First Home Owners Grant for New Homes

Who's eligible

The criteria can vary by state and territory, but generally, you need to meet the following:

• Be at least 18 years of age
• Be an Australian citizen or permanent resident (or applying with someone who is)
• Be a first home buyer (have not previously owned property in Australia)
• Use the home as your principal place of residence for 6 months within the first year
• Be buying or building a brand new home or a substantially renovated home

Visit https://www.firsthome.gov.au/ for more information regarding the eligibility criteria for your state.

Why new homes?

The First Home Owners Grant is designed to help first home buyers and to boost the construction industry by encouraging the building of more homes. For this reason, it's not available for existing homes that have been lived in (unless they are substantially renovated).

Can it be used as deposit?

Yes, in many instances, lenders will consider the First Home Owners Grant towards your deposit. However, not all lenders will accept this, so it's worth consulting with a mortgage broker to help you navigate the process.

How to apply

You can apply for the First Home Owners Grant through an approved lender, mortgage broker, or directly with the Office of State Revenue. Just keep in mind that how and when you apply may determine whether you can use it towards your deposit.

Grant amounts

• Queensland: The Queensland government recently doubled the First Home Owners Grant to $30,000 for new home contracts between 20th November 2023 and 30th June 2025.
• New South Wales: Currently $10,000
• Victoria: Currently $10,000

Currently, $30,000 is available until 30th June 2025. The recent doubling of the grant by the Queensland government will support around 12,000 buyers to unlock their first home during this time.

MWC Deposit Boost

We also provide our $10,000 deposit boost in addition to the government incentives listed above. This means our clients can secure their own home even sooner with less savings.