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Your First Home Loan

We’ll guide you, so you avoid costly mistakes

Buying your first home is the largest financial decision for most people. It’s also a complex process, with many steps, needing to be completed in the right sequence. Most people aren’t familiar with all that’s involved.

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We’re here to explain the process to you in as much detail as you need. Don’t worry if you ask the same question multiple times, it’s how we all learn. 

We work with you to take the stress out of the buying process, with your best interest at heart. Rather than worrying about which lender to go with, you can focus on your furniture and homeware choices.

This page is frequently updated, so bookmark it and check back often. Government schemes are subject to change, particularly on July 1  (new financial year) or after state and federal elections. Last updated 24/10/2024.

First Home Owner Grant (FHOG)

The First Home Owner Grant scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. The scheme runs nationally and is funded and administered by the states and territories. Grant amounts and qualification criteria vary across states.

Along with the FHOG, states and territories also provide stamp duty exemptions and concessions for first home buyers. The two benefits are often bundled as one, but are separate.

These benefits can save you tens of thousands of dollars, so it’s well worth knowing what’s available. For many first home buyers, this can be the difference between being able to buy a home or not. Inclusions and eligibility varies by state, so we’ve summarised the key points below.

NSW

FHOG: $10,000

Eligible Property Value
Newly built: $600,000
Land + Build: $750,000
Substantially Renovated: Ineligible
Existing: Ineligible

Stamp Duty Exemption (Property)
No Duty: <$800,000
Partial Duty: >$800,000 – $1,000,000
Full Duty: >$1,000,000

Stamp Duty Exemption (Land Only)
No Duty: <$350,000
Partial Duty: >$350,000 – $450,000
Full Duty: >$450,000

Residency Requirement
12 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
NSW FHOG website
NSW Stamp Duty calculator

VIC

FHOG: $10,000

Eligible Property Value
Newly built: $750,000
Land + Build: $750,000
Substantially Renovated: Ineligible
Existing: Ineligible

Stamp Duty Exemption (Property)
No Duty: <$600,000
Partial Duty: >$600,000 – $750,000
Full Duty: >$750,000

Stamp Duty Exemption (Land + Build)
No Duty: <$600,000
Partial Duty: >$600,000 – $750,000
Full Duty: >$750,000

Principal Place of Residence (PPR) Concession
You may be entitled to a concession from duty when buying a property that you intend to live in as your home for a continuous period of 12 months, within 12 months after settlement. This concession is available to all home buyers (not just first home owners).

Full Duty: <$130,000
1% Discount: $130,000 – $440,000
$3,100 Discount: $440,000 – $550,000
Full Duty: >$550,000

Residency Requirement
12 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
Victorian FHOG website
Victorian Land Transfer (Stamp) Duty calculator

QLD

FHOG: $30,000
The double grant applies for contracts signed up to 30/06/2025 (inclusive). For owner builder, foundations must be laid by 30/06/2025.

Eligible Property Value
Newly built: $750,000
Land + Build: $750,000
Substantially Renovated: $750,000
Existing: Ineligible

Stamp Duty Exemption (Property)
No Duty: <$550,000
Full Duty: >$550,000

Stamp Duty Exemption (Land + Build)
No Duty: <$550,000
Full Duty: >$550,000

Residency Requirement
6 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
QLD FHOG website
QLD Transfer Duty calculator

SA

FHOG: $15,000

Eligible Property Value
Newly built: $650,000
Land + Build: $650,000
Substantially Renovated: Ineligible
Existing: Ineligible

Stamp Duty Exemption (Property)
No Duty: <$650,000
Partial Duty: >$650,000 – $700,000
Full Duty: >$700,000
Full Duty: all existing properties

Stamp Duty Exemption (Land only)
No Duty: <$400,000
Partial Duty: >$400,000 – $450,000
Full Duty: >$450,000

Residency Requirement
6 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
SA FHOG website
SA Stamp Duty calculator

ACT

FHOG: none

Eligible Property Value
All properties: There is currently no FHOG in the ACT.

