Increasing the First Home Owner Grant property value cap

The First Home Owner Grant property value cap will be increased from $575,000 to $650,000 for eligible contracts entered into from 15 June 2023.

Fast tracking first homebuilder approvals

A fast-tracked approval process will be implemented for eligible first homebuyers to expedite the planning approval process to see them in their new home sooner.

2% home deposit loan for first home buyers building a home

HomeStart will introduce a new home loan that will enable eligible first home buyers building a new home to take out a loan with as little as a 2 per cent deposit. This measure improves on the government’s election commitment of 3 per cent.

Combined, these measures could take years off the time it takes to save for a deposit and buy a house.

Summary of support

An eligible first home buyer who enters into a contract to purchase a new home valued at $650,000 on or after 15 June 2023, could receive relief of up to $44,580.