First Home Buyer

Buy an Off-The-Plan property for your First Home and not only do you get a beautiful, brand new home, you also save tens of thousands of dollars!
And you get into the property market sooner!



HomeBuilder is a time-limited grant program to help the residential construction market to bounce back from the Coronavirus crisis.

HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home where the contract is signed between 4 June 2020 and 31 December 2020. Construction must commence within three months of the contract date.

HomeBuilder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.


To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:

  • you are a natural person (not a company or trust);
  • you are aged 18 years or older;
  • you are an Australian citizen (not available for permanent residents);
  • you meet one of the following two income caps: $125,000 per annum for an individual applicant based on your 2018-19 tax return or later; or $200,000 per annum for a couple based on both 2018-19 tax returns or later;
  • you enter into a building contract between 4 June 2020 and 31 December 2020 to either: build a new home as a principal place of residence, where the property value does not exceed $750,000; or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million;
  • construction must commence within three months of the contract date.

Process and timing

HomeBuilder will be implemented via a National Partnership Agreement, signed by the Commonwealth and State and Territory governments. This approach will utilise existing state and territory mechanisms to distribute the HomeBuilder payments.

When the States and Territories begin accepting HomeBuilder applications, they will backdate acceptance of these applications to 4 June 2020.

Information on when and how you will be able to access HomeBuilder will become available through the relevant State or Territory revenue office.

For more information GO TO THE TREASURY WEBSITE


The Australian Government offers assistance to First Home Buyers when looking to buy their first home.

It is ONLY available when purchasing brand new or Off-The Plan property.

The First Home Owner Grant scheme is a national scheme funded by the States and Territories and administered under their own legislation.

In most States, you &/or your spouse cannot currently own or have previously owned a property you have lived in. Though you could own or have owned an investment property and still be eligible.

In some States, if you or your spouse have previously owned a property, you may still be eligible if it was purchased after 1 July 2000 and you did not occupy the home for a continuous period of 6 months or longer.

You may also still be eligible if you previously owned property in another State than where you are currently wanting to buy.

If you are buying or building a brand new home you may be eligible to receive a Grant of up to $20,000.

The Grant is available once construction commences, so you will still need deposit funds to secure the property, though Blaq Property may be able to assist you in negotiating a smaller deposit with a builder/ developer so that you need less savings up front.

For the different eligibility criteria & property value caps for each State and Territory GO HERE

First Home Buyer | Blaq Property | Off-the-Plan Specialists


In addition, you will also be eligible for reduced or NIL Stamp Duty/Land Transfer Duty fees, depending on the purchase price and what State or Territory you buy-in.

Saving you many Thousands of Dollars!



The FHSS scheme allows you to save money for your first home inside your super fund.

This will help first home buyers save faster with concessional (before tax) voluntary contributions (you will be taxed at 15% within your Super rather than being taxed at the income tax rate of 19%-45%)  and also with non-concessional (after tax) voluntary contributions into your fund.

You can contribute up to $30,000 and re-draw that, as well as the earnings, when you are ready to purchase.


House and Land | Blaq Property Off-the-Plan Specialists


In addition to the First Home Buyers (FHB) Scheme you may also be eligible to claim the Australian Government First Home Loan Deposit Scheme (FHLDS)

The First Home Loan Deposit Scheme (FHLDS) also helps eligible first home buyers purchase a home faster.

If you meet the criteria – You Could be Saving Tens Of Thousands Of Dollars with just a 5% deposit and no Lenders Mortgage Insurance (LMI).

But only if you are eligible – AND this is only available to 10,000 per release and only through a handful of Lenders (Mortgage Brokers know which Lenders are participating in the scheme). 10,000 spots are released twice a year on January 1 & July 1 and are claimed very quickly, so it is best to have your finances in order so you are ready to apply as close to the release dates as possible. Your mortgage broker will be able to assist you with this preparation.

Contact us for help choosing a mortgage broker

What is LMI and how does it work?

LMI is a fee banks and other finance lenders charge borrowers when they are deemed high risk. Usually, this is when their deposit is less than 20% of their property’s purchase price and the lender is loaning more than 80% of the property value.

LMI can either be paid upfront or capitalised into the loan.

On a normal property purchase when you are required to pay LMI, it typically costs over $10,000.

Are you eligible?

  • You are an Australian citizen (not available for permanent residents)
  • You are a genuine First Home Buyer (if you own an investment property you won’t be eligible)
  • You have a 5% deposit. You will still need to borrow the remaining 95% but you will avoid paying LMI.
  • You earn less than $125,000 a year as a single or $200,000 combined for couples
Change in Finances | Blaq Property | Off-the-Plan Specialists

Other details:

  • Finance can only be for owner-occupier loans with principal and interest payments
  • The value of eligible homes under the scheme varies by state, city and region. See table below.
Property Value Caps | Blaq Property | Off-the-Plan Specialists

REGIONAL is defined as a city with a population above 250,000 such as Newcastle, Woolongong or Geelong

URGENT Tips To Be One Of The 10,000

Be prepared
Having all your records up to date and accessible is essential. This will make the application process a lot faster.

Ensure you have your:

  • Identification
  • Proof of employment
  • Savings history
  • Evidence of current assets and
  • Statements of all debt.

Minimise your spending NOW!
While it may be too late to put the brakes on your spending, those who can demonstrate good budgeting and financial discipline will have a far greater chance of nabbing one of the 10,000 schemes on offer.

Clean up your credit – NOW!
Even if you have a credit card with a zero balance, lenders will see there is always a chance for you to dive into debt up to your credit limit.

So close down or reduce your credit limits where you can. That includes buy now, pay later options!

The more ‘available’ credit you have access to, the less you will be able to borrow.

Stay in your current job
Those who can show a strong and consistent employment history will stand a better chance of approval.

If you have started a new job recently, you will need to wait until your probationary period is complete and may miss out on the First Home Loan Deposit Scheme- for 2020 at least. So be prepared for the 2021 release.

Increase your chances of being mortgage ready by using a Mortgage Broker to help you fast track your application to the correct lender.

There are only a few lenders participating in the scheme, and they know who they are.

A mortgage broker does the running around on your behalf saving you heaps of time and stress.

They will help you every step of the way and their expertise in presenting your application could mean the difference in your obtaining loan approval… Or not!

Contact us for help choosing a mortgage broker

Have a question, what to know more? Get in touch today or if you are ready to get started book in short consultation with Rachelle.



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