Your complete guide to
buying your first home
Grants, concessions, negotiation scripts, building report analysis, and contract review — everything first home buyers in Australia need to buy smarter, pay less, and avoid expensive mistakes.
Start using BuyerEdge — free to startNo account required · All 8 states covered
How the 2026 Budget changes affect first home buyers
The 2026–27 Federal Budget states that from 1 July 2027, negative gearing of residential property will be limited to new builds, with existing holdings acquired before the 12 May 2026 announcement exempt. The main-residence CGT exemption is unchanged. These tax changes do not guarantee lower prices or reduced competition in any suburb.
CommBank Economics’ forecast, published in May 2026, was 3% dwelling-price growth to December 2026, down from 5%. It is a dated forecast, not a current forecast or guarantee; outcomes vary by market.
Read the full briefingForecast dated May 2026. CommBank Economics forecast. Tax measures and start dates: Australian Treasury.
Six checks first home buyers should not skip
No single report proves a property is risk-free. Use each finding as a prompt to verify the underlying evidence and ask the right professional.
Overpaying — the biggest first-home risk
Without context, it's hard to know if a price is fair. Agents know their market intimately; most first home buyers don't.
BuyerEdge's negotiation scripts are grounded in FBI and Harvard frameworks — they give you tactics to negotiate price down, not just accept whatever the agent suggests.
Missing building defects
Building inspection reports can be long and technical, making issues and follow-up questions hard to spot.
Upload a building report PDF for a plain-English summary of reported issues, possible repair considerations and questions to raise with your inspector or conveyancer.
Understanding the contract
The contract of sale is a complex legal document. Buyers who don't understand what they're signing can end up locked into unfavourable terms.
BuyerEdge helps surface clauses to review, such as cooling-off rights, special conditions, fixtures and settlement terms. Use the report as a prompt for your conveyancer, not a legal opinion.
Calculating the real cost of buying
The purchase price is only one part of the budget. Duty may be fully relieved for eligible buyers, while professional, lender and moving costs vary by property and provider.
The BuyerEdge buying costs calculator estimates duty and lets you model optional cost ranges. Confirm each item with your conveyancer, lender and service providers.
Photos that hide the truth
Listing photos are professionally styled to make properties look their best. First home buyers often fall in love with a property before seeing its real condition.
Upload inspection photos or a walkthrough video for AI-assisted observations and negotiation prompts. Image analysis may miss or misinterpret defects and is not a substitute for an inspection.
Strata costs that are easy to miss
For a unit or apartment, minutes and financial records may describe urgent works, proposed special levies or disputes that affect your decision.
A strata review can surface source-cited red flags and distinguish approved from proposed levies. A lot-level estimate is conditional on the report documenting the scheme allocation; it is not a confirmed bill. Ask your conveyancer to check current records and settlement responsibility.
How BuyerEdge works
Add a property once to carry available property details into supported tools, reducing repeated entry.
Add the property
Paste a realestate.com.au URL or try a Domain URL for best-effort auto-fill. For other providers, enter the property details manually.
Run the tools you need
Negotiation scripts, building and strata reviews, contract checks, photo analysis and buying costs — all organised around your property.
Negotiate with confidence
Go into every agent conversation knowing what to say, what to ask, and what your real ceiling is.
First home buyer grants & stamp duty concessions by state
Rules differ by contract date, dwelling type and personal eligibility. Grants and transfer-duty relief are separate programs; a grant is not guaranteed and is not deducted from estimated settlement costs. Checked 14 October 2026.
Grant value caps and eligibility vary by state and may differ from duty rules. A grant, if approved, is not cash available at settlement by default. Check the linked revenue-office source before relying on a figure.
First home buyer stamp duty exemption eligibility
These are scheme summaries, not eligibility decisions. Checked 14 October 2026. Check the linked state revenue office for the transaction date, property type, residency, ownership and other requirements before relying on a concession.
Full duty relief boundary
≤ $800,000· concession to $1,000,000
For home contracts from 1 July 2023: occupy as principal residence within 12 months and continuously for at least 12 months.
Applicant and spouse/partner must meet prior ownership and prior assistance tests; at least one buyer must be an Australian citizen or permanent resident.
Applies to eligible new and existing homes. Separate thresholds apply to vacant land, which this calculator does not cover.
Check official NSW rulesFull duty relief boundary
≤ $600,000· concession to $750,000
First-home duty relief: full exemption at or below $600,000; concession above that through $750,000.
Eligibility, residency, prior ownership and other conditions apply. The FHOG is $10,000 statewide for eligible new homes; no regional $20,000 rate.
