First Home Buyer Guide: What You Need to Know

InShort: Quick Highlights

• The First Home Buyers Grant NSW provides $10,000 towards new homes, with purchase and building thresholds for different property types.
• The First Home Buyers Grant QLD currently offers $30,000 for new builds or purchases, capped at $750,000 property value.
• The federal First Home Guarantee supports first time home buyers with just a 5% deposit, avoiding costly lenders mortgage insurance.
• Each scheme has eligibility rules, including income limits, citizenship, purchase price caps, and minimum occupancy requirements.
• First time home buyer benefits include grants, concessions, savings on mortgage insurance, and lower entry costs, making ownership more achievable.

Buying your first home is exciting but can feel overwhelming. With grants and schemes across NSW, QLD and federally, first time home buyers can access thousands in financial support. Understanding eligibility, benefits and how Coral Homes guides you ensures a smoother, more affordable journey.

Understanding the Basics

Purchasing a first home is one of life’s biggest milestones. However, rising property prices and saving for a deposit can make it challenging. Thankfully, government support programs are designed to reduce these barriers and make the dream of home ownership more achievable for Australians.

Coral Homes supports first time buyers by offering pricing transparency, flexible home designs and clear timelines. Alongside these services, you can take advantage of grants and concessions tailored to first home buyers.

NSW First Home Owner Grant

The First Home Buyers Grant NSW provides $10,000 towards purchasing or building a new home. Eligibility includes:

• Buying a newly built home valued at $600,000 or less
• Building a new home, where the land and building contract combined value is $750,000 or less
• Applicants must be over 18, Australian citizens or permanent residents
• Must move in within 12 months and live there for at least 6 continuous months

This scheme helps first time home buyers reduce upfront costs, particularly when building a new property. Coral Homes’ process and timeline guide explains how grant applications fit into each stage of construction.

QLD First Home Owner Grant

The First Home Buyers Grant QLD currently provides:

• $30,000 for eligible contracts signed between 20 November 2023 and 30 June 2026
• $15,000 for contracts signed before this period

Eligibility requires:

• The home and land combined value to be under $750,000
• Applicants to be over 18 and Australian citizens or permanent residents
• Occupation within 12 months, with at least 6 continuous months of residence

The grant applies to new homes, off-the-plan properties and substantially renovated homes. This offers a significant head start for buyers in Queensland, particularly those building in growth areas.

Federal First Home Guarantee

In addition to state-based grants, the federal First Home Guarantee makes it easier for eligible buyers to purchase with just a 5% deposit. The government guarantees up to 15% of the property’s value to the lender, removing the need for costly Lenders Mortgage Insurance (LMI).

As of 1 October 2025, major changes expand the scheme:

• Unlimited places available (previously capped annually)
• Higher property price caps, e.g. NSW metro raised to $1.5M, QLD metro raised to $1M

This expansion is designed to help more Australians enter the property market sooner.

First Time Home Buyer Benefits

• Lower deposit requirements through the federal guarantee
• Upfront grants reducing the financial strain on new builds
• Stamp duty concessions across states for eligible buyers
• No Lenders Mortgage Insurance savings, which can be tens of thousands of dollars
• Greater flexibility in choosing locations and property types within set price caps

Coral Homes’ special offers complement government incentives, maximising affordability.

Steps to Get Started as a First Home Buyer

1. Check eligibility for state grants and federal schemes
2. Confirm property value caps to ensure your purchase qualifies
3. Secure pre-approval to understand your borrowing capacity
4. Check Coral Homes’ Where We Build guide to find eligible suburbs and regions for your first home
5. Review home designs and pricing to align with your grant eligibility

With Coral Homes’ expertise, you’ll have a trusted partner guiding you through each stage.

Why Choose Coral Homes?

For over 35 years, Coral Homes has been helping Australians turn their home ownership dreams into reality. The brand’s focus on clarity and affordability ensures that first time home buyers have the right support at every step.

From learning about Coral Homes’ guidance for first time buyers to reviewing competitive pricing and building timelines, the journey is designed to feel simple and stress-free. With dedicated consultants, streamlined approvals, and home designs tailored to new buyers, you’ll have confidence and support from start to finish.

Key Takeaway

• The NSW First Home Buyers Grant gives $10,000 for new homes under capped thresholds.
• The QLD First Home Buyers Grant provides up to $30,000, making it one of the most generous state incentives available.
• The Federal First Home Guarantee removes LMI, enabling purchases with just a 5% deposit.
• Combined benefits lower barriers to ownership through grants, concessions, and deposit support.
• Coral Homes guides you with transparent pricing, step-by-step processes, and tailored first home buyer offers.