First Home Deposit Stacking: How the Schemes Combine to One Number (2026)

Q: Does the First Home Owner Grant always apply?

No. The Queensland grant only applies to new homes under $750,000, and is locked in at $30,000 until mid-2030. Where a package is over the cap, the saving comes from the $0 stamp duty and no LMI instead.

By Chaice Paterson, Founder, Low Deposit Homes

Most first home buyers under-count what they have and over-count what they need. The schemes don’t work in isolation — they stack. Here’s exactly how they combine on a real new build, step by step, to one net cash-to-get-in number.

The worked example: a $1,000,000 Queensland new build

Take an identical $1,000,000 home. Bought established, a first home buyer needs about $122,000 to get in — a 5% deposit plus Lenders Mortgage Insurance and purchasing costs including stamp duty, with no grants applied. Bought as a new build with the schemes stacked, the figure is about $54,500 — the same 5% deposit, but with no LMI under the 5% Deposit Scheme and $0 stamp duty. That’s roughly $67,500 less for the same price, and the gap is essentially the LMI and stamp duty a new build avoids. Here’s where it comes from.

Step	What it does	Effect
1. 5% Deposit Scheme	Buy with a 5% deposit instead of 20%; the government guarantee replaces LMI	Deposit ~$50,000 instead of ~$200,000; $0 LMI
2. $0 stamp duty (new build)	First home buyers pay no transfer duty on a new home in QLD	~$30,850+ saved vs an established purchase
3. First Home Super Saver	Withdraw up to $50,000 of voluntary super contributions toward the deposit	Funds the deposit with pre-tax savings
4. First Home Owner Grant (if under $750k)	$30,000 in QLD / $10,000 in VIC on a new home under the cap	Cash on top where the package is under the cap

Net cash to get into the $1,000,000 new build: about $54,500 — versus about $122,000 for an established home of the same price. Both figures use a 5% deposit; the difference is that the new build pays no LMI (the 5% Deposit Scheme guarantee) and $0 stamp duty, while the established figure includes LMI and stamp duty, with no grants. The First Home Super Saver can fund the deposit, and where a package comes in under $750,000 the grant is additional money on top. (The 5% Scheme’s LMI waiver can also be used on an established home; the savings genuinely unique to buying new are the $0 stamp duty and the grant.)

Why almost nobody quotes you this number

Each scheme is usually explained on its own, so buyers add up the obstacles instead of the offsets. Stacked correctly, the deposit a first home buyer actually needs is routinely about half what they think. The two things that don’t stack: you can’t combine Help to Buy with the 5% Deposit Scheme (pick one path), and the Queensland grant only applies where the package is under $750,000.

The Victorian version

In Victoria the entry figure on a typical new build is around $37,500. Stamp duty is fully exempt to $600,000 and concessional to $750,000, the $10,000 First Home Owner Grant is usable at Victorian price points, and the same 5% scheme and First Home Super Saver apply.

Run your own stack

The exact number depends on your price, state and which schemes you qualify for. Use the free calculators or book a free call and we’ll map the stack for your situation. See also our Deposit Report 2026 and schemes compared.

Frequently asked questions

How much deposit do I actually need to buy a first home in Queensland?

On a $1,000,000 new build, about $54,500 to get in once the schemes are stacked — versus about $122,000 for an established home of the same price. The difference is that a new build pays no LMI under the 5% Deposit Scheme and $0 stamp duty, while the established figure includes LMI and stamp duty – the deposit is 5% on both, and no grants are applied to the established figure.

Can I combine the 5% Deposit Scheme with the First Home Owner Grant and stamp duty savings?

Yes. The 5% Deposit Scheme (no LMI), the $0 stamp duty on a new build, and the First Home Owner Grant (where the package is under $750,000 in QLD or at VIC price points) can all apply to the same purchase, and the First Home Super Saver can fund the deposit. The exception: Help to Buy cannot be combined with the 5% Deposit Scheme.

Can I use my super as part of the stack?

Yes – the First Home Super Saver scheme lets you withdraw up to $50,000 of voluntary super contributions toward your deposit (up to $15,000 of voluntary contributions count per financial year), which you can combine with the other schemes.

Does the grant always apply?

No. The Queensland First Home Owner Grant only applies to new homes under $750,000, and is locked in at $30,000 until mid-2030. Where a package is over the cap, the saving comes from the $0 stamp duty and no LMI instead.

Explore more first home buyer guides

General information only, current as at June 2026 – not financial or credit advice. Figures are indicative; eligibility, caps and dates depend on your circumstances and can change. Low Deposit Homes operates under Winning Homes Australia Pty Ltd.