First Home Buyer Guide Australia 2026

Buying your first home in Australia is one of the biggest financial decisions you will ever make. This guide walks you through every step of the process, from saving your deposit to getting the keys.

First Home Owner Grant (FHOG)

The First Home Owner Grant is a national scheme funded by each state and territory. The grant amount and eligibility criteria vary by location, but generally you must be purchasing or building a new home and be an Australian citizen or permanent resident.

As of 2026, grants range from $10,000 to $30,000 depending on your state and whether you are buying in a regional area. Check with your state’s revenue office for current amounts.

For a full overview of the property buying process, see our Complete Property Buying Guide for Australia.

Stamp Duty Concessions

First home buyers in most Australian states and territories are eligible for stamp duty concessions or exemptions. These can save you thousands of dollars on your purchase.

For example, in New South Wales, first home buyers purchasing a property under a certain threshold pay no stamp duty at all. Queensland and Victoria offer similar concessions with different thresholds.

How Much Deposit Do You Need?

Most lenders require a deposit of at least 5% of the property price, though 20% is ideal to avoid paying Lenders Mortgage Insurance (LMI). Some government schemes allow eligible buyers to purchase with as little as 2% deposit.

Use our mortgage calculator to see how different deposit amounts affect your repayments.

The Buying Process Step by Step

The process typically follows these stages: get pre-approved for a loan, find a property, make an offer, arrange inspections, exchange contracts, and settle. The whole process usually takes 8-12 weeks.

Read our mortgage guide for detailed information on choosing the right loan product.

Common Mistakes to Avoid

New buyers often underestimate the additional costs beyond the purchase price. Budget for stamp duty, conveyancing fees, building and pest inspections, loan application fees, and moving costs.

Another common mistake is not getting a building and pest inspection. This can save you from expensive surprises after purchase.

Getting Help

Consider working with a mortgage broker who can compare loans across multiple lenders. Check our FAQs for answers to the most common questions first home buyers ask.