A ‘brief’ guide to Government subsidies and grants

I thought about trying to make this palatable for those of us with wavering attention spans. But in truth, this is important stuff. And if you’re looking to buy, you should really be across all your options. Particularly if you’re a first home buyer.

We work closely with our clients on figuring out what government subsidies and grants they may be eligible for. Of course we always refer safely to our trusted accountants for the final check but we find buyers are often unaware of what is available to them and bamboozled by the amount of information out there.

Below, we outline some of the more useful options available;  

1) The First Home Super Saver Scheme (FHSS):

The National Super Saver Scheme allows you to contribute up to $30,000 (max $15k per financial year) of your pre-tax income into your superannuation and later withdraw this amount (plus earnings, less tax) when buying your first home. If you are coupled, you can both use the scheme to contribute up to $60,000 combined.

This will help speed up your deposit saving process, as you are contributing your pre-tax income. You’re also achieving higher interest returns on your hard earned / saved dollars as super account interest rates outperform those of a standard bank account.  
There are additional T&C’s so please visit the government’s website here.  

2) First Home Owner Grant (FHOG):

A one-time $10,000 grant is available when you buy or build your first new home in Melbourne. This increases to $20,000 for new homes bought or built in regional Victoria.

Your first home can be a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as a residential premises and the home must be less than five years old.

It cannot be an investment property or holiday house purchase. However, if you have purchased an investment property in the past, and this will be your first owner occupier purchase you will likely still be eligible! 

There are additional T&C’s so please visit the government’s website here

3) The First Home Loan Deposit Scheme (FHLDS):

In January 2020, the Australian Government introduced this to help first home buyers access low deposit loans.

Under the scheme, Australians will be able to nab a government-backed home loan with as little as a 5% deposit, and no requirement to pay lenders mortgage insurance (LMI).

The scheme is only available to singles earning up to $125,000 a year or couples earning $200,000 a year. It is only available to the first 10,000 applicants each year.

There are additional T&C’s so please visit the government’s website here

4) Stamp Duty Concession:

The Victorian Government is also helping to reduce property purchase hurdles by reducing or removing the stamp duty for first time home buyers.

Like the FHOG, this is only available for owner occupiers – not investors.
Unlike the FHOG, it is available for both new and old properties.

Victorians buying homes worth less than $600,000 don’t need to pay stamp duty at all.

People buying homes worth over $600,000 and under $750,000 receive a stamp duty concession.

If you buy off-the-plan, you may be eligible for further concessions through the Victorian Off-The-Plan Concession scheme. I know, it’s never-ending.

There are additional T&C’s so please visit the government’s website here


Well, you made it… Gold Star for you! If you’re feeling overwhelmed that’s absolutely normal.  Just remember, it’s important to educate yourself on all the different facets that come with successful property purchase and ownership. If you feel like you’ve got better things to do, give us a call.

Until next time!

Sam Davenport