First Home Buyer Scheme: Are You Missing Out on Thousands in Support?
Ever heard of the First Home Buyer Scheme? If not, then you’re in luck. As a first home buyer, you need to know which schemes and grants can help you reduce the cost of your first home. This guide will help you learn more about this.
Now, there’s no denying that first home buyers are facing some unique challenges in 2025. With a cost of living crisis, increased rents, climbing property prices and reduced borrowing power, many first home buyers are wondering if it’s even possible for them to enter the property market right now. If that’s how you’re feeling, then don’t give up – the First Home Buyer Scheme can help.
Help Is Out There with the First Home Buyer Scheme
One of the biggest obstacles for a potential first home buyer is a lack of information. As a result, you might not realise how much government support is available. From grants to guarantees and reduced deposits, you could be inadvertently missing out on thousands of dollars in savings and upfront buyer assistance!
To ensure you’re accessing everything you’re entitled to as a first home buyer, here’s a quick guide to what’s on offer, how it can help you buy your first home and what to do next.
First Home Buyers Grant – What’s Available?
Also known as the First Home Owners Grant (FHOG) in Queensland, this is a lump sum payment that the government gives to eligible first home buyers who are building a new home or buying off the plan. For contracts signed between 20 November 2023 and 30 June 2025, this payment is worth a whopping $30,000. For contracts signed after the cut-off date, the grant will revert to $15,000.
First Home Owners Grant – Are You Eligible?
The First Home Buyers Grant is a state-based system, so eligibility criteria can differ slightly. To be eligible for the grant in Queensland, you’ll need to:
- Buy a new home (includes new builds or properties bought off the plan).
- Have a finished property value (house and land) of $750,000 or less.
- Live in the property for at least six months after settlement.
- Be an Australian citizen or permanent resident.
First Home Buyer Benefits – Beyond the Grant
In addition to the FHOG, there are a range of other concessions and exemptions available to assist first home buyers in Queensland. These include:
1. First Home Buyer Scheme Stamp Duty Concession:
Eligible first home buyers can save $24,525 on stamp duty when buying a property valued at $800,000 or less.
2. First Home Vacant Land Concession:
You could potentially avoid paying any stamp duty if you’re buying land valued at $400,000 or less to build your first home.
3. Stamp Duty Exemption for New Builds:
From 1 May 2025, the government has removed all stamp duty costs for eligible first-time buyers purchasing a newly built home. This could mean a saving of almost $10,000 in stamp duty on a median-priced house and land package.
First Home Guarantee Scheme – Get In With Just 5%
The First Home Guarantee Scheme is a government initiative designed to help first time buyers enter the property market sooner. Eligible participants will be able to purchase a home with just a 5% deposit and no Lenders Mortgage Insurance (LMI). Participation in the scheme is limited, so don’t hold off on checking your eligibility.
Unlock First Home Buyer Support with NBHL
With so many grants, concessions and schemes available, it can be hard to know where to start – or whether you even qualify. It’s why having access to expert advice is so invaluable. At North Brisbane Home Loans, our experienced brokers can guide you through the First Home Buyer Scheme and help you access every benefit you’re entitled to.
Get in touch today and take the first step towards owning your first home – sooner and with less stress.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
