A helping hand for home buyers

24 April 2024

"Getting your foot on the property ladder may sound challenging, but are you aware of the various State and Federal initiatives to help you take that step?"

Getting your foot on the property ladder may sound challenging, but are you aware of the various State and Federal initiatives to help you take that step?

You may even qualify for more than one! And some are not just for first home buyers!

We review what programs and concessions are available – as the next step once you’re following these top tips for saving for a deposit.

First Home Owner Grant

Provider: WA Government

In WA, the First Home Owner Grant (FHOG) offers $10,000 for purchasing or building a new home, subject to specific price limits. It does not apply to established homes.

Home Guarantee Scheme

Provider: Federal Government

The various Home Guarantee Schemes help eligible buyers purchase a home with as little as two per cent deposit without paying Lenders Mortgage Insurance (LMI). There are three schemes under the Home Guarantee Scheme:

  • The First Home Guarantee (previously known as the First Home Loan Deposit Scheme) allows first-home buyers with deposits as low as 5 per cent to qualify for a home loan without paying LMI fees.
  • The Regional First Home Buyer Guarantee is an expansion of the First Home Guarantee that applies specifically to regional property.
  • The Family Home Guarantee is designed to help eligible single parents or guardians to purchase a home with a minimum 2 per cent deposit, without paying LMI fees.

First Home Owner Rate of Duty (FHOR)

Provider: WA Government

First home buyers can benefit from reduced stamp duty rates for established homes, new builds and land.

For homes priced up to $430,000, no stamp duty is charged, and for properties between $430,000 and $530,000, a reduced rate applies. Stamp duty concessions cease entirely for purchases exceeding $530,000.

For vacant land, no duty is payable for purchases up to $300,000. Between $300,000 and $400,000, a reduced rate applies. Concessions cease for purchases over $400,000.

REIWA is calling for the FHOR thresholds to be increased to reflect the growth in house prices in recent years, as many first home buyers can no longer claim the stamp duty concessions.

Home Buyers Assistance Account

Provider: WA Government

The Home Buyers Assistance Account provides up to $2,000 to eligible first home buyers to cover some of the incidental expenses that arise during purchasing a home. It is funded by the interest earned on real estate agents’ trust accounts.

Incidental expenses can include mortgage registration fees, solicitor and/or conveyancing fees, valuation fees, inspection fees, establishment fees, mortgage insurance premiums and lending institution fees associated with the purchase of the property.

First Home Super Saver Scheme

Provider: Federal Government

The First Home Super Saver (FHSS) scheme allows eligible first home buyers to save a deposit via their superannuation fund. You can make voluntary concessional (before-tax) and non-concessional (after-tax) contributions to your super to help you save.

These voluntary contributions can later be released (to a maximum of $15,000 in any one financial year and $50,000 across all years), along with associated earnings, to help purchase your first home.


WA Government initiative

While banks are the typical choice when it comes to home loans, it can be challenging to get a loan if you don’t have enough deposit or don’t meet all the criteria. Keystart aims to make affordable homeownership more achievable – and not just for first home buyers.

Keystart offers a range of loans such as a low deposit loan, shared ownership loan or an Urban Connect loan. They accept deposits as low as 2 per cent, do not charge LMI and no savings history is required. First home buyers who qualify for the FHOG can put it towards the deposit. There is even a loan to help you get the deposit together for an off-the-plan apartment purchase.

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