Stamp Duty Exemption (Property)
See qualifying income thresholds below

No Duty: <$1,000,000
Partial Duty: >$1,000,000 – $1,455,000
Full Duty: >$1,455,000

Stamp Duty Exemption (Land + Build)
See qualifying income thresholds below

No Duty: <$1,000,000
Partial Duty: >$1,000,000 – $1,455,000
Full Duty: >$1,455,000

Income Thresholds
To be eligible to pay no duty, the total gross income of all home buyers and their partners (if any) over the full financial year before the transaction date must be less than or equal to the thresholds below. Your partner’s income must be included, even if they won’t be an owner of the home.

  • 0 Dependents: $170,000
  • 1 Dependent: $173,330
  • 2 Dependents: $176,660
  • 3 Dependents: $179,990
  • 4 Dependents: $183,320
  • 5+ Dependents: $186,650

Residency Requirement
12 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
ACT Home buyer concession scheme website
ACT Conveyance Duty calculator

TAS

FHOG: $30,000

Eligible Property Value
Newly built: No Limit
Land + Build: No Limit
Substantially Renovated: Ineligible
Existing: Ineligible

Stamp Duty Exemption (Property)
50% Duty: existing properties <$600,000
Full Duty: all newly built or land + build

Stamp Duty Exemption (Land only)
Full Duty: all vacant land

Residency Requirement
6 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
Tas FHOG website
Tas Property Transfer Duty calculator

WA

FHOG: $10,000
HBAA: $2,000

FHOG Eligible Property Value
The 26th parallel of south latitude divides WA. It begins at Shark Bay on the coast and becomes the border between South Australia and the Northern Territory.

Newly built, Land + Build – South of the 26th parallel: $750,000
Newly built, Land + Build – North of the 26th parallel: $1,000,000
Substantially Renovated: Ineligible
Existing: Ineligible

HBAA Eligible Property Value
The Home Buyers Assistance Account (HBAA) reimburses some of the incidental expenses incurred when purchasing a first home in Western Australia, provided the applicants meet all criteria. Eligible applicants receive a grant of up to $2,000. This can be in addition to the FHOG.

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 your first home.

Newly built, existing, partially built: $400,000
Land + Build: Ineligible

Stamp Duty Exemption (Property)
No Duty: <$450,000
Partial Duty: >$450,000 – $600,000
Full Duty: >$600,000

Stamp Duty Exemption (Land Only)
No Duty: <$300,000
Partial Duty: >$300,000 – $400,000
Full Duty: >$400,000

FHOG Residency Requirement
6 months, starting within 12m of settlement or occupancy certificate

HBAA Residency Requirement
12 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
WA FHOG website
WA HBBA website
WA Transfer Duty calculator

NT

The HomeGrown Territory Grant
*New* Applies to contracts signed between 1 October 2024 and 30 September 2025.

New Properties: $50,000 Grant
Newly built: No Value Limit
Land + Build: No Value Limit
Transportable home: No Value Limit (must be legally approved and permanently fixed to site)

Existing Properties: $10,000 Grant
Substantially Renovated: No Value Limit
Existing: No Value Limit

FreshStart New Home: $30,000 Grant
This grant applies to existing home owners, whether in the NT or elsewhere in Australia. Applies to contracts signed between 1 October 2024 and 30 September 2025.

Newly built: No Value Limit
Land + Build: No Value Limit
Transportable home: No Value Limit (must be legally approved and permanently fixed to site)

Stamp Duty Exemption (Property)
No Duty: House & land package from a building contractor, where the land was originally bought from a developer and had stamp duty paid on the dutiable value of the land. No value limit, not means tested. Applicable for contract signed between 1 July 2022 and 30 June 2027.
Full Duty: all other properties and vacant land, except qualifying house & land packages above

Stamp Duty Exemption (Land only)
Full Duty: all vacant land

Residency Requirement
12 months, starting within 12m of settlement or occupancy certificate

More Info
For full eligibility requirements, please visit:
NT FHOG website
NT Stamp Duty calculator

Home Guarantee Scheme (HGS)

The Home Guarantee Scheme is a Federal Government initiative supporting eligible home buyers to own a home sooner. Needing only 2% – 5% deposit with no LMI required, means home ownership could be within reach sooner than you think.

