First Home Buyer 2026: Up to $75,000 Available

Sarah, 29, is a junior accountant in Brisbane earning $72,000. Her partner Jake, 31, is a civil engineer on $80,000 — combined $152,000. They have been saving for a first home for two years. When they sat down to total up the government assistance available to them for a $650,000 new house in Brisbane, the number came to $58,850. Neither of them had known most of it existed.

In 2026 the federal government has more first home buyer assistance on the table than at any point in the past decade — a new shared equity scheme, unlimited places on the deposit guarantee, and a super-powered savings strategy. The complication is that each scheme has different rules, different deadlines, and not all of them can be combined. This guide maps every dollar available, who qualifies, and — critically — what expires on 30 June 2026.

The Federal Safety Net: First Home Guarantee

The First Home Guarantee (formerly the First Home Loan Deposit Scheme) was significantly expanded from 1 October 2025. The government guarantees up to 15% of the purchase price, allowing buyers to buy with a 5% deposit without paying Lenders Mortgage Insurance. LMI on a $650,000 purchase with a 5% deposit would typically cost $12,000–$16,000 — the guarantee eliminates this entirely.

Key changes from 1 October 2025:

• Unlimited places — the previous 50,000 per-year cap has been removed entirely
• No income cap — the prior $125,000 (singles) and $200,000 (couples) income limits no longer apply
• Higher property price caps — Sydney $1,500,000; Brisbane $1,000,000; Melbourne $950,000; other capital cities $800,000; regional areas vary
• 31 participating lenders — CBA, NAB, Westpac, and 28 non-major lenders including several online lenders

You must be an Australian citizen or permanent resident, intend to live in the property as your principal place of residence, and not currently own any real property in Australia or overseas.

Sarah and Jake's example: On their $650,000 purchase with a 5% deposit ($32,500), LMI without the guarantee would cost approximately $13,000. With the First Home Guarantee, that $13,000 disappears — straight into their pocket, or more accurately, never leaves it.

Help to Buy — The New Shared Equity Scheme

Help to Buy launched on 5 December 2025. It is fundamentally different from the First Home Guarantee — instead of guaranteeing your loan, the federal government co-owns the property with you.

• Government contributes up to 40% of the purchase price for a new home, or 30% for an existing home
• You only need a 2% deposit — no LMI applies
• You pay no rent on the government's equity share while you live there
• You can buy out the government's equity share over time, in increments, as your finances allow
• Income caps: singles below $100,000; couples and single parents below $160,000
• Available in NSW, VIC, QLD, SA, ACT, NT, and WA (with property price caps per state)

Help to Buy is designed for buyers who struggle to save a deposit at all. On a $700,000 property, a 40% government equity contribution means you only need to finance $420,000 — your repayments drop dramatically and your entry point is just $14,000 (2% of $700K).

Sarah and Jake's situation: At $152,000 combined, they fall just below the $160,000 couple cap and technically qualify for Help to Buy. But they choose the First Home Guarantee instead — they want to own 100% of their home from day one, and the shared equity arrangement means the government's share grows in value alongside theirs. For buyers who can scrape together 5%, the First Home Guarantee gives full ownership immediately.

Super-Powered Deposits — The First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSS) is the most tax-effective way to build a deposit — and one of the most underused strategies available to Australian first home buyers.

How it works: you make voluntary contributions into your super fund (on top of employer SGC). Those contributions are taxed at 15% inside super — compared to your marginal rate outside (up to 47%). When you are ready to buy, you apply to the ATO to release those contributions plus associated earnings directly to your bank account.

The maximum releasable amount is $50,000 across all financial years (up to $15,000 per year). On a $50,000 withdrawal, someone on a $90,000 salary saves approximately $8,500 in tax compared to saving the same amount outside super.

Sarah's FHSS numbers: Sarah started making voluntary contributions two years ago — $10,000 in 2023–24 and $10,000 in 2024–25. Inside super, those contributions were taxed at 15% rather than her marginal rate of 30%. The saving so far: $3,000 in avoided tax. Her releasable amount, including super fund earnings, is approximately $21,600. Combined with Jake's $11,000 in personal savings, they reach $32,600 — just enough to clear the 5% deposit threshold on a $650,000 purchase.

At withdrawal, FHSS funds are taxed at your marginal rate minus a 30% tax offset — so Sarah's effective tax rate on withdrawal is 0% (30% − 30%). Her net benefit from the scheme: approximately $3,000 in tax saved, plus $1,600 in super earnings she would not have earned in an offset account.

State-by-State: Grants and Stamp Duty Concessions

State government benefits vary significantly. Here is a snapshot of what is available for first home buyers in 2026:

State programs change regularly. Confirm current conditions at your state revenue office before signing a contract.

How to Stack the Schemes — Sarah and Jake's Full Breakdown

The key stacking rule:

• FHSS + First Home Guarantee — allowed. Use your FHSS withdrawal as your 5% deposit, then use the guarantee to eliminate LMI.
• FHSS + Help to Buy — allowed. Use FHSS funds as your 2% deposit under the shared equity scheme.
• First Home Guarantee + Help to Buy — not allowed for the same purchase. Choose one.
• State grant + any federal scheme — generally allowed, subject to your state's individual eligibility rules. Always check with your state revenue office.

Sarah and Jake's full stack on their $650,000 Brisbane purchase:

• QLD First Home Owner Grant: $30,000
• Stamp duty exemption (QLD, from 1 May 2025): $12,850
• LMI saving via First Home Guarantee: $13,000
• FHSS tax saving (Sarah's 2-year strategy): $3,000

Total benefit: $58,850 — without counting any FHSS earnings advantage or the time-value of the stamp duty saving applied to their loan principal.

Three Mistakes That Cost First Home Buyers Thousands

Mistake 1 — Signing a contract before applying for FHSS. The ATO requires a determination to be issued before you sign a contract or begin construction. If you sign first and then apply, you permanently lose your FHSS eligibility for that purchase. Allow 15–25 business days for the ATO to process your request — this needs to be built into your settlement timeline.

Mistake 2 — Buying an existing home when only new homes qualify for the grant. In most states, the First Home Owner Grant applies only to new, off-the-plan, or substantially renovated homes — not established properties. QLD's $30,000 grant is for new homes under $750,000. Buying an existing home in QLD still makes you eligible for the stamp duty exemption, but not the $30,000 grant. Check your state's definition of "new home" before assuming eligibility.

Mistake 3 — Assuming Help to Buy has no income cap. Unlike the expanded First Home Guarantee — which removed its income limits entirely from October 2025 — Help to Buy is still means-tested at $100,000 (singles) and $160,000 (couples). At $152,000 combined, Sarah and Jake qualify; at $165,000 combined, they would not. Always verify your current income against the cap before applying.