A guide to home buyer grants in New South Wales and Queensland

As an eligible first home buyer, you could receive thousands of dollars in state grants or concessions. We've covered off some of the important details below, but remember that a BCU Bank Mobile Lender can also help you to determine your eligibility.

New South Wales

First Home Buyers Assistance Scheme (FHBAS)

If you’re a first home buyer in NSW, you may be eligible for a full or partial exemption on transfer duty.

Key features:

• For first home buyers only.
• Available for a new or existing home, or vacant land on which you intend to build a home.
• Property value must be witin the threshold amounts.

Main criteria:

• You must be an individual, not a company or trust.
• You must be over 18.
• You, and your spouse/partner, must not have previously owned or co-owned a home in Australia.
• You, and your spouse/partner, must never have previously received an exemption or concession under the scheme.
• Available to Australian citizens or Permanent Residents only.
• You must move into the new home within 12 months after buying the property and live there for at least 12 continuous months.

First Home Owner Grant

If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner (New Homes) Grant scheme.

Amount: $10,000

Key features:

• Available for first home buyers.
• For buying or building a brand new home.

Main criteria:

• Must be for a new home that no-one has lived in before.
• Property value must not exceed:
  • $600,000 for newly built property
  • $750,000 for vacant land and building a property
  • $600,000 for a home which has been substantially renovated by the seller*.
• Available to Australian citizens or Permanent Residents only.
• You must be over 18.
• You or one of the first home buyers must move into the new home within 12 months after buying the property, and live there for at least six continuous months.
• You, and your spouse/partner, must not have previously owned or co-owned a home in Australia, or received a first home owner grant in Australia.

More information including *full eligibility criteria is available on the NSW Government website.

Queensland

First Home Owner Grant

The Queensland First Home Owner Grant is a state government initiative to help first-time home buyers get their new first home sooner.

Amount: $15,000

Key features:

• Available for first home buyers.
• For buying or building a new home.

Main criteria:

• You must be over 18 years.
• You must be an Australian citizen or Permanent Resident (or applying with someone who is).
• You, or your spouse, must not have previously owned property in Australia that you lived in.
• You, or your spouse, must not have previously received a first home owner grant in any state or territory of Australia.
• You must be buying or building a brand new home.
• The value of the home including the land is less than $750,000.
• You must move into the new home as your principal place within one year of purchase/construction competition and live there for six months.

More information including full eligibility criteria is available on the QLD Government website.

Important information

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Any advice does not take into account your objectives, financial situation or needs. Read the relevant terms and conditions, before downloading apps or acquiring any product, in considering and deciding whether it is right for you. The Target Market Determinations (TMDs) are available on our website or upon request.