Government schemes and incentives in Australia can make entering the property market more accessible. Here’s how to leverage them to your advantage:

Superannuation for First-Home Buyers
The First Home Super Saver Scheme allows first-home buyers to use their superannuation to save for a deposit. You can make voluntary contributions into your super fund and withdraw up to $50,000 for a deposit, offering a tax-effective way to accelerate your savings.

First Home Owner Grant (FHOG)
The First Home Owner Grant is a one-time payment designed to help first-time buyers purchase or build a new home. Each state has different eligibility requirements and grant amounts, so it’s worth checking your local government’s offerings. In some states, this grant can be as much as $10,000-$15,000.

First Home Loan Deposit Scheme (FHLDS)
One of the biggest barriers to homeownership is saving for a large deposit. Under the FHLDS, eligible buyers can secure a home loan with just a 5% deposit without needing to pay lenders mortgage insurance (LMI). The government guarantees up to 15% of the loan, helping you get on the property ladder sooner.

Stamp Duty Concessions
Stamp duty is one of the largest upfront costs when buying property. However, many states offer concessions or exemptions for first-home buyers. These can significantly reduce the amount of stamp duty payable or eliminate it altogether in certain price brackets, particularly for properties under $650,000.