First Home Buyers' guide

As a first home buyer, you may be eligible to receive a grant or stamp duty concession to help with your property purchase.

Each state and territory has its own scheme and the offers, qualification criteria and processes for applying vary accordingly.  

In the ACT, for example, the territory government offers $12,500 to owners whose first buy is a newly built or a substantially renovated property worth up to $750,000. 

In Western Australia, grants of up to $10,000 are available to first home buyers purchasing or building a new home. 

Check with the finance or revenue office in your state or territory for more details.

HOW TO APPLY

You can lodge an application for most grants through your mortgage lender or directly with the relevant government office. 

You’ll need to fill in an application form and provide proof of your identity, address and details about the property purchase. The exact documents you’ll need will depend on the property’s location and your circumstances, such as whether you’re buying a newly completed home or building yourself. 

When the grant is paid depends on the type of purchase and whether you applied through a lender or directly. For off-the-plan purchases in NSW, for instance, payment is made at settlement if you applied through your lender, or within 15 working days of lodgement after the transaction has completed if you applied directly. 

To meet the conditions of most first home owner grants, you (or another grant applicant) will have to live in the property as your primary home for at least 12 months within a year of settlement or completion. If you move out too soon you’ll have to repay the grant. 

Quick tip: Check with your state or territory finance or revenue office for details on what assistance may be available to you.

TO FIND OUT HOW RAMS CAN HELP EASE YOU THROUGH THE PROCESS, GET IN TOUCH WITH YOUR LOCAL RAMS HOME LOAN EXPERT OR DROP IN FOR YOUR FREE FIRST HOME BUYERS’ GUIDE.

For more great property advice and tips on buying your first home from RAMS subscribe to The Great Australian Dream property series.

For your free Property Observer eBook from RAMS, 12 tips for first-time buyers, covering everything you need to know when it comes to purchasing property, click here.

Disclaimer: Information in this material is general and does not take into account your objectives, financial situation or needs and you should consider whether it is appropriate for you. You should also obtain independent professional advice relevant to your financial circumstances.