First Home Buyer Guide (Australia)
Everything a first time home buyer needs to buy property in Australia in 2026 - the grants and schemes you may qualify for, how much deposit you actually need, how to get a home loan, and the step-by-step process from saving to settlement.
The short answer
Buying your first home in Australia usually means saving a deposit, getting a home loan pre-approved, then searching, making an offer and settling. As a first home buyer you may also access government help - a First Home Owner Grant, stamp duty concessions, and low-deposit schemes that let you buy with as little as 5% down.
How to buy property in Australia as a first home buyer
Buying property in Australia follows a fairly consistent path, whether you're purchasing an apartment in Melbourne or a house in regional Queensland. The difference for a first time home buyer is that you likely have less certainty about the process - and access to grants and concessions that other buyers don't get.
This first home buyers guide walks through the whole journey in plain language: what you can borrow, what help is available, and exactly how to buy property step by step. If you only do one thing first, work out your budget - it shapes every decision that follows.
Start with the numbers
Use our home loan calculator to estimate repayments, then check your borrowing power.
Grants and schemes available to first home buyers
Australia offers more help than most people realise, split between federal schemes (nationwide) and state schemes (which vary by where you buy). Many can be combined.
Home Guarantee Scheme
Buy with as little as a 5% deposit without paying Lenders Mortgage Insurance - the government guarantees the rest. Places and income caps expanded for 2026.
First Home Super Saver
Contribute voluntarily to your super and later withdraw up to $50,000 (plus earnings) toward your deposit, taxed at a lower rate.
Help to Buy
A shared-equity scheme where the government takes a stake in your home, reducing the deposit and loan you need.
The buying process, step by step
Once your finance is sorted, here's how to buy property from search to keys. Tap a step to see what's involved.
Search and shortlist
Set your criteria, save searches, and inspect properties in the suburbs you can afford.
The details, expanded
Open any section for the full explanation.
The classic target is a 20% deposit, because it lets you avoid Lenders Mortgage Insurance (LMI) - an insurance premium that protects the lender, not you, when you borrow with a smaller deposit. On a $600,000 home, 20% is $120,000.
But you don't always need that much. Eligible first home buyers can buy with a 5% deposit under the Home Guarantee Scheme and skip LMI entirely. The trade-off is a larger loan and higher repayments, so weigh it against your budget.
First Home Buyer FAQs
How much deposit does a first home buyer need?+
Most lenders prefer 20% to avoid LMI, but eligible first home buyers can buy with as little as 5% under the Home Guarantee Scheme - and in some cases 2%.
Can I combine grants and stamp duty concessions?+
Often yes. Many buyers stack a First Home Owner Grant with a stamp duty concession and a federal deposit scheme. Eligibility depends on your state, whether the home is new, and the purchase price.
Do first home buyers pay stamp duty?+
In most states, eligible first home buyers pay no stamp duty below a set price cap, with a reduced rate up to a higher threshold. Caps vary by state and change periodically.
Can I use a first home buyer scheme to buy an investment property?+
Generally no - first home buyer grants and concessions usually require you to live in the home for a minimum period. Investment purchases are covered by separate rules and investment property loans.
Ready to find your first home?
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