Home / First home buyers / Government schemes
Eligibility rules, price caps and thresholds differ by state and change regularly. Here's the shape of what exists – we'll check what actually applies to you.
Helps eligible first home buyers purchase with a lower deposit and without paying Lenders Mortgage Insurance.
A shared-equity scheme where the government takes an equity interest in the property while you own and live in it.
Administered separately by each state and territory, so the amount and the eligibility rules depend entirely on where you buy.
Depending on your state, you may be eligible for a full exemption from transfer duty or a significant concession.
Eligibility criteria for all government schemes are set by government, not by us or by any lender. Caps, thresholds and available places change periodically. Talk to me about what applies to your situation.
The most common mistake I see is treating these as alternatives. They often aren't. A first home buyer might use a government guarantee to avoid LMI, claim a stamp duty exemption, and receive a first home owner grant if they're building – all on the same purchase.
Each has different eligibility rules and different caps, so whether they combine depends on your circumstances and your state. Working out the best combination for you is exactly the kind of thing worth a fifteen-minute conversation.
Deliberate. Scheme thresholds change with every state budget, and there are a great many broker websites currently quoting figures that were correct two years ago. Rather than add to that, specific amounts live on the individual scheme pages with a visible review date, and we confirm your position against the relevant government source at the time you buy.
Just say so when you book. A home loan is the largest commitment most people ever make, and it's worth having that conversation in the language you think in.