The following sections summarise the eligibility criteria and inclusions. The scheme is subject to property price caps displayed below. The Scheme includes three types of Guarantees:

 

Maximum eligible property price by location

State/Territory Capital City, Regional Centre* Rest of State
NSW $900,000 $750,000
VIC $800,000 $650,000
QLD $700,000 $550,000
WA $600,000 $450,000
SA $600,000 $450,000
TAS $600,000 $450,000
ACT^ $750,000
NT $600,000 $600,000
Jervis Bay Territory, Norfolk Island $550,000
Christmas Island, Cocos (Keeling) Islands $400,000

* Regional centres are Newcastle and Lake Macquarie, Illawarra, Geelong, Gold Coast and Sunshine Coast.
^ The entire ACT is excluded from the RFHBG.

Visit the Housing Australia Postcode Search Tool to confirm the applicable cap before purchasing.

First Home Guarantee (FHBG)

Places FY24-25: 35,000
Minimum Deposit: 5%
Maximum Guarantee: 15%
Location: Anywhere in Australia

Property Type
New home
Existing home
House & land package
Off the plan
Land + building contract
Vacant land only

Eligibility Qualification
Australian citizen or PR
New Zealand citizen
First home buyers
Prior homeowners who haven’t owned a property in Australia in the past 10 years

Maximum Income
As shown on the ATO Notice of Assessment for the prior financial year before contract is signed. Joint applicants may include partners, friends, siblings, and family members.

Single Applicant: $125,000
2 Joint Applicants: $200,000

Residency Requirement
Property must be owner occupied

More Info
For full eligibility requirements, please visit:
First Home Guarantee website
Housing Australia – Home Guarantee Scheme overview

Regional First Home Buyer Guarantee (RFHBG)

Places FY24-25: 10,000
Minimum Deposit: 5%
Maximum Guarantee: 15%
Location: Regional area, regional centre, check your postcode

Property Type
New home
Existing home
House & land package
Off the plan
Land + building contract
Vacant land only

Eligibility Qualification
Australian citizen or PR
New Zealand citizen
First home buyers
Prior homeowners who haven’t owned a property in Australia in the past 10 years

Maximum Income
As shown on the ATO Notice of Assessment for the prior financial year before contract is signed. Joint applicants may include partners, friends, siblings, and family members.

Single Applicant: $125,000
2 Joint Applicants: $200,000

Residency Requirement
Property must be owner occupied
Must have lived in the regional area or adjacent regional area they are purchasing in for the preceding 12-month period. Employees who have been required to relocate for work may be exempt from this requirement.

More Info
For full eligibility requirements, please visit:
Regional First Home Buyer Guarantee website
Housing Australia – Home Guarantee Scheme overview

Family Home Guarantee (FHG)

Places FY24-25: 5,000
Minimum Deposit: 2%
Maximum Guarantee: 18%
Location: Anywhere in Australia

Property Type
New home
Existing home
House & land package
Off the plan
Land + building contract
Vacant land only

Eligibility Qualification
Australian citizen or PR
New Zealand citizen
Single parent or single legal guardian of at least one dependent
Separated but not divorced (divorce must be finalised for eligibility)
Foster carer (court issued guardianship order required)
Not currently owning property, not intending to own a another property after settlement

Maximum Income
As shown on the ATO Notice of Assessment for the prior financial year before contract is signed.

Single Applicant: $125,000
Joint Applicants: single applicant only

Residency Requirement
Property must be owner occupied

More Info
For full eligibility requirements, please visit:
Family Home Guarantee website
Housing Australia – Home Guarantee Scheme overview

Need help?

Reach out and we can check your eligibility for all government grants and schemes.

You might be able to buy much sooner than you thought!

Get in Touch

How much can I borrow?

This is one of the first questions asked by first home buyers, and indeed most buyers! It’s a great question and a very important one. In its simplest form, your borrowing capacity is influenced by your income and expenses.

If you’ve visited any bank websites, you’ll see they all have borrowing calculators, unfortunately they’re rarely accurate. These calculators are very high level and don’t capture the full detail of your unique circumstances. This is where a professional mortgage broker like Feather Loans can help.

We have access to all the official lender calculators and can determine your true borrowing capacity. The last thing you want is wasting time and getting your hopes up looking at properties out of your budget

If you haven’t already, send us a summary of your circumstances. We’ll be in touch very soon to start the conversation.

What is my budget?

