first home buyer questions, answered

a conveyancer in Australia usually costs around $800 to $2,500 for a standard residential purchase, made up of their professional fee plus government search and disbursement costs. always check whether searches are bundled in or added on top, and get a written quote before you budget. these are guide figures only.

a building inspection in Australia typically costs around $300 to $600 for a standard house, with larger properties or combined building-and-pest packages often costing more. these are rough guide figures only and vary by inspector and property, so confirm the price before you book.

a pest inspection in Australia usually costs around $250 to $400 on its own, and is often cheaper booked together with a building inspection as a package. it looks for timber pests like termites plus borers and wood rot. in most areas you get both inspections, not one or the other. these are guide ranges only and change over time, so confirm current pricing first.

a buyers agent in Australia usually costs either a flat fee, often around $5,000 to $15,000, or a percentage of the purchase price, commonly about 1% to 2.5%. a buyers agent is completely optional. these are indicative ranges only, so confirm the fee structure with the agent in writing.

typical buyers agent fees in Australia are charged either as a flat fee, often somewhere around $5,000 to $15,000, or as a percentage of the purchase price, commonly about 1% to 2.5%, depending on the service. auction-bidding-only services can cost less. using a buyers agent is optional, so weigh the fee against the value before committing. these are guide figures only.

a solicitor handling a property purchase in Australia typically charges around $1,000 to $3,000, often a little more than a conveyancer because a solicitor is a qualified lawyer and can handle legal complications a conveyancer cannot. these figures are a rough guide only.

they depend heavily on your state, your price, and which schemes you may qualify for. beyond the deposit, plan for inspections (a few hundred dollars), a conveyancer ($800 to $2,500), loan and lender fees, possibly LMI, and stamp duty, which may be reduced or nil for first home buyers. get your own numbers checked rather than relying on a general figure.

for most straightforward first home purchases, a conveyancer is enough and usually cheaper than a solicitor. you generally bring in a solicitor when something is legally tricky, like a complicated contract, a deceased estate, or a difficult title. this is general information only, not personal advice.

the First Home Super Saver scheme (FHSS) may let eligible first home buyers save toward a deposit inside their super, then apply to withdraw those eligible contributions plus associated earnings to put toward a first home, within set caps. the caps and rules are set by the ATO and change, so always check the current rules at ato.gov.au and consider advice for your own situation. this is general information only.

Help to Buy is a federal shared-equity scheme that may let eligible buyers purchase with a smaller deposit and a smaller loan, because the government takes an equity share in the property to reduce what you need to borrow. it's a stake, not a grant. eligibility, price caps and program structure change, so check the current rules at firsthomebuyers.gov.au and weigh the shared-equity trade-off for your situation.

stamp duty (transfer duty) is a state government tax on buying property, and it's often the largest upfront cost after your deposit. many states offer a first home buyer exemption or concession that may reduce or remove it, depending on your state and price. because it's set by each state and territory and changes, there's no single answer, confirm whether you'd pay, and any first home relief, with your state or territory revenue office before you budget.

the First Home Owner Grant (FHOG) is a one-off payment that may be available to eligible first home buyers, run separately by each state and territory. the amount, eligibility and whether it applies to new or established homes all differ by state, and in many states it's aimed mainly at new homes. always confirm the current amount, price cap and rules with your state or territory revenue office.

it may be possible. a 5% deposit means you contribute 5% and borrow 95%, which usually means paying LMI, unless you use a scheme like the Australian Government 5% Deposit Scheme (formerly the first home guarantee), which may let eligible buyers buy with a small deposit without LMI. eligibility, price caps and places change, so check the current rules at firsthomebuyers.gov.au and your own numbers with a broker.

it depends on the property price, the lender and whether you qualify for a scheme. a common reference point is 20%, which generally avoids LMI, but some eligible buyers may get in with as little as 5%, either by paying LMI or by using a scheme that may waive it. you also need money on top for costs like stamp duty, conveyancing and inspections. there's no single number, check your own figures with a licensed broker or lender.

genuine savings generally means money you've saved yourself over time, rather than a sudden lump sum like a gift or inheritance. some lenders want to see a portion of your deposit as genuine savings, especially on a small deposit, as evidence you can manage repayments. the rules differ by lender, not every loan requires it, and gifts can often still form part of a deposit. ask a lender or broker about your own situation, as policies vary. this is general information only.

the first home guarantee is a federal scheme, now officially called the Australian Government 5% Deposit Scheme, that may let eligible first home buyers purchase with a smaller deposit (as little as 5% in many cases) without paying LMI, because the government guarantees part of the loan to the lender. it's a guarantee, not a cash grant. eligibility, state-based price caps and places change, so always check the current rules at firsthomebuyers.gov.au.

work through it as a sequence, not one leap. start by working out your deposit and how much you might borrow, then understand the grants and schemes you may qualify for, get finance pre-approval, search and inspect properties, make an offer or bid at auction, handle the contract and cooling-off, and finish at settlement when you get the keys.

