Incentives & Rebates
Home Buyer's Toolkit: Government Grants, Incentives and Rebates
As an aspiring home builder, you’ll be glad to know that there are a host of government-backed incentives and rebates designed to give you a financial leg up as you embark on your property journey. However, with the rules, eligibility criteria and first home buyers grant sizes differing between states, it's important to know what's available in your region.
In addition, your estate may have a number of specific incentives ranging from free fencing, solar rebates, landscaping and more. Speak to your sales professional to see what may be available in your chosen estate! This information can also be found on the estate website.
Here’s what you need to know about government incentives and rebates for home buyers.
Western Australia
First Home Owner Grant (FHOG)
The first home owners grant is a lump sum payment of $10,000 for first home buyers who intend to build or buy a new home as their principal place of residence.
While the FHOG is not means tested, the WA government sets a cap on how much your land and building transaction can amount to before you become ineligible. This cap ranges from $750,000 up to $1,000,000, depending on where you live in WA. If you’re an aspiring home builder or buyer, please read the full list of rules and eligibility requirements for the FHOG on the WA government website.
First Home Owner Rate (FHOR)
This first time home buyer incentive allows those who qualify for the FHOG to access a concessional rate of stamp duty or even avoid paying stamp duty altogether. Under the FHOR, vacant land purchases that amount to less than $300,000 do not incur any stamp duty, while transactions that are valued between $300,000 and $400,000 are entitled to a discounted rate. You can read the full list of rules and eligibility requirements for the FHOR on the WA government website.
Victoria
First Home Owner Grant (FHOG)
Similar to Western Australia, the Victorian FHOG is a lump sum payment of $10,000 designed to assist first home buyers who plan to build or buy a new home valued up to $750,000. Like WA, this new build has to be your principal place of residence. You can read the full list of rules and eligibility requirements for the FHOG on the VIC government website.
First Home Buyer Duty Exemption or Concession
First home buyers looking to build or buy a new or established home valued up to $600,000 may be eligible for a one-off stamp duty exemption. Even then, first home buyers may still qualify for a concessional rate of duty for properties valued between $601,000 and $750,000. You can read up on the full list of rules and eligibility requirements for the First Home Buyer Duty Exemption or Concession on the VIC government website.
Principal Place of Residence (PPR) Concession
This duty concession is available to all home buyers who purchase a property (including vacant land) valued up to $550,000 which you intend to use as your primary home. You can read up on the full list of rules and eligibility requirements for the PPR Concession on the VIC government website.
Pensioner Concession
Eligible pensioners may be entitled to a one-off stamp duty exemption for a home valued up to $330,000, or a concessional stamp duty rate for a home valued between $330,001 and $750,000. In the case of vacant land purchases where you intend to build a home, both the dutiable value of the land and the construction costs will contribute to the total value. You can read up on the full list of rules and eligibility requirements for the Pensioner Concession on the VIC government website.
Queensland
First Home Owner Grant (FHOG)
In Queensland the FHOG allows eligible first home buyers to receive a lump sum payment of $15,000 when buying or building a new home. Like other states, there is a cap placed on the value of the home you buy or plan to build, whereby it cannot exceed $750,000 (including land). You can read up on the full list of rules and eligibility requirements for the FHOG on the QLD government website.
First Home Vacant Land Concession
First home buyers planning to build a new home may be entitled to a total stamp duty exemption if the vacant land is valued less than $250,000. Otherwise a concessional rate of stamp duty may be payable if the vacant land is valued between $250,001 and $399,999. You can read up on the full list of rules and eligibility requirements for the First Home Vacant Land Concession on the QLD government website.
First Home Guarantee (FHBG)
The FHBG is part of the Home Guarantee scheme that is overseen by the Australian Government and is thus available Australia-wide.
Rather than paying a lump sum, the FHBG allows eligible first home buyers to purchase a home with as little as 5% deposit without the need to pay Lender Mortgage Insurance (LMI). This is because the National Housing Finance and Investment Corporation guarantees up to 15% of purchase price of the property, promising the lender that the loan repayments will be covered if you become unable to meet the repayments yourself.
The NHFIC has announced that there are 35,000 available places for the FHBG, open to eligible first home buyers from 1 July 2022 to 30 June 2023. You can read up on the full list of rules and eligibility requirements for the FHBG on the NHFIC website.
Family Home Guarantee (FHG)
The FHG forms the second half of the Australian Government’s Home Guarantee scheme. Similar to the First Home Guarantee, the FHG allows eligible single parents with at least one dependent child to purchase a home with as little as 2% deposit without needing to pay LMI.
Currently, the NHFIC has released 5,000 available places for the FHG, open to eligible single parents with dependent children from 1 July 2022 to 30 June 2025. You can read up on the full list of rules and eligibility requirements for the FHBG on the NHFIC website.
