Every First Home Scheme in Australia, Stacked Together (You Could Save $70K+)

Buying Your First Home Feels Impossible. It Doesn't Have To.

Median house prices over $800K in Sydney and Melbourne. But here's what nobody tells you: the government has multiple schemes designed to help first home buyers, and you can stack most of them together.

Scheme 1: First Home Guarantee (Skip the LMI)

Buy with just a 5% deposit instead of 20% — and no Lenders Mortgage Insurance (LMI).

LMI on a $600,000 property with a 5% deposit can cost $15,000-$25,000. This scheme wipes that out.

Eligible if: Income up to $125,000 (individuals) or $200,000 (couples). Must be a first home buyer and live in the property. Places are limited each year, so check your First Home Guarantee eligibility as early as possible.

Scheme 2: First Home Super Saver Scheme (FHSS)

Make extra voluntary contributions to your super, then withdraw them to use as a deposit — and pay way less tax.

• Contribute up to $15,000 per financial year, max total withdrawal $50,000
• Salary sacrifice contributions taxed at 15% inside super, instead of your marginal rate (30-37%+)
• On a $70,000 salary, sacrificing $15,000/year saves roughly $3,000-$4,500 in tax vs normal savings
• Over 3 years, that's $9,000-$13,500 extra toward your deposit

Scheme 3: Help to Buy (Launched December 2025)

Government shared equity — they literally buy part of your home with you.

• Government contributes up to 40% of purchase price for new homes, 30% for existing
• You only need a 2% deposit
• Income cap: $100,000 (individuals) or $160,000 (joint/single parents)
• Currently available in QLD, VIC, NSW, SA, ACT, and NT

Scheme 4: State-Level Grants

• NSW: No stamp duty on properties up to $800,000
• QLD: $30,000 First Home Owner Grant for new homes
• VIC: $10,000 grant for new homes up to $750,000
• SA: $15,000 grant for new homes
• WA: $10,000 grant for new homes up to $750,000

The Stack: A Worked Example

Sarah, 28, earns $75,000, buying a $550,000 new apartment in Brisbane:

1. FHSS: Withdrew $42,000 from super (saved ~$8,000 in tax)
2. First Home Guarantee: 5% deposit, no LMI (saved ~$18,000)
3. QLD First Home Owner Grant: $30,000
4. Stamp duty concession: Saved ~$10,000

Total benefit: approximately $66,000.

Not bad for a bit of paperwork. You can use the ATO's FHSS calculator to see how much you'd personally save by salary sacrificing into super. The key is to start early — begin salary sacrificing now, and register for the First Home Guarantee before you start house hunting.