there are eight: work out your deposit; understand the grants and schemes you may be able to use; find out how much you could borrow; get finance pre-approval before you shop; search, inspect and choose a property; make an offer or bid at auction; handle contracts, cooling-off and going unconditional; and reach settlement to collect the keys. doing them in order is what keeps you out of trouble.

it depends on the property price, the lender and your situation. a common starting point people aim for is around 20% of the price, though some eligible buyers may get in with as little as 5%. you also need to budget for costs on top, like stamp duty, conveyancing and inspections. there's no single fixed number, check your own figures with a licensed broker or lender.

money first, house second. work out your deposit and borrowing picture, then sort finance pre-approval, and only then start seriously searching. people who get stuck usually do it backwards, falling for a house before they know their budget.

not necessarily. you can talk to a broker while you're still saving, they can help you understand your likely borrowing position, what deposit you may need, and which schemes might apply. starting the conversation early often helps you set a clearer savings target. this is general information only; a licensed broker can look at your own situation.

it varies a lot. saving a deposit can take months or years, while the buying process itself, from serious searching to settlement, often runs over several months. after your contract goes unconditional, settlement is commonly around six weeks, but it depends on your contract and state. there's no fixed timeline, so treat any estimate as a guide only.

there may be several types of help, depending on your situation and where you buy: a federal low-deposit scheme, the First Home Super Saver scheme, the Help to Buy shared-equity scheme, the state-run First Home Owner Grant, and stamp duty concessions. amounts, caps and eligibility change and vary by state, so always check the current rules with the relevant government source.

in a private treaty sale you make an offer by telling the agent the price and terms you're willing to buy at, ideally in writing so it's clear. your offer isn't just a number; it includes your proposed price, any conditions (like subject to finance and subject to a building inspection), the deposit, and your preferred settlement date. the seller can accept, reject or counter it. once an offer is accepted, it generally becomes binding when contracts are signed and exchanged. work out your ceiling first and don't go past it. this is general information only, the exact process and when you're committed differ by state, so check the current rules and run your offer past a conveyancer.

a cooling off period is a short window after you sign a contract in a private treaty sale where you can pull out of the purchase, usually for a small penalty. it gives you a bit of breathing room after a big decision. the catch is that the length, the penalty, and whether you get one at all are set by state and territory law and genuinely differ around the country, and properties bought at auction usually have no cooling off period at all. this is general information only, so check the current rules for the exact state you're buying in and confirm your position with your conveyancer before you sign.

negotiating is just two sides agreeing on a price, with the agent in the middle working for the seller. keep your cards close: know your ceiling but don't announce it. lead with research rather than emotion, so if comparable homes nearby have sold for less, that's a fair, factual basis for your offer. use your conditions and settlement flexibility as part of the deal, not just the price, and be genuinely prepared to walk away, because that's where your power comes from. stay polite and don't let manufactured urgency rush you. this is general information only and every sale is different, so take your time and get advice on your own situation.

an auction is a public sale where buyers bid against each other and the property sells to the highest bidder once the price passes the seller's (usually secret) reserve. the big thing to know is that there's generally no cooling off period at auction and your bid isn't subject to finance, so if you win you're bound on the fall of the hammer, you sign and pay the deposit on the spot, and you can't back out if your finance falls through. that means all your homework, finance, building and pest inspection, and contract review, has to be done before auction day. set your absolute limit in advance and stick to it. this is general information only, auction and cooling off rules vary by state, so check the current rules where you're buying.

private treaty is where a home is listed at a price and you negotiate with the seller through the agent, usually making an offer that can include conditions like subject to finance, and in most states you get a cooling off period after signing. it's generally lower pressure with more room to think. auction is a set-date public sale where buyers bid and the property sells on the day if it hits the reserve; it's faster and higher pressure, generally has no cooling off, and your winning bid is unconditional, so all your checks and finance must be done first. the short version: in private treaty your conditions protect you, at auction you have to do everything beforehand. this is general information only and rules differ by state, so check the position where you're buying.

"subject to finance" is a condition you can include in an offer (typically in a private treaty sale) that means your purchase only proceeds if your lender formally approves the loan for that specific property by a set date. if your finance falls through within that condition, you can generally withdraw and get your deposit back instead of being stuck. it's important to know it's not the same as pre-approval: pre-approval is an early indication, while subject to finance protects you right up to formal full approval. the condition has a deadline you have to meet. this is general information only and the specifics vary by state and contract, so go through your exact conditions with a conveyancer.

the contract of sale is the legal document that sets out the deal: the parties, the property, the price, the deposit, the settlement date, and any conditions attached (like subject to finance). it also usually includes or attaches important property documents, which in some states form part of a vendor's statement or disclosure, covering things like the title, what's included in the sale, zoning, and any easements or encumbrances. when you sign and exchange it you're legally committing to the purchase. this is general information only, the exact contents and what the seller must disclose vary by state, so have a conveyancer or solicitor read it before you sign, never after.

