{"id":20471,"date":"2020-12-17T09:15:53","date_gmt":"2020-12-16T22:15:53","guid":{"rendered":"http:\/\/purefinance.thefriendlyagency.com\/?p=20471"},"modified":"2025-10-02T11:02:15","modified_gmt":"2025-10-02T01:02:15","slug":"grants-and-schemes-for-first-home-buyers","status":"publish","type":"post","link":"https:\/\/www.purefinance.com.au\/grants-and-schemes-for-first-home-buyers\/","title":{"rendered":"First home buyer grants and schemes: a guide"},"content":{"rendered":"\n
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Hey there first home buyer! Whether you\u2019re looking to buy, build or something in between, discover the grants and schemes that are available for you both nationally, and, in your state.<\/p>\n\n\n\n

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*Before we get into things, this post is a bit of a long one. So here are some quick links to help you find exactly what you\u2019re looking for:<\/p>\n\n\n\n

\u25cf National Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf NSW Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf ACT Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf VIC Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf QLD Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf NT Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf SA Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf TAS Grants + Schemes<\/a> <\/p>\n\n\n\n

\u25cf WA Grants + Schemes<\/a><\/p>\n\n\n\n

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**This article was last updated on: 18\/01\/2023<\/p>\n\n\n\n

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We love helping people buy their first homes, and purchasing a home is still #goals for many of us, even during the pandemic<\/a>. While property prices in Australia\u2019s capital cities might have made homeownership seem unattainable, with the right plan and the right help in place, it might be possible to make the leap sooner than you think. At both a state and federal level, governments around Australia have introduced a range of financial assistance grants and schemes to assist eligible first-home buyers to get into their first home purchase, sooner.<\/p>\n\n\n\n

Ok, let\u2019s break them all down...<\/p>\n\n\n\n

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\"First<\/figure>\n\n\n\n
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First Home Guarantee (FHBG)<\/p>\n\n\n\n

*Replaces the First Home Loan Deposit Scheme (FHLDS)<\/p>\n\n\n\n

One thing that stops many people from trying to get into the property market is that they are overwhelmed by the prospect of saving a big deposit. Without help from the bank of Mum and Dad, an inheritance, or an extremely well paying job, it can be almost impossible to save a lump sum big enough. And we know that those things are not necessarily within reach for the vast majority of Australians.<\/p>\n\n\n\n

Enter: The <\/strong>First Home Guarantee<\/a> or \u2018FHBG\u2019. This Scheme allows eligible first home buyers to purchase a property with just a 5% deposit, and<\/em> without needing to take out Lenders Mortgage Insurance<\/a> (LMI), which you normally would have to do with a deposit less than 20%. That\u2019s because the National Housing Finance and Investment Corporation<\/a> \u2018guarantees\u2019 up to 15% of the value of the property for you.<\/p>\n\n\n\n

\ud83d\udea8 Jargon alert: A \u2018guarantor\u2019<\/a> is a financial term that describes someone who promises to pay your debt in the event that you default on, or are unable to pay, the loan. They have to pledge their own assets<\/a> as \u2018collateral\u2019, which is a confusing way of saying that they have to show the bank that they can actually pay the debt by putting up other things they own. Learn more about guarantors here.<\/a><\/p>\n\n\n\n

Before you count your chickens, there are a couple of things to consider before applying for the FHBG: <\/p>\n\n\n\n