Why use this calculator
Buying your first home involves more than just the purchase price. This calculator combines your borrowing capacity, stamp duty concessions, Lenders Mortgage Insurance, and First Home Owner Grants in one place — so you know exactly how much cash you need and what help you're entitled to.
How to use it
Enter your target purchase price, deposit, income, and state. Toggle the First Home Guarantee if you think you're eligible (single buyers under $125k income, couples under $200k). Results show your total upfront costs, estimated stamp duty after FHB concessions, and any available grants.
The formula
Loan = Price − Deposit. LVR = Loan ÷ Price × 100. Borrowing Capacity ≈ 5 × gross income. LMI applies if LVR > 80% and FHG is not used. Stamp duty varies by state and purchase price.
Worked examples
NSW: $650k home, $65k deposit, $120k income
$0 stamp duty (under threshold), no LMI (FHG), ~$131k total upfront with LMI waived
QLD: $750k home, $75k deposit, $150k income
$30k FHOG for new builds, reduced stamp duty, $747k borrowing capacity
When people use it
- Planning how much to save before buying
- Comparing costs across states
- Understanding government incentives
- Checking if you can afford your first home
Tips
- The First Home Guarantee allows eligible buyers to purchase with 5% deposit and no LMI
- First Home Owner Grants generally only apply to new builds, not existing properties
- Stamp duty concession thresholds vary by state — verify with your state revenue office
- Budget for conveyancing ($1,500–$3,000), building inspection ($500–$800), and moving costs
- The 5× income borrowing capacity estimate is conservative; actual approval depends on expenses and credit history
Questions people ask
- What is the First Home Guarantee?
- The First Home Guarantee (FHBG) lets eligible first home buyers purchase with just a 5% deposit without paying Lenders Mortgage Insurance. The government guarantees up to 15% of the loan. Income and price caps apply.
- Is stamp duty waived for first home buyers?
- Most states offer full exemptions below a threshold (e.g., NSW under $650k, VIC under $600k) and concessions up to a higher threshold. This calculator applies simplified FHB concession rates — check your state revenue office for exact figures.
- Can I use the FHOG for an existing home?
- No — First Home Owner Grants in most states only apply to newly built homes, off-the-plan purchases, or substantially renovated homes. Existing established properties are generally ineligible.