in order, it's roughly: work out your money first (what you can save and what you might borrow, ideally with pre-approval), then define what you actually need in a home, search and build a shortlist, inspect properly, and make an offer (private treaty) or bid (auction). if accepted, you sign a contract of sale, work through your conditions like finance and building inspections, pass any cooling off period, then go unconditional and reach settlement, where the money moves and the keys are yours. money first, house second, and don't do the steps out of order. this is general information only, so check the current rules and get advice on your own numbers before you commit.

a conveyancer handles the legal transfer of a property from the seller's name into yours. that means reviewing the contract before you're locked in, ordering the searches (title, council, water) to check for anything nasty against the property, calculating the adjustments so rates and fees are split fairly, preparing and lodging the transfer documents, sorting stamp duty, and running settlement itself. think of them as the professional whose whole job is to catch the legal problem that would cost you later. this is general information only, and what's standard can vary by state, so check the current rules where you're buying.

settlement day is when ownership legally transfers and the rest of the money is paid. for most buyers it now happens electronically through PEXA, so there's no big meeting: your lender releases the loan funds, your contribution is added, the full balance goes to the seller, any existing mortgage on the property is paid out, and the transfer is lodged with the land titles office. once it confirms, the agent releases your keys, usually for collection that same day. do your final inspection a day or two before, not on the day, so there's time to fix anything. this is general information only, so check your own contract for the specifics.

both can legally handle your property transfer, the difference is scope. a licensed conveyancer specialises only in property transactions and is often a bit cheaper, which suits a standard, straightforward purchase. a solicitor is a qualified lawyer who can do the conveyancing plus give broader legal advice, which is what you want if there's complexity: a trust or company purchase, a deceased estate, unusual special conditions, or a dispute attached to the property. the way the two roles operate can differ between states, so check what's standard where you're buying. this is general information only, not legal advice.

it's usually somewhere between 30 and 90 days from when contracts are exchanged, with around 30 to 60 days being typical for an established home, but the real answer is whatever your contract says, because the settlement period is negotiated. a shorter period needs your finance locked down tight; a longer one gives you more breathing room. buying off the plan is different again, settlement can be a year or more away, because it only happens once the building is finished and registered. talk to your broker about how long they realistically need before you agree a date. this is general information only, so check your own contract.

the settlement date is the day set in your contract when the purchase completes: the balance of the money is paid, ownership transfers into your name, and the keys are released. it can be written as a fixed calendar date or as a number of days after contracts are exchanged. it's one of the most important dates in the whole process, because missing it can mean penalty interest or, in a worst case, breaching your contract. so the moment you know it, put it in your calendar and make sure your broker and conveyancer are working to the same date. this is general information only, always check the current rules and your own contract.

i'm not going to quote a figure, because conveyancing fees vary by state, by firm, and by how complex your purchase is, and they change over time, so always check the current cost. what you can do is get a few written quotes and compare them properly. ask whether the quote is fixed or could rise, what's included versus charged on top, and whether it covers settlement itself or just the lead-up. there are two parts to the cost: the professional fee for their time, and the disbursements (the searches and certificates they pay for on your behalf, passed straight through). this is general information only.

with torrens title (often called freehold) you own the land and everything on it outright, with no shared ownership and no body corporate fees, which is most standalone houses. with strata title, common for apartments, townhouses and units, you own your individual lot but share ownership of the common property (lobby, lifts, gardens, roof) with the other owners through a body corporate, and you pay regular strata levies towards maintenance, insurance and future repairs. the practical thing to remember is that ongoing levies are a real holding cost, so before buying strata, get a strata search to check the building's financial health. this is general information only, so check the details for the specific property.

an offset account is a transaction or savings account linked to your home loan. the balance sitting in it is subtracted from your loan balance before the lender works out the interest you owe, so your own savings reduce your interest while staying fully accessible to you. this is general information only, and not every loan offers one, so check the current rules and what your loan actually includes.

the money in your linked offset account is treated as if you'd paid that much off your loan, but only for calculating interest. as an example only, on a $450,000 loan with $30,000 in offset, you're charged interest on $420,000, not the full amount, and because interest is usually worked out daily, even short-term balances help. you can still spend the money any time, and the benefit adjusts as the balance moves. fees and rates vary by loan, so this is general information and worth checking for your own situation.

with an offset account, your spare cash sits in a separate linked account and is offset against your loan for interest purposes, while staying easy to access. with redraw, you make extra repayments straight onto the loan and can pull those extra amounts back later if you need them. offset is usually faster to access and treated differently for tax if you later rent the place out. which suits you depends on your circumstances, so treat this as general information and get advice before choosing.

there's no universal answer. fixed locks your rate and repayments for a set term, which gives certainty but usually less flexibility and possible break costs if you exit early. variable can move up or down, which gives flexibility and features like a full offset, but less certainty. some people split the loan and take some of each. the right choice depends on your budget and how much repayment change you can handle, so this is general information, not a recommendation, and worth talking through with someone.

a split loan divides your borrowing into two portions, part fixed and part variable, in whatever mix the lender allows. the fixed part gives you a stable, predictable chunk of repayment, while the variable part keeps flexibility like extra repayments and often an offset account. it's a way to hedge rather than bet the whole loan on which way rates move. the trade-offs of each portion still apply, so check the current rules and whether it suits your situation.

