What’s ahead for homebuyers following the Federal Election

The second term of the Albanese Government will continue and expand their first term housing initiatives aimed at homebuyers and building new homes.
First home buyers have received much of the attention.
Eligible first home buyers will only need a 5% deposit, while 100,000 homes available exclusively to first home buyers are planned.
Information on existing schemes is available through Housing Australia, Treasury and the Australian Tax Office.
However, details and dates remain unclear for some new and expanded programs.
First Home Buyers
Help to Buy scheme. A shared equity program allowing eligible first home buyers to purchase a home with the government contributing up to 40% of the property's value.
Learn more - HousingAustralia.gov.au
- Home Guarantee Scheme. This is for eligible first home buyers, regional buyers, and single parents to purchase a home with a 5% deposit without paying Lenders Mortgage Insurance.
Learn more - Supporting people into home ownership (treasury.gov.au).
- 100,000 new homes available exclusively to first home buyers. No date or location for the new homes has been confirmed.
- First home super saver scheme. First home buyers can use some of their eligible voluntary super contributions to help buy a first home.
Learn more – ato.gov.au
Existing Homeowners
For existing homeowners looking to move, there are existing policies announced before the election that focus on increasing overall housing supply and improving affordability:
- National Housing Accord. This is an existing agreement between federal, state, and local governments, along with industry stakeholders, aiming to build 1.2 million new, well-located homes over five years from mid-2024. The government previously committed $3.5 billion to support state and local governments accelerate housing development and improve availability.
Learn more - Delivering the National Housing Accord – Treasury.gov.au
Victorian State Government schemes
- Victorian Homebuyer Fund: A shared equity scheme where the government contributes up to 25% (or up to 35% for eligible Aboriginal or Torres Strait Islander homebuyers) of the purchase price, allowing buyers to enter the market with a smaller deposit and without paying Lenders Mortgage Insurance.
Learn more - State Revenue Office.
- First Home Owner Grant (FHOG): This is a $10,000 grant for eligible first home buyers purchasing or building a new home valued up to $750,000.
Learn more – State Revenue Office Victoria
- Stamp Duty Concessions: First home buyers may be eligible for stamp duty exemptions or concessions on properties valued up to $600,000, with concessions available for properties valued up to $750,000.
Learn more - Apply for a first home buyer duty exemption, concession or reduction
Please note
Schemes and programs have eligibility criteria that determines how they can be accessed.
If you’re applying, please read the information from the relevant government department or agency carefully and seek assistance to understand your obligations if successful.
Learn more:
Australian Government
Housing Australia – Home Guarantee Scheme
Housing Australia – Regional First Home Buyer Guarantee
Housing Australia – Help to Buy scheme
Housing Australia – Family Home Guarantee (single parents)
Housing Australia – Tools and resources
Treasury – Supporting people into home ownership
Australian Taxation Office – First home super saver scheme
Victorian Government
Housing Victoria – Home Ownership
Housing Victoria – Help to buy a home
State Revenue Office – Buying a property
State Revenue Office – Homebuyer Fund
State Revenue Office – First Home Owner
State Revenue Office - Apply for a first home buyer duty exemption, concession or reduction
Disclaimer
Grants subject to State Government eligibility rules.
DFC makes no warranties or representations regarding eligibility rules or criteria for any government grants.
The advice, opinions and insights of this article are general in nature and based on DFC’s analysis of current market trends and government policy as of the date of publication.
This article does not take into account your personal financial circumstances or objectives and may not always be entirely accurate, complete or current.
We recommend speaking to an independent legal or financial advisor before making any binding decisions.