If saving for a deposit feels like an uphill climb, you’re not alone. With rising living costs piling on, getting ahead seems harder than ever — but using government incentives strategically can dramatically fast-track your homeownership goals.
Leverage the First Home Super Saver Scheme
Through the First Home Super Saver Scheme (FHSSS) you can make voluntary contributions to your superannuation and later withdraw them (plus associated earnings) to put toward your first home deposit. The tax advantages are significant — contributions are taxed at a concessional 15% instead of your marginal income tax rate, which means you can save more, faster.
Learn more from the ATO: First Home Super Saver Scheme.
Use the First Home Guarantee to Reduce Your Deposit
Instead of waiting to save 20%, eligible buyers under the First Home Guarantee (FHBG) — part of the broader Home Guarantee Scheme — can purchase with as little as a 5% deposit, and avoid paying lenders’ mortgage insurance (LMI). This means you get into the market earlier and keep your cash working elsewhere rather than gathering a large cash deposit.
Check eligibility and details at Housing Australia.
Combine with State Grants and Concessions
On top of the federal schemes, many states offer additional support such as the First Home Owner Grant (FHOG) and stamp duty concessions or exemptions. Depending on where you buy, that’s another $10,000–$30,000 (or more) saved upfront.
Smart buyers combine these programs to minimise upfront costs while keeping repayments manageable. For a full breakdown, see The Accountants – First Home Buyer Guide or visit CDRTA for insights on financial structuring and business advisory support.
Budget Smarter, Not Harder
Government incentives work best when paired with disciplined budgeting. Automate your savings into a dedicated account, cut unnecessary spending, and work with a broker or adviser who can help structure your deposit and loan plan efficiently.
For practical tips on money management and financial resilience, read Craig Dangar’s insights on sustainable personal finance.
Ready to Stop Renting Sooner?
Book a chat with Chase today to see how you can use federal and state incentives to buy faster — without the stress or confusion.
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