lenders mortgage insurance, or LMI, is an insurance policy that protects the lender, not you, if you can't repay and they're left out of pocket, even though you pay for it. lenders generally require it when you borrow more than 80% of the property value, meaning a deposit under 20%, and the smaller your deposit the larger the premium tends to be. some government schemes may let eligible first home buyers avoid it with a smaller deposit. eligibility and amounts change, so check the current rules and weigh it up for your own numbers.

pre-approval is a lender's indication of how much they'd likely lend you, based on a preliminary look at your finances. it's not a final yes, it usually comes with conditions, and it typically expires after a few months. it helps by giving you a clear price range and making you a more serious buyer when you find the right place. the lender still has to value the property and re-check your details before unconditional approval, so this is general information and worth confirming the timing with a lender or broker.

borrowing capacity is the maximum a lender believes you can afford to borrow and repay. it depends mainly on your income, your deposit, your existing debts and expenses, and the lender's own rules, including a buffer that tests whether you could cope if rates rose. it's a ceiling, not a target, and two lenders can land on different figures for the same person. you can often improve it before you apply by clearing small debts and reducing credit card limits. this is general information, so check your own capacity with a lender or broker.

it's a block of land bundled with a home design to build on it, sold as one price. the important bit to know is it's usually two separate contracts, one to buy the land and one with the builder for the home, which affects how you pay and which grants apply. always check what's included versus what's an upgrade, because the advertised price is rarely the finished, move-in price. this is general information only, so check the current rules and your own numbers.

there's no single right answer, it depends on your timeline and your budget. building often stretches your money further and can come with bigger new-home grants, but you wait months and carry extra costs while you do. buying established gives you certainty and a quicker move-in, but usually costs more in the suburbs first home buyers love. the honest version: building suits patient buyers who want control, established suits people who want to move in soon. check the current grant rules for your state, because they can change the maths.

it means buying a home before it's finished, or while it's still being built, based on the plans and a display, most often an apartment or townhouse. you pay a deposit, usually around 10%, to lock in the price, then pay the rest at settlement once it's built. the upside can include locking in today's price and lower stamp duty in some states, but the home can differ from the render and the timeline often moves, so read the contract carefully. this is general information only, so check the current rules.

it's demolishing an existing house and building a brand-new home on the same block, usually to get a new home in an established suburb where empty land doesn't exist. the steps are checking the block can take the new home, sorting demolition including any asbestos and service disconnections, then building as normal. it's rarely the cheapest way into a first home, and some new-home grants may not apply the same way, so check the current rules for your situation before you count on them.

roughly: sort your finance with a construction loan in mind, choose your land and home design, sign the land and building contracts, do your selections (finishes and upgrades), wait for approvals and site prep, then construction in stages where you pay progress payments as each stage finishes, and finally handover where you inspect and get the keys. the two stages that catch people out are selections, where the budget grows, and the build, where timelines slip. go in expecting both and it's far less stressful.

the big one is site costs, which is preparing your specific block (slope, soil, rock, retaining, drainage, connecting services), and these can vary hugely between blocks. then there's the finished-home list the brochure leaves out: floor coverings, driveway, fencing, landscaping, blinds, and your selection upgrades. plus the usual buying costs like stamp duty, legal fees, and lenders mortgage insurance if your deposit is under 20%. price the finished, move-in-ready home and add a buffer, because something always comes up. check the current rules for any stamp duty concessions.

when you build, you don't pay all at once, you pay the builder in stages as the work is done, often deposit, base, frame, lock-up, fixing and completion. your construction loan releases each portion as that stage finishes, so the money goes to the builder in steps rather than a lump sum. you usually only pay interest on what's been drawn so far, so repayments start small and grow. the real thing to budget for is paying rent and loan interest at the same time during the build. talk to a lender or broker early, as this is general information only.

the WA first home owner grant is a one-off payment, and it's mainly for new or substantially renovated homes rather than established ones. i'm not putting a dollar figure here on purpose, because WA adjusts both the grant amount and the property value caps that go with it, and i don't want you planning around an out-of-date number. there's also a higher value cap in the north of WA than in the south where Perth is. check the current amount and caps on RevenueWA before you commit. this is general information only, not advice about your situation.

you may pay reduced stamp duty (called transfer duty in WA) or none at all, depending on the price. WA has a first home owner rate: below a set value you may pay no duty, in a band above that you may pay a reduced rate, and above the upper threshold you pay the standard rate. the thresholds differ for an established home versus vacant land, and they change over time, so check the current thresholds on RevenueWA and work your likely duty into your budget early. general information only, so confirm your figure with RevenueWA, your broker or your conveyancer.

