First home buyer support to have on your radar for 2025

Buying your first home is an exciting goal, but it can be challenging, and it makes sense to use all the help you can get to make your dream a reality. Fortunately, in 2025, there are more options than ever for buyers looking to secure their first home.

Whether you’re saving for a deposit or looking for lower repayments, there’s a range of support available that can help reduce the financial burden and guide you through the process.

As of 2025, these support measures are set to evolve further, with new initiatives like the Help to Buy Scheme coming into play. Here’s a breakdown of the key government programs currently available, and the upcoming changes you should know about.

First Home Guarantee (FHBG)

The First Home Guarantee allows eligible buyers to purchase a home with a deposit as low as 5 per cent without needing to pay for Lenders Mortgage Insurance (LMI). This is a significant benefit because LMI can add thousands of dollars to your upfront costs, making homeownership more expensive than it needs to be.

Key features:

• Deposit as low as 5 per cent
• No Lenders Mortgage Insurance (LMI)
• Available for both new and existing homes

Income and property price caps apply, so it’s important to check if you qualify.

This scheme is particularly helpful if you’re struggling to save the typical 20 per cent deposit often required by traditional lenders. If you’re a single buyer, you are eligible for this scheme, as well as couples or families.

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First Home Super Saver Scheme (FHSSS)

The First Home Super Saver Scheme allows you to use some of your super savings to help fund your first home. The government lets you withdraw up to $50,000 (for individuals, or $100,000 for couples) from your superannuation account for your first home deposit, all while taking advantage of the concessional tax treatment that applies to super contributions.

How it works:

• You can make voluntary contributions to your super, and once they’re saved in your fund, you can apply to withdraw the amount to use toward your first home.
• You will need to be purchasing a home to live in and the property must be located within Australia.
• The maximum contribution that can be withdrawn is $15,000 per financial year, up to a total of $50,000 across multiple years.

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First Home Owner Grant (FHOG)

The First Home Owner Grant is one of the most well-known government incentives available to first home buyers in Australia. This grant is designed to assist you in purchasing or building a new home. The amount you can receive depends on the state or territory you live in.

For instance:

• In New South Wales, the FHOG offers up to $10,000 for eligible first home buyers purchasing a new property.
• In Victoria, the grant provides up to $10,000 for new homes purchased in regional areas and $20,000 for properties built or purchased in regional Victoria.
• Other states like Queensland, Western Australia, and South Australia also offer various amounts, generally ranging from $5,000 to $15,000.

Eligibility for the FHOG typically includes being a first-time home buyer, being at least 18 years old, and meeting certain income and property price caps. It’s an important helping hand for those looking to purchase a new home, reducing the upfront cost of buying or building.

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Stamp duty concessions and exemptions

Stamp duty can be one of the biggest additional costs when buying a property. The good news is that many states and territories offer stamp duty exemptions or concessions for first home buyers. These concessions vary widely depending on where you’re buying.

For example:

• In New South Wales, first home buyers purchasing a new or existing property valued at under $650,000 are exempt from paying stamp duty. For homes valued between $650,000 and $800,000, a reduced rate applies.
• In Victoria, first home buyers may receive a full stamp duty exemption on homes worth up to $600,000, with discounts available on properties valued between $600,000 and $750,000.
• Queensland and Western Australia also offer significant savings for eligible first home buyers, with varying caps based on the value of the property and location.

These concessions can make a real difference, especially for those looking at properties in higher-value areas.

Shared equity schemes and the upcoming Help to Buy

Some states and territories have shared equity schemes, which are a great option if you’re struggling to come up with a large deposit. These programs allow you to co-own a property with the government or a private entity, making it easier to get into the market with a lower deposit.

One of the most anticipated government initiatives for first home buyers in 2025 is the Help to Buy Scheme. Set to begin rolling out in 2025, this program is designed to make home ownership more accessible, particularly for those who may struggle to save a large deposit.

Under the Help to Buy Scheme, eligible buyers can secure up to 40 per cent of the property price for new builds (or 30 per cent for existing homes) as a shared equity loan. This means you don’t need to provide a full deposit and can enter the housing market with a smaller upfront financial commitment.

To qualify, applicants must meet certain income limits (around $125,000 for singles and $200,000 for couples), and the property price must be under specific caps, which will differ depending on the location. The scheme’s exact start date is still to be determined.

Buying your first home can be easier with the right support and there are many ways to make your homeownership dreams come true. The key is to understand what’s available, determine your eligibility, and take full advantage of the assistance on offer.

It’s worth talking to us to make sure you’re making the most of all the opportunities out there. With a little research and planning, you could be stepping into your very first home sooner than you think!

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