Stamp duty is one of the upfront costs that apply when you buy a home or vacant land. It is a state government tax and thereforethe rates of duty differ. The amount you will pay for stamp duty will depend on where you are buying, and how much you pay for your home or vacant land. As stamp duty is a state government tax, the concessions on stamp duty will differ from state to state and can be provided with and without the FHOG in most cases.

This new scheme announced in the 2021-22 Federalbudget allows single parents to be able to get a home loan with a 2% deposit, as the government’s scheme aims to support single parents with dependants (who are predominantly women) to enter or re-enter the housing market. Commencing on 1 July 2021, the Family Home Guarantee scheme will provide 10,000 places to eligible single parents over four financial years to 30 June 2025. Similarly, to the 5% deposit scheme, the family home guarantee is administered by the NFHIC and allows single parents to purchase an existing home or build a new property with a low deposit while avoiding LMI. Although this grant is not specifically for first home buyers, eligible first home buyers are able to apply.

The First Home Super Saver Scheme (FHSSS) helps Australians boost their savings for a first home by allowing them to build a deposit inside superannuation, giving them a tax cut. The FHSSS applies to voluntary superannuation contributions made from 1 July 2017. These contributions, along with deemed earnings, can be withdrawn for a home deposit from 1 July 2018. For most people, the FHSSS could boost the savings they can put towards a deposit by at least 30 per cent compared with saving through a standard deposit account as amounts saved through the scheme will only be taxed at 15% instead of your marginal tax rate, this can help you purchase your first home sooner.