WA caps the grant by property value, and the cap is split by region: there's a higher limit in the north of the state and a lower one in the south, which covers Perth. if the home is worth more than the cap for its area, the grant isn't paid. the exact figures change, so i'd check the current value caps on RevenueWA rather than rely on a number that might be stale. keep in mind the grant generally applies to new homes too, so price isn't the only test. this is general information only.

these are two different paths to a low deposit, and they usually aren't combined: keystart is a WA-government low-deposit loan that avoids LMI through its own structure, while the first home guarantee lets you borrow with as little as 5% through a mainstream lender with the government guaranteeing the rest, also avoiding LMI. you'd typically pick whichever fits your income, your price range and the property limits better, rather than stack both. each has its own eligibility and caps that change, so check keystart.com.au and firsthomebuyers.gov.au, and a mortgage broker can run them side by side. general information only.

it depends on the path you take. through a mainstream lender, many ask for around 5% to 20% of the price, with 20% being the point where most stop charging LMI. but with the first home guarantee an eligible buyer may get in with about 5% and no LMI, and keystart is built around a low deposit too. so in Perth the question is less a fixed dollar figure and more which scheme you qualify for, since that decides how small your deposit can safely be. the schemes change, so check the current rules on firsthomebuyers.gov.au and keystart.com.au. this is general information only, not a promise you'll qualify.

this is general information only, and the amount changes, so check the current rules. victoria's first home owner grant is a one-off fixed amount for eligible first home buyers, generally for buying or building a brand-new home (not established ones) under a value cap, with potentially higher amounts for some regional purchases. for the live figure and the conditions, the only source i'd trust is the state revenue office of victoria (sro.vic.gov.au).

often not, or much less, but it depends on the price and this is general information only, so check the current rules. victoria gives first home buyers a full exemption from land transfer duty up to one price threshold, a tapering concession up to a higher threshold, and standard duty above that. where your home sits against those thresholds decides it, so confirm the current numbers with the state revenue office of victoria (sro.vic.gov.au).

the section 32 (vendor statement) is the document a seller in victoria must give you before you sign the contract, disclosing key facts about the property, title, mortgages, rates, easements, zoning, owners corporation details and any notices. this is general information only, not legal advice, so have a conveyancer or solicitor review it for you. the requirements come from the Sale of Land Act 1962 (Vic); see consumer affairs victoria (consumer.vic.gov.au).

for most private-sale residential property in victoria it's 3 business days after you sign the contract, during which you can withdraw (usually with a small penalty). this is general information only, so check the current rules, and note it generally doesn't apply to auction purchases or within 3 clear business days either side of a publicly advertised auction. source: consumer affairs victoria (consumer.vic.gov.au).

there is a property value cap to qualify for victoria's first home owner grant, but the figure is reviewed and changes, so this is general information only, please check the current cap. confirm the live value cap and all the conditions with the state revenue office of victoria (sro.vic.gov.au) before you rely on it for a purchase.

i am deliberately not quoting a dollar figure, and here is why: the queensland first home owner grant currently includes a temporary boost that is scheduled to revert to a lower base amount, so any number i wrote here would be out of date for some readers. the grant is a one-off payment aimed mainly at eligible buyers building or buying a brand-new home in queensland, with a price cap on the new home. for the current amount, the cap and the eligibility rules, read it straight from the queensland revenue office at qro.qld.gov.au. this is general information only, always check the current rules.

sometimes little or none, sometimes a reduced amount, it depends on your price. queensland offers a first home transfer duty concession (transfer duty is queensland's name for stamp duty) that may reduce or remove the duty for eligible first home buyers below a certain property value, tapering as the price rises. unlike the grant, this concession can apply to established homes as well as new ones. the thresholds and the conditions change, so confirm whether you would pay, and how much, with the queensland revenue office before you budget. this is general information only, not personal advice, check the current rules.

it is a concession on transfer duty (stamp duty) for eligible first home buyers in queensland. below a set property value it can mean little or no duty, then it tapers as the price climbs, then full duty applies above a higher threshold. it comes in a few forms, a first home concession (which can apply to established homes), a first home new home concession, and a first home vacant land concession. conditions apply, including never having owned a residence anywhere in the world and moving in within a set time, or the concession can be clawed back. confirm the current threshold and eligibility with the queensland revenue office. general information only, check the current rules.

generally no. the queensland first home owner grant is aimed at brand-new homes, building a new home, buying one nobody has lived in, or buying off the plan, so an established home usually does not qualify for the grant. but do not assume an established place leaves you with nothing, because the first home transfer duty concession in queensland can apply to established homes and may still reduce or remove your stamp duty. so check the duty concession even if the grant is off the table. the rules change, so confirm both with the queensland revenue office. this is general information only.

there is no single number, it depends on the property price, the lender and whether you qualify for a scheme. a common reference point is 20%, which generally avoids lenders mortgage insurance, but eligible first home buyers may get in with as little as 5% using the federal 5% deposit scheme, which can waive lmi, subject to brisbane price caps. you also need money on top for costs like transfer duty (where it applies), conveyancing and inspections. the most reliable move is to check your own figures with a licensed broker or lender rather than relying on a rule of thumb. general information only, check the current rules.

the south australian first home owner grant is a one-off payment for eligible first home buyers buying or building a new home. it's a new-home grant, so an established home you buy off the market generally won't qualify. grant amounts do change, so this is general information only, check the current amount and conditions with revenuesa (revenuesa.sa.gov.au) before you bank on it.

