Australia First Home Buyer Calculator 2024
Estimate your First Home Owner Grant eligibility, stamp duty savings, FHSS super release, and deposit gap as an Australian first home buyer.
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How to use this calculator
- 1
Enter the property price and your current savings to see your deposit gap.
- 2
Select your state to apply the correct stamp duty concession for first home buyers.
- 3
The First Home Owner Grant (FHOG) of $10,000 applies to eligible new homes under the state threshold.
- 4
If you've been making voluntary super contributions under the FHSS scheme, toggle "Yes" to see the approximate tax benefit.
- 5
Check the First Home Guarantee to see if a 5% deposit option is available for your income level.
Frequently asked questions
What is the First Home Owner Grant (FHOG)?
The First Home Owner Grant (FHOG) is a one-off cash payment from the state or territory government for eligible first home buyers purchasing or building a new home. The grant is $10,000 in most states (higher in WA at $10,000 and NT at $10,000) and is available only for new homes or substantially renovated homes below a price threshold. Established (second-hand) homes do not qualify for FHOG in most states. The grant is paid at settlement or when the slab is poured for a new build.
What is the First Home Super Saver (FHSS) scheme?
The FHSS scheme allows first home buyers to save money inside their superannuation fund and later release it for a home deposit. You can make voluntary concessional (pre-tax) or non-concessional (after-tax) contributions and later withdraw up to $15,000 per financial year, to a total of $50,000. The tax advantage is that contributions are taxed at 15% inside super (versus your marginal rate), and the released funds are taxed at your marginal rate less a 30% offset. For someone on 32.5%, this represents an effective 17.5% tax saving on contributions.
What is the First Home Guarantee (formerly FHLDS)?
The First Home Guarantee (previously called the First Home Loan Deposit Scheme) allows eligible first home buyers to purchase a home with a deposit as low as 5% without paying Lenders Mortgage Insurance (LMI). The Australian Government guarantees the remaining 15% of the property value through Housing Australia. Places are limited (35,000 per year) and income caps apply: $125,000 for singles and $200,000 for couples (2024/25). Property price caps also apply by location — these are higher in capital cities than regional areas.
Can I use super to buy my first home in Australia?
You cannot access your entire super balance to buy a home (super is preserved until retirement). However, the FHSS scheme allows you to voluntarily contribute extra money to super and later withdraw up to $50,000 for a first home purchase. These voluntary contributions must be made specifically for this purpose. Your compulsory employer SG contributions are not eligible for the FHSS release. You apply for a FHSS determination through the ATO before signing a contract to purchase.
Australia First Home Buyer Calculator 2024 — FHOG, FHSS & Stamp Duty Savings
First home buyer assistance available in Australia
Australian first home buyers have access to a range of government schemes and concessions designed to help them enter the property market. At the federal level, the First Home Guarantee lets eligible buyers purchase with just a 5% deposit without LMI, and the First Home Super Saver (FHSS) scheme offers a tax-effective way to save a deposit through superannuation. Each state and territory also offers stamp duty concessions or exemptions — in New South Wales, for example, first home buyers pay no stamp duty on properties up to $800,000, saving up to approximately $31,000. The First Home Owner Grant (FHOG) of $10,000 is available in most states for new home purchases under the relevant price cap. Understanding and combining these schemes can significantly reduce the upfront cost of purchasing your first home.
Building your deposit: savings strategies for first home buyers
Saving a home deposit is the biggest challenge for most first home buyers, especially in cities like Sydney and Melbourne where property prices are high. A 20% deposit avoids LMI and gives access to better loan rates, but the First Home Guarantee means 5% can be enough. Alongside regular savings, the FHSS scheme is one of the most tax-effective ways to boost a deposit: by channelling spare income through super as voluntary contributions and then releasing it for a home purchase, buyers can effectively save at a lower tax rate. Budgeting tools, automatic transfers to a high-interest savings account, and reducing discretionary spending can all accelerate the timeline. Also factor in upfront costs beyond the deposit: stamp duty (or the concession), conveyancing fees ($1,000–$2,000), building and pest inspections ($600–$1,200), and loan application fees.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →