Understanding these grants and figuring out if you qualify can potentially save you a lot of time and thousands of dollars on your mortgage. However, these incentives are updated often, which can make it hard for first home buyers to know which ones apply to them.

That’s why at Oracle Loan Brokers, we’ve put together a simple guide explaining all the incentives available for first home buyers. Our goal is to help you understand all the money-saving opportunities out there so you can feel confident and prepared.

You can count on us to make this exciting milestone easier and more rewarding. We’re here to support you from start to finish!
One of the most popular incentives is the First Home Owner Grant (FHOG), a one-off payment available to eligible buyers purchasing a new or newly-constructed home. Depending on your location, this grant can range from $10,000 to $35,000 – a significant contribution towards your deposit or closing costs.

Another key benefit is the First Home Loan Deposit Scheme (FHLDS), which allows first-time buyers to purchase a property with as little as a 5% deposit without paying costly Lenders Mortgage Insurance (LMI). This scheme is subject to property price caps and other eligibility criteria, but can save you tens of thousands of dollars upfront.

For those looking to build their dream home, the First Home Buyer Assistance Scheme offers stamp duty concessions or exemptions, making the process of building more financially viable. Additionally, the First Home Super Saver Scheme enables you to make voluntary contributions into your superannuation fund to save for a home deposit, benefitting from concessional tax rates.

Our brokers stay up-to-date with the latest changes and requirements for each scheme, ensuring you receive personalized guidance tailored to your unique circumstances. We’ll walk you through the application process, provide comprehensive documentation support, and explore all possible avenues to maximize your savings as a first-time buyer.

Don’t let the complexities of homeownership discourage you. With Oracle Loan Brokers by your side, you can navigate the journey with confidence, armed with the knowledge and resources to turn your dream of homeownership into a reality.