often not, if you're buying the right kind of property. for contracts entered into on or after 6 june 2024, eligible first home buyers get full stamp duty relief on a new home, or on vacant land bought to build a new home on, and the old property value caps were removed. established homes generally don't get the full relief. that can save you tens of thousands, but the rules are year-volatile, so check the current relief with revenuesa and confirm your purchase qualifies.

on a normal private-treaty purchase in sa you generally get a cooling-off period of 2 clear business days, starting when you've signed the contract and received the vendor's statement (form 1), whichever is later. the big catch: there is no cooling-off period if you buy at auction. this is general information only, so check the current rules with sa.gov.au or consumer and business services, and get your conveyancer's eyes on the contract inside that window.

for contracts entered into on or after 6 june 2024, no property value cap applies to the sa first home owner grant. earlier contracts did have a property value cap. caps and dates do change, so check where your contract sits with revenuesa rather than assuming. note this is the state grant cap, the federal first home guarantee has its own separate adelaide price cap.

it depends on the path you take. with the federal first home guarantee you may be able to buy with a deposit as small as 5% and no lenders mortgage insurance, as long as the home sits under the current adelaide price cap. without a scheme, lenders usually look for more (often around 20% to avoid LMI). this is general information only, so check the current guarantee rules with housing australia and get advice for your own numbers, your borrowing capacity matters as much as your deposit.

the nsw first home owner grant is a set one-off amount paid by revenue nsw, but only for new homes (a brand-new build or a substantially renovated property), not existing houses, and only up to a hard property value cap. the amount and the caps can change year to year, so i'm not going to quote a stale figure here. check the current grant amount and property value caps with revenue nsw. this is general information only.

often no, or a reduced amount. under the first home buyers assistance scheme, eligible first home buyers in nsw can pay zero stamp duty (transfer duty) on a home up to a set price, then a reduced concessional rate up to a higher threshold, on both new and existing homes. above the top threshold you pay full duty. the thresholds move, so check the current exemption and concession figures with revenue nsw before you set your budget. this is general information only.

for a residential purchase by private treaty in nsw, it's 5 business days, ending at 5pm on the fifth business day after contracts are exchanged. if you pull out during that window you forfeit 0.25% of the purchase price. there is no cooling-off period when you buy at auction. the period can be waived or varied by agreement, so get legal advice and check the current rules with nsw fair trading before you sign. this is general information only.

it's the nsw stamp duty relief for first home buyers, administered by revenue nsw. depending on the price of the home, eligible buyers pay either no transfer duty (a full exemption) or a reduced concessional rate, and it applies to both new and existing homes (vacant land has its own separate thresholds). it's usually the biggest single saving for nsw first home buyers. check the current thresholds and eligibility with revenue nsw. this is general information only.

the first home buyers assistance scheme has two key price points: a full exemption up to one threshold, and a reduced concessional rate up to a higher one, above which full stamp duty applies. those thresholds have been lifted before and can change again, and being a dollar over a line changes your bill significantly, so i won't print a figure that might be out of date. confirm the current exemption and concession thresholds with revenue nsw. this is general information only.

the most affordable parts of melbourne for first home buyers are generally the outer growth corridors, the west and outer-west (wyndham and melton areas), the north (hume growth area), and the outer-southeast (casey-cardinia around cranbourne, clyde and pakenham), where newer townhouses and house-and-land are priced for first home buyers. established middle-ring suburbs can also work if you look at units and small townhouses rather than freestanding houses. i'm not naming specific prices because they move constantly, this is general information only, so check current listings in any area before you commit.

eligible first home buyers in victoria may pay no land transfer duty (stamp duty) at all up to one price threshold, and reduced duty on a sliding scale up to a higher one, and it applies to both new and established homes. that can save many thousands of dollars. the thresholds and rules change, so this is general information only, check the current rules and your eligibility with the state revenue office of victoria (sro.vic.gov.au/first-home-owner) before you budget.

the victorian first home owner grant is a one-off payment for eligible first home buyers, aimed mainly at new homes (buying or building brand-new rather than established). the grant amount, price cap and new-home rules are set by the state and change, so i won't quote a figure here. this is general information only, check the current grant amount and eligibility with the state revenue office of victoria (sro.vic.gov.au/first-home-owner).

the textbook deposit is 20% of the price, which avoids lenders mortgage insurance, but most melbourne first home buyers buy with less, often around 5% to 10%, especially using the federal low-deposit scheme, which can let eligible buyers in with a smaller deposit and skip lmi. remember a smaller deposit means a bigger loan and higher repayments, and you also need to budget for upfront costs on top. this is general information only, get your own numbers checked, and see the deposit and grants pillar for the full breakdown.

buying off the plan can sometimes reduce your stamp duty, because victoria has an off-the-plan duty concession where duty may be assessed on a lower value at the time you sign, and a lot of melbourne's affordable new stock is off-the-plan or new build, which can also suit the first home owner grant. it isn't automatically cheaper overall though, and the rules and caps change, so this is general information only, check the current off-the-plan concession rules with the state revenue office of victoria before you rely on it.

