First Home Buyers, what incentives are there for you?

First home buyer incentives in Australia varied across states and territories. These incentives were aimed at helping first-time buyers enter the property market. Here are some common incentives:

1. First Home Owner Grant (FHOG): This is a national scheme that provides a one-off grant to eligible first home buyers. The amount varies depending on the state or territory you're buying in. Generally, it's available to those building a new home or buying a newly built home. However, some states also offer it to those purchasing an established property.

2. Stamp Duty Concessions or Exemptions: Many states and territories offer stamp duty concessions or exemptions for first home buyers. Stamp duty is a significant upfront cost associated with buying property, so these concessions can provide substantial savings.

3. First Home Scheme (FHBS): FHS used to be called First Home Loan Deposit Scheme (FHLDS). This is a federal government initiative designed to help eligible first home buyers purchase a home sooner. Under this scheme, first home buyers may be able to purchase a property with a deposit of as little as 5% without needing to pay for Lenders Mortgage Insurance (LMI). In 2022, the government renamed the scheme to First Home Scheme and extended the eligibilty to not only citizens, but also permanent residents.

There are a few eligiblity criteria, including:

- buyer(s) needs to meet individual or household income criteria

- the property must be residential property and with a price cap for its location

-the borrower must apply through approved panel lenders and meet certain lending requirements including genuine saving requriements

4. First Home Super Saver Scheme (FHSSS): This scheme allows individuals to save for their first home inside their superannuation fund, which may help them save faster due to the favorable tax treatment of superannuation. Contributions made under this scheme are subject to specific limits and conditions.

5. Regional First Home Buyer Grant: Some states offer additional grants or incentives for first home buyers purchasing property in regional areas. These incentives are aimed at encouraging population growth and investment in regional communities.

6. Family Home Guarantee：  The Family Home Guarantee is an Australian Government  initiative that aims to support eligible single parents with  dependants in purchasing a family home.   From 1 July 2021, 10,000 Family Home Guarantees was  made available over four financial years to eligible single  parents with dependants, subject to their ability to service a  loan. The Family Home Guarantee can be used to build a new  home or purchase an existing home with a deposit of as little  as 2 per cent, regardless of whether that single parent is a  first home buyer or a previous owner-occupier.  Eligible single parents with dependants looking to build a  new home or purchase an existing home are able to apply  for a loan to purchase an eligible property through a  participating lender.    

7. First Home Owner Discount: In some states or territories, there may be a discount available for first home buyers purchasing property under a certain value threshold. This discount may apply to the purchase price or the amount of stamp duty payable. 

Every year, the governments will review policies and incentives for the first home buyer programs including quota number, eligiblity criteria. 

It's essential to check with the relevant state or territory government website or speak with an experience mortgage broker for the most up-to-date information on first home buyer incentives in Australia.