First Home Buyer Guide Australia 2026
Complete guide to buying your first home in Australia. Learn about grants, schemes, deposits, and the buying process.
Your Complete Guide to Buying Your First Home in Australia
Buying your first home is one of life's biggest milestones. This comprehensive guide covers everything you need to know about purchasing property in Australia as a first-time buyer.
Step 1: Assess Your Financial Position
Before you start house hunting, understand your budget:
- Calculate your deposit: Aim for 20% to avoid Lenders Mortgage Insurance (LMI), though you can buy with as little as 5%
- Check your credit score: A good credit history helps secure better rates
- Reduce existing debts: Pay down credit cards and personal loans
- Save for additional costs: Budget for stamp duty, legal fees, inspections, and moving costs
Step 2: Understand Available Grants and Schemes
First Home Owner Grant (FHOG)
A one-off payment to help buy or build a new home. Amounts vary by state:
- Victoria: $10,000 for new homes in regional areas
- NSW: $10,000 for new homes under $600,000
- Queensland: $30,000 for new homes under $750,000
First Home Guarantee
Buy with just 5% deposit without paying LMI. Limited places available each financial year.
Stamp Duty Concessions
Most states offer reduced or waived stamp duty for first home buyers under certain price thresholds.
Step 3: Get Pre-Approved
A mortgage pre-approval tells you how much you can borrow and shows sellers you're a serious buyer. A mortgage broker can:
- Compare rates across 30+ lenders
- Find loans suited to first home buyers
- Help with paperwork and applications
- Provide guidance throughout the process
Step 4: Find Your Property
Consider location, future growth potential, and your lifestyle needs. Research the area thoroughly and attend multiple inspections.
Step 5: Make an Offer and Settlement
Once you find the right property, your conveyancer handles the legal transfer. Settlement typically takes 30-90 days.