Escape The Rent Trap By Joining The Property Market

Rental properties have been declining at a concerning rate for some time, leaving many unsure about their housing situation. So, how can you escape renting and become a homeowner?

Rental availability is fast becoming scarce in many parts of Australia and rental prices are being unreasonably increased, resulting in many tenants seeking alternative options. Owning a home has never looked more desirable with the current rental crisis.

The first home buyers guarantee was released at the start of October, providing regional Australians further access to purchase their own home.

Several government schemes are also available for city-goers aiming to enter the property market. Plus, these schemes can be used together, not just on their own!

Government Support Schemes

The federal government offers several low-deposit, no-lenders mortgage insurance (LMI) schemes with the National Housing Finance and Investment Corporation (NHFIC).

These can significantly move your home-buying process forward an average of four to four and a half years, meaning you won’t have to save for the standard 20% deposit. Plus, if you don’t pay LMI, you could save between $4,000 and $35,000, based on your deposit amount and the property price.

First Home Guarantee

35,000 eligible first-home buyer applicants will be able to apply for the first home guarantee this financial year with a minimum deposit of 5%.

Regional First Home Buyer Guarantee

The regional first home buyer guarantee assists eligible regional Australians in purchasing their first home with a deposit of 5% starting on 1 October 2022.

Family Home Guarantee

The family home guarantee supports eligible single parents purchase a home with a deposit of 2%.

Please be aware that price caps will be applied to eligible properties and will vary based on the property location and application year.

State Government Stamp Duty Concessions

All state governments, excluding South Australia, have stamp duty concessions accessible for qualified applicants.

Victoria and New South Wales

The Victorian first home buyer duty exemption, concession, or reduction (for properties up to $750,000) and the New South Wales first home buyer assistance scheme (for properties up to $800,000) will help to reduce or eliminate stamp duty expenses.


The first home concession applies to eligible first-home buyers purchasing a property valued under $550,000.

Non-first-home buyers may qualify for the home concession.

Western Australia

Qualified first home owner grant recipients can apply for eligible properties with the first home owner duty concession.


Qualified home buyers can apply for the established home duty concession to receive a 50% discount on stamp duty for homes valued at $600,000 or less.

Northern Territory

These stamp duty concessions are available for qualified applicants who want to buy a house and land package.

Australian Capital Territory

The home buyer income threshold scheme assists eligible people in reducing or avoiding stamp duty, depending on their income.

State Government First Home Buyers Grants

All state governments in Australia, excluding the ACT, offer a first home owner grant to help you get into a home.

Victoria and New South Wales

Residents in Victoria can receive $10,000 towards purchasing a new home valued at $750,000 and less, as well as residents in New South Wales.

Western Australia

With this first home buyers grant, Western Australians can receive $10,000 for new homes, with property value thresholds dependent upon location.

Northern Territory

The Northern Territory’s first home buyers grant offers $10,000, but with the bonus of no income or property value thresholds!


Queensland’s first home buyers grant offers $15,000 for eligible first home buyers purchasing a new home valued below $750,000.

South Australia

$15,000 is available for South Australia’s first home buyers grant for eligible applicants purchasing a new home valued at and below $575,000.


Tasmania’s first home buyers grant offers a generous $30,000 for eligible applicants.

Are You Ready To Become A Homeowner?

Both the federal and state government have several schemes to help you move from renting to becoming a homeowner. However, these spots will fill up fast so it might be the best time to act – right now it’s a buyer’s market, so make the most of it!

If you are ready to become a homeowner, call me today. We can discuss what schemes you might be eligible for and the borrowing options available to you.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.