First Home Buyers' Guide 2020
The PRD First Home Buyers’ Guide is designed to help you quickly understand what is on offer to first home buyers around Australia. With so many programs and grants available at the various State and Federal Government levels, it can be difficult to know where to turn to learn what is relevant to your personal situation. This guide helps you do just that.
The ‘PRD First Home Buyers’ Guide’ is designed to help you quickly understand what is on offer to first home buyers around Australia.
With so many programs and grants available at the various State and Federal Government levels, it can be difficult to know where to turn to learn what is relevant to your personal situation. This guide helps you do just that.
A combined understanding of all the applicable programs and grants will
help you maximise the benefits you can access as a first home buyer and get you
into the property market sooner.
National First Home Buyer Schemes
At a national level a first home buyer can access three key schemes, depending on their individual circumstances. These are:
Queensland First Home Buyer Schemes
First home buyers located in Queensland have access to three schemes, which may be used in combination with any national schemes, depending on their circumstances. These are:
New South Wales First Home Buyer Schemes
First home buyers located in New South Wales have access to only two schemes, which is a concern as the state has some of the most expensive property market in Australia
Victoria First Home Buyer Schemes
First home buyers in Victoria have access to two schemes:
Australian Capital Territory First Home Buyer Schemes
First home buyers in the Australian Capital Territory only have access to one scheme. This makes the state the most unfriendly in terms of first home buyer grants. First home buyers in ACT can access:
Tasmania First Home Buyer Schemes
First home buyers in Tasmania have access to two schemes. Although the Tasmanian property market was once known as the more affordable market across Australia, many first home buyers have felt “priced out” due to interstate investor activity. Thus, two schemes may not be enough to ensure that first home buyers have equal footing in the Tasmanian market. These two schemes are:
South Australia First Home Buyer Schemes
First home buyers in South Australia also only have access two schemes, with a similar property market scenario to Tasmania. These two schemes are:
Western Australia First Home Buyer Schemes
First home buyers in Western Australia (WA) have access to three schemes. This positions first home buyers well, as the WA property market has experienced a softening in demand and price growth. These three schemes are:
Northern Territory First Home Buyer Schemes
First home buyers in the Northern Territory have access to six schemes, the greatest number of schemes across Australia. This makes the Northern Territory the friendliest state in terms of first home buyer scheme, and with current softer property prices provides a great opportunity for first home buyers. These schemes are:
- First home owner grant
- Territory home owner discount
- Household goods grants scheme
- Home renovation grant
- Homebuild access
- Home buyer initiative
There are many schemes and grants available for first home buyers across
Australia. Depending on individual circumstances and the eligibility criteria
many first home buyers will be able to combine accessing State and Federal Government schemes, which results in an unprecedented amount of monetary support
from the government. Combined with historical low standard variable rate and
the Reserve Bank of Australia’s commitment to keeping a low cash rate, now is
an opportune time for first home buyers to enter the market.
