First Home Owner Grant ($10,000)
Eligibility: Australian citizen / PR. Building a brand-new home (or buying off-the-plan) under $750,000. Live in it as principal place of residence for 12 continuous months within 12 months of completion.
Timing: The grant is paid at the contract slab pour, not at handover. You don’t need to wait until move-in. Newbridge submits the SRO application on your behalf as part of build kick-off.
The catch most agents miss: the residency clock starts at handover, not contract. If you sell within 12 months you repay the grant pro-rata.
Stamp duty: full exemption up to $600k, taper to $750k
For a new home or vacant land where you build:
- Up to $600,000: 100% stamp-duty exemption.
- $600,001 – $750,000: sliding-scale concession, dropping linearly to nil at $750k.
- Above $750,000: full duty applies.
For house-and-land contracts, duty is calculated on the land component only — not the build cost. This is the single largest reason house-and-land beats established homes for first-home buyers in Melbourne’s growth corridors.
First Home Super Saver (FHSS): up to $50,000
Salary-sacrifice up to $15,000 / year, capped at $50,000 total across two financial years, into your super. Withdraw the contributions plus earnings at concessional tax rates when you buy.
The smart play: couples can each FHSS independently — $100k combined deposit boost.
Apply for an FHSS determination via myGov before signing your contract; the ATO needs 25 business days to release funds.
Deposit options
5% deposit + LMI: Most lenders accept 5% from a first-home buyer with strong income. LMI (Lender’s Mortgage Insurance) is one-time, financed into the loan, ~$15–25k on a $600k purchase.
5% deposit, no LMI (Government scheme): Home Guarantee Scheme — 35,000 places per year nationally, capped at $750k purchase price in Melbourne metro. Apply through a participating lender.
Family-pledge guarantor: A parent uses equity in their home as security for 20% of yours. No LMI, no cash deposit required. Fastest approval, but risks the guarantor’s home if you default.
Deadlines you cannot miss
- Pre-approval expiry: 90 days. Renew if you sign more than three months out.
- Cooling-off period (off-the-plan): 3 business days from contract signing.
- FHSS release window: 12 months from determination — use it or lose it.
- Stamp-duty assessment: 30 days from settlement. Land tax kicks in if you miss it.
Sit down with the Newbridge principal — no obligation, no sales pressure.