First Home Buyer Calculator Australia

Last updated: May 2026. Reflects current Australian metrics.

Find out exactly how much you need to save to buy your first home. Includes eligibility checks for the First Home Owner Grant (FHOG), Stamp Duty Concessions, and the First Home Guarantee (5% deposit scheme).

Property & Savings Goals

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FHOG is typically only available for new homes.

Your Finances

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$
$
Used to check scheme eligibility (Caps apply).

Savings Timeline

To reach a 20% deposit + upfront costs

0 Months
Total Savings Required (20% Dep + Costs) $0
Current Savings Gap $0

Government Assistance Check

First Home Owner Grant (FHOG) $0
Stamp Duty Concession Saved $0
First Home Guarantee (5% Deposit Scheme) Checking...

Australian Government Schemes for First Home Buyers

Entering the property market in Australia is challenging, but federal and state governments offer several schemes to reduce the upfront burden. Knowing what you are eligible for can shave years off your saving timeline.

The First Home Owner Grant (FHOG)

The FHOG is a one-off payment from your state government. Crucially, in most states (NSW, VIC, QLD, WA), this grant is only available if you are buying or building a brand new home. If you are buying an established (existing) property, you generally will not receive the FHOG, though you may still get stamp duty concessions.

Stamp Duty Concessions

Stamp duty is typically your largest upfront cost after the deposit. Fortunately, almost all states offer massive concessions to first home buyers. For example, in NSW, properties under $800,000 attract zero stamp duty, with a sliding scale discount up to $1,000,000. These apply to both new and established homes.

First Home Guarantee (Formerly FHLDS)

The federal government's First Home Guarantee allows eligible first home buyers to purchase a property with a deposit of just 5%, without paying Lenders Mortgage Insurance (LMI). The government acts as a guarantor for the remaining 15%. This is subject to price caps (e.g., $900k in Sydney/NSW capital city, lower in regional areas) and income caps ($125,000 for singles, $200,000 for couples).

Help to Buy (Shared Equity)

The proposed 'Help to Buy' scheme allows eligible buyers with a 2% deposit to co-purchase a home with the government. The government takes an equity stake (up to 40% for a new home, 30% for an existing home), meaning your mortgage is significantly smaller.

Related Calculators

Mortgage Calculator Borrowing Power Stamp Duty

For more information on purchasing property, visit ASIC MoneySmart Home Loans.

10 Frequently Asked Questions

1. What is the current RBA cash rate?
As of 2026, the RBA cash rate influences all variable home loans. Check the official RBA website for the exact daily rate, but currently, variable rates sit around the low 6% mark.
2. How does the 3% serviceability buffer work?
APRA mandates that banks assess your ability to repay a loan at an interest rate 3% higher than the rate you are applying for. This ensures you can handle future rate hikes.
3. What is Lenders Mortgage Insurance (LMI)?
LMI is insurance that protects the lender if you default. It is usually required if your deposit is less than 20% of the property's value (LVR > 80%).
4. Should I choose a fixed or variable rate?
A variable rate offers flexibility (like offset accounts), while a fixed rate provides repayment certainty for a set period (usually 1-5 years).
5. What is a Comparison Rate?
Required by Australian law, the comparison rate rolls the interest rate and most fees into a single percentage to show the true cost of a loan.
6. What is an offset account?
An offset account is a savings account linked to your loan. Its balance is subtracted from your loan principal before interest is calculated, saving you money.
7. Can I make extra repayments?
Yes, most variable loans allow unlimited extra repayments. Fixed loans usually cap extra repayments (e.g., $10k/year) and charge break fees if exceeded.
8. What is negative gearing?
Negative gearing is an Australian tax strategy where the costs of owning an investment property exceed its rental income, allowing you to deduct the loss from your taxable income.
9. What are stamp duty concessions?
Each Australian state offers stamp duty exemptions or concessions for First Home Buyers purchasing below a certain price threshold.
10. How is interest calculated?
In Australia, home loan interest is generally calculated daily on your outstanding balance and charged monthly.