The one solution for all first home buyers
What we do for our first home buyers
Looking for a first home buyer loan? We’ve got the right one for you
Because we know that buying a property is one of the biggest financial commitments you’ll ever make, we’ve selected a team of industry-leading first home buyer mortgage brokers to help you choose the right loan for your circumstances. Your specialist mortgage broker will negotiate personalised loan rates and terms from a range of lenders, and help you find the right solution to meet your needs.
Looking for answers? We’ve got one for you
First home buyers in Australia can access a first home buyer grant from many different lenders. You can walk into just about any bank and find one, but all their loan terms, lengths, criteria, extra options and repayment rates are different, and it can be difficult to decide which one is right for you.
Sometimes a lot of choice is more of a headache than a help. But it doesn’t have to be: Coronis can connect you to a specialist first home buyer mortgage broker skilled in property finance as well as taking the stress out of buying your first home. Australian buyers can access any number of first home buyer loans, but when you’re with Coronis, your personal broker will negotiate with lenders on your behalf to find you the right loan rate and terms to match your personal circumstances, and help you to secure the pre-approval and finance you need to buy your dream home.
If you’re a first-time home buyer in Australia you’re probably already overwhelmed with all the different home loan options out there, and too time-poor to figure out which one is the right one for you. That’s what mortgage buyers are for: Coronis mortgage brokers can offer free, impartial and professional advice on the various home loan products available to you, and help you to select the right loan and terms for your financial position and aspirations. They can help you to access the first home owner grant, manage your application, decipher the fine print, and liaise with lenders to save you the stress and paperwork.
Your personal mortgage broker is also your advocate. Unlike banks, mortgage brokers are governed by ‘Best Interests Duty’ legislation, meaning they are obliged to support your best interests, and there aren’t any ulterior motives to worry about.
The first home owner grant is a one-off cash payment from the Government that you can use to pay part of the cost of a new home. It’s for people who are building their first home or buying a brand new home that has never been lived in, and includes houses, units, apartments or townhouses. If you’re building, you may also be eligible for the $25,000 Home Builders Grant.
Thanks to government efforts to accelerate home ownership and boost the homebuilding industry, each state and territory in Australia provides some sort of financial assistance to first home buyers, although the eligibility criteria and amounts vary depending on where you live. You can access more information on grants by each state by visiting http://www.firsthome.gov.au
The Queensland First Home Owner’s Grant of $20,000 is available to people buying or building a new home up to the value of $750,000, but you must live in the home continuously for at least six months. First home buyers can also claim a first home exemption on transfer duty for homes valued at less than $550,000, and land valued at less than $400,000; however, the government also offers a duty concession for homes valued over this amount, which you can view at https://www.qld.gov.au/housing/buying-owning-home/first-home-concession
New South Wales
The First Home Owner Grant (New Homes) scheme provides $10,000 to eligible first home buyers to help buy a new home valued under $650,000; when you enter into a contract to build a property, or are an owner builder, the total value cannot exceed $750,000. At least one of the homeowners will need to live in the property continuously for at least six months.
Through the First Home Buyers Assistance (FHBA) scheme, first home buyers are exempt from stamp duty (also known as transfer duty) on new homes up to $650,000, and on vacant land up to $350,000. They will receive stamp duty concessions on new homes valued between $650,000 and $800,000, and on vacant land valued between $350,000 and $450,000. Shared equity arrangements under the scheme also allow eligible purchasers to buy property with other parties and still receive a concession.
The Victorian first home owners grant of $10,000 is available to first home buyers for new homes valued up to $750,000, where one applicant is to live in the property continuously for a minimum of 12 months. For new homes built in regional Victoria and valued up to $750,000, the grant is $20,000.
The grant doesn’t apply to established properties. However, whether the home is new or established, first home buyers can apply for the first home buyer duty exemption when they buy a property valued up to $600,000. A duty concession applies when the value is more than $600,000 but not more than $750,000. If eligible, some first home buyers may also receive a principal place of residence (PPR) duty concession for homes valued at $550,000 or less.
The South Australian first home owner grant of up to $15,000 is available to people buying or building new homes up to $575,000, where all applicants must live in the home continuously for at least six months.
Australian Capital Territory
The ACT first home owners grant is currently $7,000 for purchasers of new or substantially renovated properties up to the value of $750,000, where at least one of the homeowners lives in the property for at least one year. The ACT Government also offers a home buyer concession scheme and options for deferred duty, which applies to new homes and includes a property ownership test and thresholds on both the property value and the home buyer’s income. These conditions change frequently, so check the ACT Revenue Office website for the latest information.
The Northern Territory’s first home owner grant of up to $26,000 is available to first home buyers and builders of new properties, where at least one applicant will live in the home continuously for a minimum of six months. First home buyers of established properties may be entitled to the First Home Owners Discount scheme, which provides a discount of up to $23,928.60 on stamp duty.
Western Australia’s first home owners grant of $10,000 is available to first home owners buying or building a new property of a maximum value of between $750,000 and $1 million depending on the location. Each applicant must live in the home for a continuous period of at least six months.
All first home buyers, whether purchasing a new or established property, may be entitled to the first home owner rate of duty if the value of the home is less than $530,000. First home buyers of properties up to $400,000 might also be eligible for a grant from the Home Buyers Assistance Account, which provides up to $2,000, subject to criteria, for incidental expenses associated with purchasing a first home, which they must intend to live in for at least 12 months. The home must be established or partially built, not vac6ant land or a house and land package.
Tasmania’s $30 000 first home owners grant is available to eligible first home buyers and builders commencing purchases between 1 April 2021 and 30 June 2022. The property must be new or off-the-plan, and all grant applicants must live in the home for a continuous period of at least six months. Land tax is not payable on a principal place of residence. First home buyers should apply for a principal residence land classification.
This information changes periodically, and the best way to stay on top of it is to consult and experienced mortgage broker. The team at Coronis will be happy to share their expertise in determining which grant or assistance scheme you can best access, so contact us at any time for the latest information. In the meantime, you can start navigating the process by downloading our step-by-step guide to buying your first home, which is packed full of valuable information to help you make the best decision.