Grant and duty relief have separate eligibility conditions and grant value caps.
Check official VIC rulesFull duty relief boundary
≤ $700,000· concession to $800,000
Established homes: first-home concession fully removes duty up to $700,000, then tapers below $800,000.
Eligible first-home buyers of new homes may qualify for a full residential concession without a price cap for contracts from 1 May 2025.
Occupancy, ownership, citizenship/residency and transaction conditions apply. From 1 August 2026, citizenship/residency requirements also apply to QLD home concessions.
Owner-occupier home concessions also require eligibility confirmation; the new-home first-home concession is not the same as the grant.
Check official QLD rulesFull duty relief boundary
≤ $600,000· concession to $800,000
For transactions from 7 May 2026: no duty at or below $600,000; a concessional rate applies above $600,000 through $800,000.
Move in within 12 months and occupy continuously for at least 6 months; other first-home-owner eligibility rules apply.
The $800,000 boundary is for home and land transactions from 7 May 2026; older contracts have different thresholds.
Check official WA rulesFull duty relief boundary
No cap
From 1 July 2026, eligible buyers have no income or property-value cap under the Home Buyer Concession Scheme.
Buyers and domestic partners are generally subject to a five-year prior-property lookback, including overseas property. Occupy as principal residence continuously for one year, starting within a year of settlement.
HBCS is not limited to first-home buyers. Transaction date, buyer structure and other eligibility criteria matter.
Check official ACT rulesFull duty relief boundary
No cap
Eligible first home buyers can receive full stamp duty relief on a new home, off-the-plan apartment or vacant land to build a new home for qualifying contracts from 6 June 2024.
No price cap applies to eligible contracts from that date; relief does not apply to established homes. Residence and other eligibility rules apply.
Vacant land is outside this page's calculator scope.
Check official SA rulesThe First Home Owner Grant is $20,000 for qualifying new transactions from 1 July 2026; $30,000 applies to qualifying earlier transactions.
The established-home duty exemption ended on 30 June 2026; do not assume a current established-home concession.
Check transaction date, dwelling type and grant eligibility with the State Revenue Office.
Check official TAS rulesEligible buyers of a new home may qualify for a $50,000 grant through 30 September 2027.
The former $10,000 established-home grant expired for contracts after 30 September 2025. The Territory Home Owner Discount is no longer available.
A separate duty exemption may apply to eligible house-and-land packages through 30 June 2027; package criteria apply and this calculator does not model it. Check Territory Revenue before relying on an estimate.
Check official NT rulesHome-only estimates exclude vacant land, foreign surcharges, commercial or mixed-use property, and exceptional concessions. Eligibility is not determined by this guide.
Australian Government 5% Deposit Scheme
The Australian Government 5% Deposit Scheme can help eligible buyers purchase with a 5% deposit without Lenders Mortgage Insurance (LMI): the government guarantees part of the loan to the participating lender. From October 2025, places are unlimited and there are no income caps. This is not a cash grant, loan approval or promise that a lender will approve you.
Key eligibility conditions
Eligibility, owner-occupier and prior-ownership rules still apply
Property must be within the relevant location price cap; Sydney's cap is $1.5 million
Apply through a participating lender and pass its credit and serviceability assessment
Places are unlimited from October 2025; the scheme has no income caps
Check the current location cap and complete criteria on the Australian Government scheme price-cap page (checked 14 October 2026). Loan approval remains subject to lender assessment.
First Home Super Saver (FHSS) Scheme
The First Home Super Saver (FHSS) scheme lets eligible buyers request release of certain voluntary super contributions and associated deemed earnings for a first home. Tax treatment and the financial outcome depend on contribution type, your circumstances and fund rules; it is not always better than saving outside super.
How it works
Make voluntary concessional (pre-tax) or non-concessional (after-tax) contributions to your super fund
Eligible contributions are limited to $15,000 per financial year and $50,000 in total, plus deemed earnings
The ATO includes 85% of eligible concessional contributions and 100% of eligible non-concessional contributions, plus deemed earnings, in the releasable amount
Request an FHSS determination before ownership transfers, generally before settlement; timing is not necessarily before contract
For determinations from 15 September 2024, a release is normally requested within 90 days after signing the contract
The released amount may include taxable and non-taxable components; tax outcome varies by person
Must have a genuine intention to occupy the property as soon as practicable
Both members of a couple can independently use the FHSS scheme (up to $50,000 each)
ATO rules can depend on timing and component type. Read how FHSS release amounts are calculated and how to request a release and speak to a financial adviser before making contributions, as super rules are complex and individual circumstances vary.