a lot of melbourne first home buyers search under about $600k, because that's where outer-corridor townhouses, house-and-land and middle-suburb units tend to line up with first home buyer deposits and the scheme price caps. but "under $600k" is a search filter, not your real budget, your true number is your borrowing power plus deposit, minus upfront costs. this is general information only, so set your real budget with your own figures first, then let it choose the corridor, not the other way around.

the cheapest entry options in brisbane tend to sit in the outer corridors rather than any single famous suburb, mainly the logan corridor to the south, the ipswich and springfield areas to the west, and the moreton bay and caboolture area to the north, where an entry budget still buys a house. closer in, the cheapest stock shifts to two-bedroom units and townhouses. i won't name a suburb-and-price as fact because brisbane moves fast, so check current listings in those corridors to see what's actually cheapest this month. this is general information only.

the queensland first home owner grant is a one-off payment for eligible first home buyers, generally for new homes, but i'm deliberately not pinning a dollar figure here because the amount and the value cap change, sometimes in a state budget. check the current amount and the full eligibility at qro.qld.gov.au, which is queensland revenue office and the official source. this is general information only, not personal advice, so confirm the current rules before you rely on them.

queensland calls it transfer duty, and eligible first home buyers may get a concession that reduces it or, under a certain property value, removes it entirely, with a separate concession for eligible vacant land purchases. whether you pay, and how much, depends on the property value and your eligibility, and the thresholds change. check the current concession rules and use the estimator at qro.qld.gov.au. this is general information only; confirm your own situation with the current rules or a broker.

most lenders want between 5% and 20% of the price; 20% is where most stop charging LMI, but you can usually still buy below that by paying LMI or using a scheme that may waive it, like the australian government 5% deposit scheme if you qualify. on brisbane's under-$600k entry stock, a 5% deposit is a much smaller target than people expect, but remember to budget for duty, inspections and a buffer too. this is a rough guide only; check the current scheme rules at firsthomebuyers.gov.au and run your own numbers with a broker.

yes, genuinely, you just have to look in the right places. under $600k in brisbane realistically means houses in the outer corridors (logan, ipswich and springfield, moreton bay and caboolture) or units and townhouses closer in. it's a real band, not a fantasy, it's just not the inner-ring houses you see in the news. check current listings in those corridors to see what your budget opens up. this is general information only, and prices move, so treat it as a starting point.

a realistic budget isn't a single number, it's your deposit plus your borrowing power plus any scheme you may qualify for, minus the duty and upfront costs of getting in. for a lot of brisbane first home buyers that lands them shopping the under-$600k corridors and the middle-ring unit market, but yours depends on your income, your savings and whether a duty concession or deposit scheme is in play. i'd work those numbers out before setting a price ceiling. this is general information only; a broker like the team at finance lab can run your actual figures.

the most consistent value for first home buyers tends to sit in the outer north (the salisbury and playford corridors out towards gawler), the outer south (the onkaparinga area and the morphett vale to seaford stretch), and satellite towns like mount barker in the hills. closer to the city, your money mostly buys an older unit or townhouse rather than a house with land. i'm not naming specific prices because they shift constantly, so set your real budget on realestate.com.au or domain and see which suburbs actually return results. this is general information only, check current listings for real numbers.

the standard target is 20% of the purchase price to avoid lenders mortgage insurance (lmi), but most first home buyers don't start there. plenty get in with around 5%, either by paying lmi or by using a scheme that waives it, like the federal first home guarantee, and in sa there's also homestart finance with its own low-deposit options. budget for extras on top, conveyancing, inspections and loan fees. the right deposit depends on which path you take, so this is general information only, check the current rules and get a broker to model a couple of scenarios for you.

it depends entirely on whether the home is new or established. eligible first home buyers buying or building a NEW home in sa can qualify for stamp duty relief that takes the bill down to little or nothing. but if you buy an established (already-lived-in) home, you generally get no first-home stamp duty concession at all. that single rule can reshape your whole budget. amounts and eligibility change, so this is general information only, check the current rules at revenuesa and have a conveyancer confirm your purchase qualifies.

the main ones are the south australian first home owner grant (a one-off cash grant for eligible buyers of a NEW home), sa stamp duty relief for eligible new-home purchases, and the federal first home guarantee (a commonwealth scheme that can let eligible buyers purchase with a smaller deposit and skip lmi, and it isn't limited to new homes). homestart finance is a separate sa-specific lender worth knowing about too. amounts and eligibility shift at budget time, so this is general information only, check the current rules on each official page before you plan around any of them.

regional sa and satellite towns like mount barker or out towards gawler generally give you more house for the money than inner-metro adelaide, but the metro corridors out north and south can be surprisingly competitive on price too, with the bonus of a shorter commute and more amenities. the real answer depends on your work, your lifestyle and whether a longer drive is a trade-off you'll actually be happy with day to day. this is general information only, price both against current listings and your real commute before you decide.

