Before You Buy Your First Home

1. Which schemes actually apply to me?

There are several first home buyer schemes, including the Australian Government 5% Deposit Scheme (formerly known as the Home Guarantee Scheme), the First Home Super Saver Scheme, the First Home Owner Grant, state stamp duty concessions and Help to Buy. Most buyers can use two or three at once. The guide helps you see which ones fit your situation.

2. What is the real cash I will need?

Saving the deposit is only one line on a longer list. Once you add stamp duty, lenders mortgage insurance, legals, inspections, fees and a buffer, the real cash to settlement can be well above the headline deposit. The guide shows how to build your savings target around the full number.

3. How do I stack the benefits for maximum value?

The schemes are designed to combine, and most buyers leave money on the table by using only one. The guide walks through which benefits legally stack, which ones cancel each other out, and how a typical stack can be worth tens of thousands of dollars.

4. What is the catch with each scheme?

Every scheme is genuinely good for the right buyer and wrong for someone else. A 5% deposit means a larger loan, money saved in super is locked until you buy, some grants tie you to a new build, and shared equity hands the government a share of your home. The guide spells out the catch behind each one.

5. How do I set up the loan for the next 5 years, not just settlement day?

The loan you sign has to survive the life you are planning, not just settlement day. The guide covers stress-testing for a drop in income or a rate rise, the role of an offset account, and setting a regular review so the loan keeps fitting your life.

Can I still buy with a 5% deposit under the government scheme?

Yes, if you are eligible. The Australian Government 5% Deposit Scheme, formerly known as the Home Guarantee Scheme, lets eligible first home buyers purchase with a 5% deposit and no lenders mortgage insurance. Since 1 October 2025 there are no income caps and no limit on places. Eligibility criteria and property price caps still apply.

Can I use more than one first home buyer scheme at once?

Often yes. Many buyers combine the 5% Deposit Scheme, the First Home Super Saver Scheme and a state stamp duty concession. Some options, such as Help to Buy, generally replace the 5% Deposit Scheme rather than stack with it. The guide shows which combinations work.

How much can a Victorian first home buyer actually get?

Three benefits stack for many Victorian buyers. The Australian Government 5% Deposit Scheme, formerly known as the Home Guarantee Scheme, lets eligible first home buyers purchase with a 5% deposit and no lenders mortgage insurance, with no income caps and no limit on places, under property price caps of $950,000 in Melbourne and Geelong and $650,000 across the rest of Victoria. The $10,000 First Home Owner Grant applies to a new or never-occupied home valued up to $750,000. And there is no stamp duty on a home with a dutiable value up to $600,000, with a reduced amount from $600,001 to $750,000, provided you live in it as your principal place of residence for 12 continuous months. Which of the three apply depends on the home you buy, and lender credit criteria still apply.

Do first home buyer grants and stamp duty concessions differ by state?

Yes. The First Home Owner Grant, stamp duty concessions and price thresholds are set by each state and territory, so the help available varies by where you buy. Tell us your state on the form and we can point you to what applies.

I am considering a new build. Should I read anything else?

Yes. New builds carry their own financing risks around settlement timing, builder solvency and valuation. If a newly built or off-the-plan home is on your shortlist, read our Before You Sign new-build finance guide as well.