First Home Buyers’ Guide 2021

The ‘PRD First Home Buyers’ Guide 2021’ 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, and its various updates at any given time, it can be difficult to determine 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

• First home loan deposit scheme
• Homebuilder grant $15,000
• First home super saver scheme

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 can access:

• Home buyer concession scheme

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

• First home owner grant $10,000
• First home buyer assistance scheme

Northern Territory First Home Buyer Schemes

First home buyers in the Northern Territory have access to four schemes, the highest number of schemes across Australia. Although this makes the Northern Territory the friendliest state for first home buyers compared to other states, there is now less schemes in 2021 (4 schemes) compared to 2020 (6 schemes). These schemes are:

• First home owner grant $10,000
• Territory home owner discount
• Home buyer initiative
• Homebuild access

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:

• First home owner grant $15,000
• First home concession
• Queensland Housing Finance Loan

South Australia First Home Buyer Schemes

First home buyers in South Australia also only have access two schemes, with a similar property market condition to Tasmania. These two schemes are:

• First home owner grant $15,000
• Homestart finance

Tasmania First Home Buyer Schemes

First home buyers in Tasmania have access to two schemes. Although the Tasmania property market was once known as the more affordable market across Australia, many first home buyers are “priced out” due to interstate and foreign investor activity. Thus, two schemes may not be enough to ensure that first home buyers have equal footing in the market. These two schemes are:

• First home owner grant $20,000
• irst home buyer duty concession

Victoria First Home Buyer Schemes

First home buyers in Victoria also only have access to two schemes, as per below:

• First home owner grant $10,000 or $20,000 forregional Victoria
• First home buyer duty exemption/concession

Western Australia First Home Buyer Schemes

First home buyers in Western Australia have access to three schemes. This positions first home buyers well, as the property market has experienced a softening in demand and price growth. These three schemes are:

• First home owner grant $10,000
• First home owner rate of duty
• Keystart

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 national and state level 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 (RBA) commitment to keeping a low cash rate, now is an opportune time for first home buyers to enter the market.