the honest answer is that your budget is roughly your borrowing power plus your deposit, minus buying costs, not a number you pick from a suburb you like. a lender works out your borrowing power from your income, existing debts, living costs and the current interest rate. adelaide still sits well below sydney, melbourne and brisbane on price, so a genuine home is realistic on a normal income here, but the market has moved quickly, so don't anchor to what someone bought a few years ago. this is general information only, get a broker to confirm your real borrowing power and check the current market.

the lowest entry prices in sydney sit in the outer corridors, mostly the west and south-west (around penrith, mount druitt, liverpool and campbelltown), parts of the north-west growth areas, and the central coast fringe near gosford, and they're usually units and townhouses rather than houses. i won't name set prices because sydney moves fast, so treat those as a map and check current listings filtered to your budget. this is general information only, confirm the latest with a quick search before you commit.

often less, sometimes nothing, but it depends on the price. nsw gives first home buyers transfer duty concessions through the first home buyers assistance scheme, so you may pay no duty up to one threshold, a reduced amount in a band above it, and full duty above the cap, with conditions like living in the home for a set period. the thresholds change, so check the current figures on revenue nsw before you budget. general information only, not advice for your situation.

sydney has its own (higher) price cap under the federal first home guarantee, because it's the most expensive market in the country, and the cap is the maximum property price the scheme will cover. i'm not quoting the figure because it's reviewed and changed periodically, so check the live sydney cap on the official government source and use it as a hard ceiling when you filter listings. this is general information only, confirm the current cap and your eligibility before relying on it.

it depends on your path. a standard loan generally wants twenty percent to avoid lenders mortgage insurance, but you can usually buy with less and pay lmi, and eligible buyers using the federal first home guarantee can purchase with a much smaller deposit and skip lmi (subject to the sydney price cap). budget for stamp duty or your concession and buying costs on top. work the number backwards from your path, and check the current scheme rules, this is general information only.

yes, it's real, but mostly in units and townhouses in the outer corridors, the west and south-west, the north-west growth areas and the central coast fringe, rather than freestanding houses near the cbd. i'd point your search at those regions, filter current listings to your number, and watch what actually transacts. prices move, so this is general information only, verify the live market before you set your heart on a figure.

a realistic budget is whichever number lines up across three things at once: the deposit you can actually save, the loan you can comfortably service, and the relevant scheme price caps. sydney is the most expensive city in australia, so for many first home buyers that lands on a unit or townhouse in an outer corridor rather than a house close in. i won't put a single dollar figure on it because your borrowing capacity and the caps drive it, this is general information only, run your real numbers (a chat with finance lab can help).

the most affordable suburbs in perth sit in the outer growth corridors rather than the inner ring, so look north past joondalup, south through the cockburn, kwinana, rockingham and baldivis corridor, and east toward armadale and the foothills. i won't name a single "cheapest" suburb with a price, because perth prices move and the answer changes, so set your max budget on realestate.com.au or domain, search one of those corridors, and see what's genuinely selling this week. this is general information only, always check current listings.

the wa first home owner grant is a one-off state government payment for eligible first home buyers buying or building a new home, but i'm not going to quote the dollar figure here because the amount and the property value cap get reviewed and i don't want you banking on an out-of-date number. check the current amount on the official revenuewa page (www.wa.gov.au/organisation/department-of-treasury-and-finance/first-home-owner-grant-fhog). it applies to new builds, not standard established homes. general information only, check the current rules for your situation.

keystart is a home lender owned by the western australian government, built to get eligible wa buyers into a home with a much smaller deposit than a normal bank requires and with no lenders mortgage insurance. it's aimed at people who can comfortably make repayments but haven't been able to save a full deposit, and it comes with income limits and property price caps, with the expectation you refinance to a mainstream lender later. the exact limits changed in 2026, so check the current figures on keystart's official site. it's a stepping-stone loan, not automatically the cheapest long-term, so it's worth comparing. general information only.

twenty per cent of the price is the comfortable level where you avoid lenders mortgage insurance, but the real floor in perth is much lower. many lenders accept a five per cent deposit with lmi, the commonwealth first home guarantee lets eligible buyers in with as little as five per cent and no lmi, and keystart is built for an even smaller deposit with no lmi for eligible wa buyers. don't anchor on one percentage, work out your full cash-needed number including buying costs, then match it to whichever low-deposit path you qualify for. this is general information only, not financial advice.

yes, and that's genuinely one of perth's strengths, it's consistently one of the more reachable capital cities, so an under-$500k first home is a realistic search here when it isn't in sydney or melbourne. you'll find the most options in the outer corridors, north, south through the kwinana belt, and east toward armadale, and townhouses or apartments can land under budget closer to transport. check current listings on the day you're looking rather than trusting an old number. general information only, always confirm with live market data.

a realistic budget isn't a single figure, it's the number that comes out of your deposit, your borrowing capacity and a repayment you can comfortably hold alongside the rest of your life, so it's personal to you. perth's lower price floor compared to the eastern capitals means a normal first home buyer income stretches further here, but the right move is to set your budget from the bottom up, what you can borrow and save, not from a house you've fallen for. check current perth medians via a recent source like corelogic or the abs, and get your borrowing capacity confirmed before you shop. general information only, not financial advice.