Free calculator
First Home Buyer Calculator
Find out which grants you qualify for, your stamp duty, LMI savings, and how long it will take to save a deposit for your first home.
First Home Guarantee (FHBG) — eligible
Buy with 5% deposit. Saves ~$19,500 in LMI.
Upfront costs
MIN DEPOSIT
$35,000
5% (FHBG)
STAMP DUTY
$8,902
FHB concession applied
GRANTS AVAILABLE
$0
NSW First Home Owner Grant
LMI SAVED
$19,500
via FHBG
Stamp duty estimates only. State grants apply to new builds only in most states. Not financial advice.
You qualify for $19,500 in government support
See your full first home plan — FHSS, savings timeline, and 20-year projections.
See my full plan →What help is available for first home buyers in Australia?
Australian first home buyers can access multiple layers of government support. At the federal level, the First Home Guarantee (FHBG) eliminates the need for LMI by having the government guarantee part of your loan — potentially saving $15,000 or more. The First Home Super Saver Scheme (FHSS) lets you accumulate a deposit inside super at a lower tax rate.
Every state and territory also offers its own grants or concessions. Queensland's $30,000 First Home Owner Grant is the largest — but it only applies to new builds priced under $750,000. Stamp duty concessions vary widely: the ACT gives the most generous treatment (full exemption for owner-occupiers under $1m), while SA offers no stamp duty concession at all.
These schemes can stack. An eligible first home buyer in Queensland purchasing a new build could receive: $30,000 state grant + LMI savings from FHBG ($15,000+) + stamp duty concession + FHSS tax saving — a combined benefit of $50,000–$70,000.
Frequently asked questions
What is the First Home Guarantee (FHBG)?
The First Home Guarantee lets eligible buyers purchase with just a 5% deposit. The government guarantees up to 15% of the loan so you avoid paying Lenders Mortgage Insurance (LMI). To qualify: income must be under $125,000 (single) or $200,000 (couple), and the purchase price must be within city-specific caps ($900,000 for Sydney and Melbourne). 35,000 places are available each year.
What state grants are available for first home buyers?
State grants apply to new builds only in most states. Queensland offers $30,000 for new homes under $750,000 — the largest in the country. NSW offers $10,000, Victoria $10,000, WA $10,000, SA $15,000, and Tasmania $20,000. The ACT provides a full stamp duty exemption instead of a cash grant.
What is the First Home Super Saver Scheme (FHSS)?
The FHSS lets you save up to $15,000 per year (and $50,000 total) inside your super fund for a first home deposit. Contributions are taxed at 15% instead of your marginal rate, and you pay only 30% tax on the earnings when you withdraw. On a $60,000 income, this saves roughly $5,000–$10,000 in tax compared to saving in a bank account.
Do I still need to pay stamp duty as a first home buyer?
It depends on your state and purchase price. NSW waives stamp duty for first home buyers on properties up to $650,000 and tapers up to $800,000. WA is exempt up to $430,000. The ACT has a full exemption for owner-occupiers under $1,000,000. Other states provide discounts rather than full exemptions.
What is LMI and how much does it cost?
Lenders Mortgage Insurance (LMI) is a premium charged by lenders when your deposit is below 20% of the property value. It protects the lender — not you. On a $700,000 home with a 10% deposit, LMI can cost $10,000–$15,000. The First Home Guarantee eliminates LMI entirely for eligible buyers even with a 5% deposit.