Buying your first home is a monumental step, and at Entourage Hub, we understand how important it is to make this journey smooth and stress-free. With several government initiatives designed to help first-time buyers, purchasing your dream home has become more achievable than ever. Here, we outline key incentives and grants available in Australia that you should know about.

First Home Owner Grant (FHOG)

The First Home Owner Grant (FHOG) is a one-time payment designed to assist first-time buyers in purchasing a new home. The amount and eligibility criteria vary by state and territory. For example:

Victoria: Eligible buyers can receive up to $10,000 for new properties valued at up to $750,000. In regional Victoria, this amount increases to $20,000.

New South Wales: The grant is $10,000 for new homes valued up to $600,000 or up to $750,000 if building your first home on vacant land.

Check your state government’s website for more details on eligibility and application processes.

Stamp Duty Concessions

Stamp duty, also known as transfer duty, can be a significant cost when buying a property. Fortunately, many states offer concessions or exemptions for first-time buyers:

Victoria: Full stamp duty exemptions are available for properties valued up to $600,000, with concessions for properties valued between $600,001 and $750,000.

New South Wales: No stamp duty for homes valued under $800,000, with reduced rates available for properties valued between $800,001 and $1 million.

Queensland: First home buyers purchasing a property under $550,000 may receive a stamp duty rebate.

These concessions can save you thousands, so it’s worth exploring what’s available in your area.

First Home Guarantee (formerly FHLDS)

The First Home Guarantee allows eligible buyers to purchase a home with as little as a 5% deposit, without the need to pay for Lenders Mortgage Insurance (LMI). This scheme is particularly beneficial for those struggling to save a large deposit. However, places are limited, so early applications are recommended.

Regional First Home Buyer Support Scheme

For buyers looking to settle in regional areas, the government offers additional support through regional schemes. These initiatives are designed to encourage growth in regional communities by making homeownership more accessible outside metropolitan areas.

Superannuation First Home Buyer Scheme

The First Home Super Saver (FHSS) scheme allows first-time buyers to withdraw voluntary superannuation contributions to use as part of their home deposit. Buyers can withdraw up to $50,000 for couples or $35,000 for individuals. This initiative helps fast-track deposit savings through tax advantages.

Why Choose Entourage Hub?

At Entourage Hub, we specialize in helping first home buyers navigate the property market with confidence. Our team is committed to providing expert advice on:

Identifying eligible grants and schemes.

Guiding you through the application process.

Connecting you with trusted financial advisors and mortgage brokers.

Finding the perfect property tailored to your needs.

Final Thoughts

Purchasing your first home is a major milestone, and there are many government incentives available to make this dream a reality. Whether you're considering a vibrant city lifestyle or a tranquil regional retreat, Entourage Hub is here to guide you every step of the way.

Contact us today to start your home-buying journey with confidence. Together, we’ll make your dream of homeownership a reality!

Call us at 1800 AUGMENT or visit www.entouragehub.com.au to start your journey toward success in the real estate market.