Buying a home is a major life milestone, and for many Australians, it’s the biggest financial decision they’ll ever make. If you’re a first home buyer, you may be feeling a little overwhelmed by the process. But don’t worry – there are plenty of first home buyer benefits available to help you get into your first home.

The Australian government offers a range of incentives and grants to help first home buyers get into the property market. These include the First Home Loan Deposit Scheme, the First Home Super Saver Scheme, and the First Home Owner Grant. In addition, there are a number of state and territory-based grants and concessions available to first home buyers.

The First Home Loan Deposit Scheme

The First Home Loan Deposit Scheme is a federal government initiative designed to help first home buyers purchase a home sooner. Under the scheme, eligible first home buyers can purchase a home with a deposit of as little as 5% of the purchase price. The scheme is available to single buyers with an income of up to $125,000 per year, or couples with a combined income of up to $200,000 per year.

The scheme is available to first home buyers who are purchasing a new or existing home, or building a new home. It is available for both owner-occupied and investment properties, but the property must be valued at less than $700,000 in most capital cities, or less than $450,000 in regional areas.

The First Home Super Saver Scheme

The First Home Super Saver Scheme is another federal government initiative designed to help first home buyers save for a deposit. Under the scheme, eligible first home buyers can make voluntary contributions to their superannuation fund of up to $15,000 per year, and up to $30,000 in total. These contributions are taxed at a lower rate than regular income, so you can save more money for your deposit faster.

The First Home Owner Grant

The First Home Owner Grant is a one-off payment of up to $10,000 available to eligible first home buyers in most states and territories. The grant is available to buyers of both new and existing homes, and can be used to help cover the costs of purchasing a home.

State and Territory-Based Grants and Concessions

In addition to the federal government initiatives, most states and territories also offer their own grants and concessions to first home buyers. These can include stamp duty concessions, grants for building or buying a new home, and other incentives.

For example, in New South Wales, first home buyers are eligible for a stamp duty concession of up to $24,000 on the purchase of a new home. In Victoria, first home buyers are eligible for a stamp duty concession of up to $20,000 on the purchase of a new home.

Getting the Right Advice

Buying a home is a big decision, and it’s important to get the right advice. At The Home Loan Partners, we’re experts in helping first home buyers get into the property market. We can help you understand the different grants and concessions available, and work with you to find the best home loan for your needs.

We understand that buying a home can be a daunting process, and we’re here to help. We’ll take the time to understand your needs and goals, and provide you with the best advice and support.

If you’re a first home buyer looking to get into the property market, we’d love to help. Contact us today to find out more about the first home buyer benefits available, and how we can help you get into your first home.