There are also Australian government schemes to help first home buyers enter the property market.
There's the First Home Super Savings Scheme, where you make voluntary contributions into your super fund — basically, a before or after-tax savings account you won't dip into.
Another viable consideration is the First Home Loan Deposit Scheme, where the Commonwealth Government guarantees your deposit if it's less than 20 per cent of the property's purchase price, saving you from having to pay lenders mortgage insurance.
The First Home Owner Grant is a great option of course and should be on all first home buyers radar. The value of this grant is different based on your state and whether you live regional or metro, so be sure to find out the grant's value where you plan on building.
Finally, there's the newest addition, the Family Home Guarantee, which is aimed at single parents who earn under $125,000 a year. The Family Home Guarantee allows those who qualify to purchase a home with as little as 2 per cent deposit.
Learn more about the First Home Owner Grant and First Home Loan Deposit Scheme here.
For more information about government grants and schemes, please visit either the Federal Government website or your State Government's website. Please note that the above information is true as of May 2021.
Alternatively, you can get in touch with a New Home Advisor who know the grants inside out and can explain them in plain English.
Find your purpose
Before you set out on this journey, you need one very important thing: your purpose.
Understand why you’re buying a home and why you want to build. If it's a financial decision, or if it's about the emotional security of having your own home, being clear about the “why” will help you stay motivated.
Forget about the home you buy or build for a moment – the real value is in the lesson you learn along the way. The financial discipline of saving money and buying a first home imparts valuable knowledge that you’ll hold on to forever. You’ll be able to budget for family and holidays with ease!