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Enter your actual annual household income (before tax) for more accurate calculations.
The FHSS lets you save for your deposit INSIDE your super fund with TAX ADVANTAGES. Combine this with your current savings to increase your buying power even more!
How it works: The Australian Government provides a guarantee to approved lenders, allowing first home buyers to purchase with just 5% deposit (or 2% for single parents) without paying Lenders Mortgage Insurance.
More info: firsthomebuyers.gov.au
If you’re buying or building your first home, you may be eligible for a $10,000 to $50,000 one-off payment from the Government. The grant can be used to buy a land and house package, house, townhouse, unit, apartment or similar if it is bought off-the-plan, newly built or substantially renovated.
The FHOG scheme is national. It is funded by the separate state governments and administered under their respective legislations and must satisfy specific eligibility criteria which varies by state.
Yes. Eligibility for the First Home Owners' Grant varies depending on which state or territory you buy your first home. Below is an overview by state.
Queensland
The Queensland First Home Owners’ Grant provides $30,000 for contracts signed between 20 November 2023 and 30 June 2026 towards a potential first home owner’s deposit if they’re buying or building a new house, unit, or townhouse worth less than $750,000.
Visit the Queensland Government for more information on the First Home Owner’s Grant or concession information, and how you can apply.
New South Wales
In New South Wales, the First Home Owner Grant (New Homes) Scheme is valued to the tune of $10,000 for properties valued up to $600,000 and new home buildings at $750,000.
Eligible homes can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan, or substantially renovated.
To apply for the New South Wales New Homes Scheme or to learn more about the concession information, visit the NSW Government’s site.
Victoria
In Metropolitan Victoria (Melbourne), first home buyers buying or building a new home can be eligible for a $10,000 First Home Owner Grant, if the contract was signed on or after 1 July 2013 and the property is valued up to $750,000 or less.
The FHOG in Victoria is not available for those looking to buy an investment property or holiday home.
Visit the State Revenue Office of Victoria for more information on the First Home Owner’s Grant or concession information, and how you can apply.
South Australia
South Australia offers a $15,000 grant to first home buyers building or purchasing new homes.
The South Australian Department of Revenue and Finance has more details on how you can apply.
Western Australia
In WA, first home buyers can receive up to $10,000 towards buying or building new homes – it is no longer available for established properties.
The maximum value of the property that can be purchased with the grant depends on the property’s location. For example, homes in the Perth metropolitan area (south of the 26th parallel) must not be valued at more than $750,000, while houses north of the 26th parallel can be valued at up to $1 million.
Visit the Western Australian Government’s Department of Finance site for more information on the First Home Owner’s Grant or concession information, and how you can apply.
Northern Territory
The Northern Territory offers a grant of $10,000 to $50,000 towards buying or building a new home. Unlike a majority of the other states, income and house value does not affect your eligibility to apply for the grant.
Check out nt.gov.au for more information.
Australian Capital Territory
The ACT First Home Owner Grant has been replaced by the Home Buyer Concession Scheme, which provides a full stamp duty concession for eligible applicants.
Visit the ACT Revenue Office for more information.
Tasmania
The Tasmanian Government will provide first home buyers with a $10,000 grant for transactions commencing from 1 July 2024, provided they purchase or build a new home, not an established one. Unlike other states, Tasmania does not place a limit on the purchase price of the property.
The State Revenue Office of Tasmania provides more detailed information on the First Home Owner’s Grant or concession information, and how you can apply.
Income and Expenses: The calculator assumes the income entered is accurate and does not factor in living expenses or existing debts, which lenders will assess separately.
Interest Rate and Loan Term: A default interest rate of 5.5% and a 30-year loan term are used unless adjusted. Changes to these inputs will affect the results.
Repayment Capacity: The calculation assumes up to 30% of your gross monthly income is allocated to loan repayments.
Indicative Only: Results are estimates and may vary based on individual lender policies and criteria.
Purpose: This tool provides general guidance only and is not a substitute for personalized financial advice or a lender’s assessment.
Borrowing power refers to the amount a lender may allow you to borrow based on your income, expenses, debts, and financial situation. It’s an estimate and can vary between lenders.
No, the borrowing calculator provides an estimate only. This estimate would include any existing loans you have. The final amount will depend on a lender's assessment of your full financial situation, including their specific lending criteria.
Approval times can vary between lenders. Generally, pre-approval can take a few days, while full approval may take one to two weeks once all documents are provided. We handle the process and keep you updated every step of the way.