Deposit requirements for first home buyers
Understanding how much deposit you actually need — and what lenders are looking for — is one of the most important steps before you start inspecting properties.
Standard deposit: 20%
A 20% deposit is a common benchmark for avoiding Lenders Mortgage Insurance (LMI), though lender policies vary. On a $700,000 property that is $140,000, before purchase costs; eligible borrowers may have other options.
Low-deposit options: 5%–10%
Some lenders may consider lower deposits. LMI may apply below 20%, depending on the lender, loan and scheme eligibility; costs are not a fixed amount and should be quoted by the lender.
Avoiding LMI: the 5% Deposit Scheme
The Australian Government 5% Deposit Scheme may let eligible buyers avoid LMI with a 5% deposit. There are no income caps and places are unlimited from October 2025, but property caps, eligibility and lender assessment still apply.
Genuine savings requirement
Some lenders require a portion of the deposit to meet their genuine-savings test, often with a seasoning period. Treatment of gifts, grants and guarantor support varies by lender; check the lender's current policy.
Budget for costs on top of the deposit
Your deposit is only part of what you need. Duty may be reduced or nil for eligible buyers; other costs depend on your state, provider and choices. Use the BuyerEdge calculator as an estimate rather than a fixed savings target.
First home buyer questions
What is the First Home Owner Grant in NSW?
Eligible NSW buyers may receive a $10,000 First Home Owner Grant for a new home, subject to the grant's property-value cap and residence and ownership requirements. It is not a guaranteed payment.
Do first home buyers pay stamp duty in NSW?
For eligible NSW home buyers with contracts from 1 July 2023, transfer duty is fully exempt up to $800,000 and a concessional rate may apply above $800,000 and below $1,000,000. Residence and other eligibility rules apply.
What grants are available for first home buyers in Victoria?
Victoria's First Home Owner Grant is $10,000 statewide for eligible new homes, subject to the value cap. First-home duty relief is available up to $600,000, with a concession up to $750,000.
What are the hidden costs of buying a home in Australia?
Purchase costs vary with price, state, property type, eligibility and chosen services. Some buyers qualify for full duty relief, so there is no reliable universal total; use the calculator as an estimate and confirm costs with your conveyancer and lender.
Does the Australian Government 5% Deposit Scheme have income limits?
From October 2025 the scheme has no income caps and unlimited places, but buyers must still meet eligibility criteria, property price caps and lender assessment. It is a government guarantee to participating lenders, not cash or guaranteed loan approval.
How much can I release under the First Home Super Saver scheme?
Eligible voluntary contributions are limited to $15,000 per financial year and $50,000 in total, plus associated deemed earnings. A determination and release request are required, and tax treatment varies by component and individual circumstances.
How can I negotiate a lower price as a first home buyer?
First home buyers can negotiate using building report findings as leverage, referencing comparable sales, and using structured scripts grounded in FBI and Harvard negotiation frameworks. Knowing your walk-away point (BATNA) before the agent calls is critical to avoiding overpaying.
First home buyer checklist
Get pre-approval from your lender before inspecting — know your ceiling
Research comparable sales in the suburb (sold prices, not listing prices)
Order a building and pest inspection before bidding or making an offer
Check your stamp duty liability and FHB concession eligibility
In Victoria, read the Section 32 Vendor Statement; elsewhere, check the applicable disclosure statement and contract before signing
Understand the cooling-off period and what it costs to exit
Budget for conveyancing, inspection, and lender fees — not just the price
Prepare your negotiation strategy and ceiling price before speaking to the agent
If buying at auction, register on the day and set a walk-away price
Confirm your First Home Owner Grant eligibility with your state revenue office
Grant amounts, concession thresholds, and eligibility rules are updated frequently. Always confirm current figures with your state revenue office, a licensed conveyancer, or a mortgage broker. BuyerEdge provides information tools only and does not provide financial or legal advice.
Related guides & calculators
Property Negotiation Scripts
Word-for-word scripts for 10 scenarios — first offer, pre-auction, defects, and more.
2026 Budget Impact for Buyers
How the May 2026 federal budget changes affect first home buyers and investors.
Stamp Duty Calculator — NSW
Estimate stamp duty and first home buyer exemptions in New South Wales.
Stamp Duty Calculator — VIC
Estimate stamp duty and first home buyer concessions in Victoria.
Built for buyers, not agents
BuyerEdge gives first home buyers negotiation scripts and a buying costs calculator free. Building and strata report analysis, contract review, photo analysis and saved-review follow-ups are Pro features.
Start with BuyerEdge — free to startNo account needed · Australian market