First Home Buyer Initiatives - A Basic Guide
Good news - as of May 2026, there are six key government initiatives that could help you get there sooner (and save you money along the way).
Your eligibility for First Home Buyer support depends on several factors - including your residency status, whether you’re buying a brand new or established property, where in Queensland you're buying (postcode matters!), and the timing of your purchase.
If you’re in Australia on a visa, be sure to check your visa conditions to confirm whether you're classified as a temporary or permanent resident, as this can significantly impact your access to support.
Here’s a breakdown of the six core First Home Buyer initiatives currently available:
1️⃣ Boost to Buy
This is a state-based shared equity scheme that has now fully rolled out. The Queensland Government essentially "co-invests" with you, providing an equity contribution of up to 30% for new homes or 25% for existing homes. Eligibility and more information can be found via this link.
The Benefit: You only need a 2% deposit and you can avoid Lenders Mortgage Insurance (LMI).
The Catch: This scheme is currently only available through specific participating lenders, such as Unity Bank. Because it is a shared equity model, the government holds a share in your home's value.
Refinancing & Selling: If you want to refinance later to access equity for renovations, you may need to "buy out" the government's share. When you sell, you repay the government their percentage of the final sale price.
2️⃣ Australian Government Help to Buy Scheme
Similar to Boost to Buy, this is the national shared equity version. The Federal Government contributes up to 40% for a new home or 30% for an existing home. Eligibility and more information can be found via this link.
Availability: Like the state scheme, this is accessible via a restricted panel of lenders (such as Bank Australia and Commonwealth Bank).
Income Caps: It's important to check your eligibility and income caps. Eligibility for the Federal scheme has lower income caps than the State based scheme.
Note: Because these are handled directly through specific bank branches, it is vital to check which lender aligns with your broader financial goals before committing.
3️⃣ First Home Owner Grant (FHOG)
Get a $30,000 grant when building or buying a brand-new home in QLD. This was due to drop back to $15,000 on 1 July 2025 however a last minute announcement means it's been extended. The big one to note here is that the property MUST be new or never lived in and not exceed $750,000 purchase price.
Fun Fact #1 - New Zealand Citizens - When entering Australia, you automatically get a Special Category visa (subclass 444). While this visa is a temporary visa, you get a special dispensation to claim this Grant and are essentially considered permanent!
Fun Fact #2 - This must be your first home IN AUSTRALIA. If you happen to have owned (or still own) elsewhere in the world, you may still be eligible to claim this grant!
Here's the link for most current eligibility criteria.
4️⃣ Australian Government 5% Deposit Scheme
Buy with just a 5% deposit and no LMI. Metro price caps recently lifted to $1m (up from $700,000) and income caps have now also been lifted (previously if you earnt over $200k as a couple, or $125k as a single, you were ineligible).
There is a cool postcode tool here that will tell you the maximum purchase price allowable. Full eligibility can be found here.
Another Fun Fact for New Zealand Citizens - this scheme was originally not available to Kiwis in Australia on a Special Category visa (subclass 444). However, this has since been updated and Kiwis on a Special Category visa are now considered Permanent Residents for eligibility purposes.
Eligible buyers can save thousands with reduced or waived stamp duty. You can check eligibility here.
If you are claiming this one with a partner who is not a first home buyer, you may still claim on your percentage of ownership. If you are planning to buy with someone who is on a Temporary Visa, you will also want to consider if Foreign Investment Review Board (FIRB) approval, or Additional foreign acquirer duty (AFAD) is required. The AFAD really catches people out with an additional 8% of the purchase price payable (yikes!).
6️⃣ First Home Super Saver Scheme
This is one many people do not know they have access to - you may be able to withdraw up to $50,000 of voluntary super contributions to use as your deposit. You can learn more here or here.
If you work in industries like government or education, your employer may already be helping you to salary sacrifice into super. These personal contributions could be accessible through FHSS — you can check by logging into MyGov and requesting a Determination Letter via ATO Online Services.
Fun Fact! You may still be eligible to withdraw even if you previously owned. Check out the financial hardship details to learn more.
Keen to learn more? Give us a call to book an appointment via our website!