After calculating your borrowing capacity, we can advise your total budget. This is determined by several factors:

Depending on your state and purchase price, you may also need to pay partial or full stamp duty. We can advise you on this, after reviewing your numbers and determining your target price range. 

With your budget in hand, you’ll now have a clear idea of what type of property you can buy.

Where to from here?

Depending if your budget meets your expectations, you have several options:

  • Apply for pre-approval and start looking at properties 
  • Save, until you can afford the type and location of property you want
  • Pay LMI and borrow up to 95% of the purchase price (possible when your income is high, but savings are low)
  • Buy in a more affordable location or a smaller property in your preferred area (remember your first home is unlikely to be your last)
  • Consider “rentvesting,” buying an investment property in a location and budget you can afford, whilst renting or living at home in your desired suburb

During your strategy session, we’ll discuss the pro’s and con’s of each option, helping you decide the best way forward. 

A quick overview of the buying process

1

Set Your Budget

We’ll review your income and expenses to determine your borrowing capacity and budget. See our Simple 5 Step Process.
2

Pre-Approval

If you’re ready to buy now, we’ll obtain pre-approval from your preferred lender
3

Property Hunting

Set your alarm, let the fun begin. It’s time to find your new home. See our resources page with many links to help with property research.
4

Make an Offer

You'll either negotiate directly with the agent or bid at auction. Either way, we’ll help you prepare to give you a winning shot.
5

Contracts Exchanged

The hard work’s done, you’ve found your home and your offer’s accepted. We take care of everything from here.
6

Unconditional Approval

The bank has agreed to lend you the money and is happy with the valuation. Time to celebrate and plan for moving day.
7

Settlement

Congratulations, the property is now yours. Time to pick up your keys and plan your housewarming 😊

Top 5 tips for first home buyers

Sharing some common words of wisdom from when we were first home buyers. These worthwhile points, which were easy to dismiss at the time, proved to be valuable advice.

Check the strata

If you’re buying a unit or townhouse, always ask how much the quarterly strata levies are. It’s easy to fall in love with that gorgeous resort style apartment, with pool, gym, spa and sauna.

But, is the convenience worth paying $12,000+ per year? You might find that a couple of weeks in Fiji or Bali each year costs far less. High strata will also limit your borrowing capacity.

Be prepared to compromise

Your first home is unlikely to be your last. It’s easy to end up with a growing wishlist as you browse listings and attend open homes. Prioritise what’s most important, then add the “nice to haves” if budget permits.

Focus on prioritising what can’t easily be changed, such as orientation, layout, room sizes and location. North facing rooms will have more natural light and catch the winter sun, while avoiding the hot summer sun.

Your home will be more energy efficient and require less heating and cooling. Painting a room can be a straightforward DIY job, moving a wall isn’t.

Live in it before making major changes

This can be a tough one. It’s easy to dream of renovating a kitchen, bathroom or removing a wall to make a large open plan living. Before making major changes, resist the temptation in your first year. Things you hated, you may suddenly like, or you’ll discover more affordable alternatives.

After 12 months your priorities may have changed. You might be relocating for work, wanting to buy an investment property or planning to upsize. A year later, if you still want to undertake that major reno, then you know you aren’t making an impulse decision.

DO go out on rainy Saturday mornings

Your alarm goes off, it’s cold and dreary outside, it’s all too tempting to hit snooze and skip this weekend. These are actually the best days to be out there.

Agents will show a home during its best light, seeing it at its worst tells the true story. It’s also a good opportunity to check for water leaks in places that shouldn’t be wet. Plus you’ll likely have less competition with others taking the day off.

It’s also important to inspect a property multiple times, on different days and times. You’ll get a sense of how natural light, traffic and neighbours may impact your new home. Remember, if you’re having doubts, chances are when you go to sell, so will your buyers.

Make some sacrifices

It’s rare to find someone who can easily borrow enough to buy the home of their dreams. To boost your savings, you may need to cut back on going out, shopping and other luxuries.

After settlement, you’ll get into a routine of paying your mortgage and over time your salary will increase. It’s important to balance the little pleasures in life with your big goals.

Unsure where to start? Reach out and we can help determine your budget. We’ll explore how to reach your goals without living on instant noodles and canned tuna for too long.

Let's discuss your goals

There are no silly questions when it comes to your future. We're here to help, there's no cost or obligation 😊

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