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First home buyers grant - Deposit
Started by Natedog6665 May 2017

Hey everyone


Does anyone know if can use the first home buyers grant as the deposit for a home loan with the bank?


The internet has conflicting information


It also states that you may be eligable for the first home buyers grant when purchasing established homes also?


Does anyone know if this is true in W.A?





11 May 2017


Banks typically require a minimum 5% deposit from "genuine savings" which have been accumulated over or held for at least 3 months.  The FHOG is not classified as "genuine savings" and is typically does NOT count as a deposit. 

Having said that, there might be lenders who offer "no genuine savings" loan products where the FHOG is taken into account - althought I believe this is quite rare nowadays, especially with the major banks/lenders.  You would still likely need to meet a 5% minimum deposit...

In WA, the FHOG is only available if you are building a new home and not buying an established home.  The grant is currently $10,000 plus a temporary boost of $5,000 (if a building contract is signed prior to 31 December 2017).

Hope that helps.



12 May 2017

Hi Kensington


Thank you very much for your help. That has helped clear things up. I have been chatting to a lot of banks/lender and builders to try and gather as much information as I can and learn about what is required. It's a very confusing and big industry so taking my time to not get stung like most other first home buyers.


I have been thinking about taking up the new government offer of salary sacrfice into my super to save for a deposit. Do you know if this can be used to show genuine savings to a lender/bank?





26 May 2017

Hey Nathan - sorry for the late reply.

Yeah, the new scheme announced by the Govt should count as genuine savings, as contributions will generally be made over a period of time..

I also see the FHOG boost will end here in WA on 30 June!!