FHSS, government grants, stamp duty exemptions, and how to build your deposit faster. Everything an Australian first home buyer needs to know.
The FHSS scheme is the most powerful tool for Australian first home buyers. It lets you save for a deposit inside super, where contributions are taxed at 15% instead of your marginal rate.
How it works: salary sacrifice up to $15,000/year into super → apply to ATO for release under FHSS → receive contributions + deemed earnings (SIC rate) → use for deposit. You must sign a contract within 12 months of receiving the funds.
| State | Grant Amount | Property Cap | Type |
|---|---|---|---|
| NSW | $10,000 | $600K | New only |
| VIC | $10,000 | $750K | New only |
| QLD | $30,000 | $750K | New only |
| WA | $10,000 | $750K | New only |
| SA | $15,000 | $575K | New only |
| TAS | $30,000 | No cap | New only |
| ACT | — | — | Stamp duty concession |
| NT | $10,000 | No cap | New only |
Amounts and caps may change. Check your state revenue office for current eligibility.
The federal government's First Home Guarantee lets eligible first home buyers purchase with just a 5% deposit — without paying Lenders Mortgage Insurance (LMI).
LMI on a $600K home with 5% deposit typically costs $12,000–$18,000 — the FHBG saves you this entire amount.
Stamp duty is the biggest upfront cost after the deposit itself. First home buyer exemptions vary dramatically by state:
| State | Full Exemption | Concession |
|---|---|---|
| NSW | Under $800K | $800K–$1M |
| VIC | Under $600K | $600K–$750K |
| QLD | Under $500K (vacant land: $250K) | $500K–$550K |
| WA | Under $430K | $430K–$530K |
| SA | — | Concession available |
| TAS | Under $400K (vacant: $200K) | — |
Use our Stamp Duty Calculator for exact costs in your state.
The most effective approach combines multiple deposit-boosting strategies:
Felix tracks your FHSS savings alongside super, investments, and savings accounts — showing exactly how close you are to your deposit target.
The FHSS scheme lets you save for your first home inside super. You can make voluntary concessional contributions (salary sacrifice) of up to $15,000/year, and withdraw up to $50,000 total (plus earnings) for a home deposit. Because contributions are taxed at 15% instead of your marginal rate, you save more than in a regular bank account.
Grants vary by state: NSW ($10,000 for new homes under $600K), VIC ($10,000 under $750K), QLD ($30,000 for new homes), WA ($10,000), SA ($15,000), TAS ($30,000). The federal First Home Guarantee lets you buy with 5% deposit without paying LMI. Check your state's current thresholds.
Stamp duty (transfer duty) is a state tax paid when buying property. First home buyers often get exemptions or concessions: NSW exempt under $800K, VIC exempt under $600K, QLD concession under $550K. Use Richify's Stamp Duty Calculator to see exact costs for your state.
Traditionally 20% to avoid Lenders Mortgage Insurance (LMI). But the First Home Guarantee lets eligible buyers purchase with just 5% deposit (no LMI). For a $600K home: 20% = $120K, 5% with FHBG = $30K. Plus stamp duty (if not exempt), legal fees (~$2K), and building inspection.