps apply to the 5% Deposit Scheme (from 1 October 2025) and Help to Buy (1 July 2026 fact sheet). "Capital city and regional centres" means the greater capital area plus the larger regional centres defined by each scheme; "other" is the rest of the state.
| State or territory | Capital city and regional centres | Other areas |
|---|---|---|
| Tasmania | $700,000 | $550,000 |
| New South Wales | $1,500,000 (5% scheme) / $1,300,000 (Help to Buy) | $800,000 |
| Victoria | $950,000 | $650,000 |
| Queensland | $1,000,000 | $700,000 |
| Western Australia | $850,000 | $600,000 |
| South Australia | $900,000 | $500,000 |
| Australian Capital Territory | $1,000,000 | |
| Northern Territory | $600,000 | |
Help to Buy also lists $550,000 for Jervis Bay Territory and Norfolk Island and $400,000 for Christmas Island and the Cocos (Keeling) Islands. Use the official price cap tool to check a specific suburb.
State and territory grants and duty relief
Every state and territory runs its own first-home support, usually a cash grant for new homes and some relief from transfer (stamp) duty. These change often. The table shows what we confirmed on the official page on 30 October 2026; where a revenue office page could not be read by us that day, the cell says so rather than guessing - follow the link.
| Jurisdiction | First Home Owner Grant | Duty relief for first-home buyers | Official source |
|---|---|---|---|
| Tasmania | $20,000 - new homes, transactions 1 July 2026 to 30 June 2027 | Established-home exemption (to $750,000) ended 30 June 2026. No first-home duty concession in 2026-27. | SRO Tasmania |
| New South Wales | $10,000 - new or substantially renovated homes; cap $600,000 (purchase) or $750,000 (build) | No duty up to $800,000; concession $800,000 to under $1,000,000 (new or existing). Vacant land: exempt to $350,000, concession to under $450,000. | Revenue NSW |
| Victoria | Grant for buying or building a new home - amount and cap not re-confirmed by us on 30 October 2026 (page could not be read); check the link | Duty savings for homes up to $750,000 (SRO summary); thresholds not re-confirmed - check the link | SRO Victoria |
| Queensland | $30,000 - new homes under $750,000, contracts signed on or after 20 November 2023 (no end date shown on the QRO page) | First home and first home (new home) concessions - check the link | Queensland Revenue Office |
| Western Australia | $10,000 - buy or build a new home (value caps apply - not re-confirmed by us; check the link) | First home owner rate of duty - thresholds not re-confirmed by us; check the link | WA Department of Finance |
| South Australia | Up to $15,000 - new homes; no property value cap for contracts from 6 June 2024 | No stamp duty on eligible new homes or vacant land for contracts from 6 June 2024 | RevenueSA |
| Australian Capital Territory | None - grant payments ceased 1 July 2019 | Home Buyer Concession Scheme: pay less or no duty, income-tested - thresholds on the link | ACT Revenue Office |
| Northern Territory | HomeGrown Territory and FreshStart grants - amounts not re-confirmed by us on 30 October 2026 (page could not be read); check the link | See the link | NT Government |
The real costs beyond the price
- Stamp duty / transfer duty - can be tens of thousands unless a concession applies (in Tasmania, first-home buyers of established homes now pay the full scale).
- Conveyancing / legal fees - to handle the transfer.
- Building and pest inspection - money well spent before you commit.
- Loan and LMI costs - application fees, and LMI if your deposit is under 20% and no scheme applies.
- Moving, connection and initial repairs.
- Ongoing: council rates, water, insurance, body corporate (for units), and maintenance.
Steps to buying your first home
Save and check your borrowing power
Build your deposit (FHSS can speed this up) and get a sense of what you can borrow. A broker can help and is usually free to you.
Check which schemes you qualify for
5% Deposit Scheme or Help to Buy, FHSS, and your state's grant or duty relief. Confirm caps on the official pages - they are linked above.
Get pre-approval
A lender indicates how much they will lend, so you can shop with confidence. Scheme places are reserved through the lender.
Find a property and do your checks
Building and pest inspection, strata report for units, and research the area.
Make an offer and engage a conveyancer
They review the contract and manage settlement.
Settle and move in
Final loan approval, duty paid (or exempt), keys handed over. Then budget for the ongoing costs above.
Sources for this page
Every figure below was checked against the official source shown. Verified 30 October 2026. Figures and rules change - always confirm before acting.
- The Treasury (Cth) - Supporting people into home ownership. treasury.gov.au - 5% Deposit Scheme expanded 1 October 2025: no income caps, uncapped places; Help to Buy applications from 5 December
- Australian Government - First Home Buyers portal - 5% Deposit Scheme and Help to Buy. firsthomebuyers.gov.au - no income caps; Help to Buy opened 5 December 2025
- Housing Australia - Help to Buy fact sheet, 1 July 2026 (version 260701). firsthomebuyers.gov.au/media/1661 - $103,000 / $165,000 income caps, 30% / 40% equity, 2% deposit, price caps by state
- MFAA (industry body, quoting Housing Australia) - Changes to the 5% Deposit Scheme. mfaa.com.au - price caps from 1 October 2025 (TAS $700,000 / $550,000)
- Premier of Tasmania - First Home Owner Grant increase passes Parliament, 25 June 2026. premier.tas.gov.au - $20,000 for 2026-27, new homes
- State Revenue Office Tasmania - Home page notices. sro.tas.gov.au - grant $20,000 from 1 July 2026; established-home duty exemption and off-the-plan concession "ending 30 June 2026"
- State Revenue Office Tasmania - First home buyers of established homes duty relief. sro.tas.gov.au - $750,000, settlements 18 February 2024 to 30 June 2026
- Revenue NSW - First home buyer grants and schemes. revenue.nsw.gov.au - $10,000 grant; duty exemption to $800,000, concession to $1,000,000
- Queensland Revenue Office - First home owner grant eligibility. qro.qld.gov.au - $30,000, contracts from 20 November 2023, value under $750,000
- RevenueSA - First home owners. revenuesa.sa.gov.au - up to $15,000, no value cap and no duty on new homes from 6 June 2024
- WA Department of Finance - First home owner grant. wa.gov.au - $10,000
- ACT Revenue Office - Home Buyer Concession Scheme. revenue.act.gov.au - FHOG ceased 1 July 2019
- Australian Taxation Office - First Home Super Saver Scheme. ato.gov.au - FHSS
- ASIC - Moneysmart - Buying a house. moneysmart.gov.au/home-loans - independent guidance
Victorian, Western Australian (caps) and Northern Territory pages could not be machine-read on 30 October 2026, so those cells carry no figures. Scheme price caps and state grants change frequently - re-confirm on the official page before you rely on any figure here.
Verified 30 October 2026