Young and Buying Property? Here’s a $30K Grant You Might Be Overlooking

If you're a Millennial or Gen Z looking to break into the property market, there is government support that could make your first step a little easier. Between the First Home Owner Grant (FHOG) and stamp duty exemptions, there are potentially tens of thousands of dollars in savings available to first-time buyers.

These benefits vary by state, but they can reduce your upfront costs significantly, whether you are planning to live in the property or rentvest as part of a long-term investment strategy.

The FHOG is a one-off payment for eligible buyers purchasing or building a new home. Stamp duty exemptions or concessions are also offered in most states and territories, often in addition to the grant. Together, these incentives can give you a serious edge, but the rules and amounts differ across Australia.

Here is a quick overview of what is on offer.

New South Wales: $10,000 FHOG for new homes up to $600,000 or $750,000 for land and build. Full stamp duty exemption for homes up to $800,000, with concessions up to $1 million.

Victoria: $10,000 FHOG for new homes up to $750,000. Stamp duty exemption for homes up to $600,000, with concessions up to $750,000.

Queensland: $30,000 FHOG for contracts signed between 20 November 2023 and 30 June 2025 for new homes up to $750,000. Stamp duty concessions available up to $800,000.

Western Australia: $10,000 FHOG for new homes. Property cap of $750,000 in southern areas, $1 million in northern areas. Stamp duty concessions for homes up to $600,000.

South Australia: $15,000 FHOG for new homes, including townhouses and apartments. No property value cap as of June 2024. Stamp duty relief available for new builds and land.

Tasmania: $10,000 FHOG for new or off-the-plan homes. Stamp duty exemption for established homes up to $750,000 until 30 June 2026.

Northern Territory: $10,000 FHOG for new homes. Additional support, including stamp duty exemption on house and land packages.

Australian Capital Territory: No FHOG, but eligible buyers may access full stamp duty concessions through the Home Buyer Concession Scheme.

These incentives are more than just headline figures. Used well, they can improve your borrowing power, reduce upfront costs, and open doors to suburbs or property types you might have thought were out of reach. Many young investors are using these schemes to rentvest, buying a new home in a growth area while continuing to rent where they want to live.

Because each state has its own rules and updates its programs regularly, it pays to stay informed. If you want help understanding what you are eligible for and how to make the most of it, reach out to enquiries@younginvestorsclub.com.au or join the Young Investors Club (YIC) for free. We keep young buyers up to date with the strategies, opportunities and property insights that matter.