Grants and Concessions for First Home Buyers
Australian governments offer a range of incentives to help first home buyers get onto the property ladder. Eligibility and amounts vary by state, but common schemes include:
- First Home Owner Grant (FHOG) — A one-off payment for eligible buyers purchasing or building a new home
- Stamp duty concessions — Reduced or waived stamp duty for properties under certain thresholds
- First Home Guarantee — Purchase with as little as 5% deposit without paying LMI (limited places available)
- First Home Super Saver Scheme — Use voluntary super contributions towards your deposit
- Family Home Guarantee — Single parents can buy with as little as 2% deposit
How Much Deposit Do I Need?
Most lenders prefer a 20% deposit, but many first home buyers enter the market with much less. With a 5–10% deposit, you'll typically need to pay Lenders Mortgage Insurance (LMI), which protects the lender if you default. However, government guarantees and certain lender promotions can help you avoid LMI even with a smaller deposit. BAMA Loans will help you understand your options and find the best path for your budget.
Getting Pre-Approved
Pre-approval (also called conditional approval) gives you a clear budget before you start house-hunting. It shows sellers and agents that you're a serious buyer. Pre-approval is typically valid for 3–6 months and involves a credit check, income verification, and basic financial assessment. It's one of the smartest first steps you can take — and it's free when you work with BAMA Loans.
What Documents Will I Need?
- Identification — Driver's licence and passport or birth certificate
- Income proof — Recent payslips (2–3 months) and group certificate or tax return
- Bank statements — Showing your savings history and regular expenses
- Employment details — Letter from your employer confirming role and salary
- Existing debts — Credit card statements, HECS/HELP balance, car loans
Why a Broker Makes It Easier
As a first home buyer, you're learning everything for the first time. A broker takes the complexity out of the process — we explain the jargon, compare products from dozens of lenders, help you apply for grants, and manage your application from start to settlement. And our service costs you nothing.