Simple hacks to unlock first home buyer support

If you're working in public health dentistry and wondering how close you are to buying, the expanded First Home Guarantee removes one of the biggest barriers: you can now purchase with a 5% deposit without paying Lenders Mortgage Insurance, regardless of your income.

How the expanded First Home Guarantee works for public health dentists

You can borrow up to 95% of a property's value without paying LMI. The federal government guarantees the portion of the loan above 80%, which eliminates the insurer's fee that would otherwise add tens of thousands to your upfront costs. The scheme has no income cap and no place limits, so whether you're buying in a regional centre or a capital city, you're eligible as long as you're a first home buyer and meet the lender's standard serviceability requirements.

Consider a public health dentist earning around $120,000 annually who has saved $35,000. Under the expanded scheme, that deposit covers 5% on a $700,000 property, and the buyer avoids an LMI bill that would typically sit around $25,000 to $30,000. The application is processed through participating lenders, and your broker submits your file for a place allocation as part of the standard loan approval process.

Stacking state grants with federal schemes

Most states offer a grant or stamp duty concession for first home buyers, and these can be combined with the First Home Guarantee. In Queensland, eligible buyers purchasing or building a new home under $750,000 can access a $30,000 grant, which runs until 30 June 2026. That grant can be applied directly to the deposit or used to cover settlement costs, reducing the amount you need to have saved independently.

In South Australia, first home buyers purchasing a new home pay no stamp duty regardless of the property's value, a change that came into effect in mid-2024. For someone buying a home at $850,000, that removes around $45,000 in duty. In the Northern Territory, the HomeGrown Territory Grant offers $50,000 for new builds with no price cap, making it the largest cash grant available nationally. This is also scheduled to run until 30 September 2026.

New South Wales provides a $10,000 grant for new homes up to $600,000 or house and land packages up to $750,000, and eligible buyers can access a full stamp duty exemption on properties under $800,000. Victoria offers $10,000 for new homes up to $750,000, with no stamp duty on homes under $600,000 and a concession up to $750,000.

Using the First Home Super Saver Scheme to build your deposit faster

The First Home Super Saver Scheme allows you to contribute up to $15,000 per financial year into your superannuation fund and withdraw up to $50,000 in total to use as a deposit. Contributions are taxed at 15% rather than your marginal rate, which for most public health dentists means saving around 22% to 24% in tax on every dollar contributed.

If you salary sacrifice $15,000 in one financial year and repeat that the following year, you could have around $30,000 available for withdrawal, plus any deemed earnings on those contributions. The process involves making voluntary concessional contributions through your employer, waiting at least 12 months, then applying to the ATO to release the funds once you have a signed contract of sale.

Regional first home buyer pathways

The Regional First Home Buyer Guarantee operates similarly to the broader scheme but is specifically for properties outside major capital cities. The definition of regional varies slightly by state, but generally includes any area outside Sydney, Melbourne, Brisbane, Perth, and Adelaide CBD zones. You can purchase with a 5% deposit, and the property price cap is typically higher than the standard scheme, reflecting the lower median values in most regional markets.

In our experience, public health dentists working in regional or rural placements often qualify for this pathway and can combine it with state-based regional incentives. For example, if you're working in regional Queensland and buying a new home under the regional cap, you could access both the $30,000 state grant and the 5% deposit federal guarantee, turning a relatively modest savings balance into a viable deposit without LMI.

Getting pre-approval before you start searching

Pre-approval confirms your borrowing capacity and locks in a conditional offer from a lender before you make an offer on a property. For first home buyers, this removes uncertainty around serviceability and helps you focus your search on properties within reach. Lenders assess your income, liabilities, living expenses, and credit history, then issue a conditional approval valid for three to six months.

Public health dentists with a clear employment contract and consistent payslips generally move through pre-approval without complications. If you're in a temporary or contract role, lenders typically want to see at least six months remaining on your current contract or evidence of ongoing work in the public system. Once pre-approved, you can move quickly when you find a property, which matters in a market where good stock moves within days.

Offset accounts and loan structure for first home buyers

An offset account linked to your home loan reduces the interest charged each month by offsetting your savings balance against your loan balance. If you have a $500,000 loan and $20,000 sitting in offset, you only pay interest on $480,000. This is particularly useful for public health dentists who may receive irregular payments such as overtime, allowances, or locum work, as you can park that income in offset and reduce interest without losing access to the funds.

Some lenders limit offset access on loans structured under the First Home Guarantee, so it's worth confirming feature availability before committing to a product. A redraw facility allows you to withdraw extra repayments you've made, but it's typically less flexible than offset and may come with processing delays or fees.

What happens if you exceed the income cap on a state shared equity scheme

Several states offer shared equity programs where the government contributes a portion of the purchase price in exchange for an equivalent share of any future capital gain or loss. These schemes are income tested. In New South Wales, the Shared Equity Home Buyer Helper allows the government to contribute up to 40% for a new home or 30% for an existing property, but single applicants must earn under a specific threshold and couples under a combined cap.

If your income sits above the cap, you can still access the expanded First Home Guarantee, which has no income limit. The difference is that shared equity reduces the size of the mortgage you need to service, whereas the guarantee removes LMI but leaves you with a 95% loan. For someone earning $120,000 or more, serviceability is rarely the constraint, so the guarantee is often the more practical option.

Checking your eligibility across multiple schemes simultaneously

You can be eligible for more than one form of assistance at the same time. A public health dentist buying a new home in regional Victoria could access the Victorian FHOG, the Regional First Home Buyer Guarantee, and the First Home Super Saver Scheme in a single transaction. Each program has its own application process, but they're designed to stack rather than conflict.

The key is confirming which schemes apply to the specific property you're purchasing. New home grants typically require the property to be newly constructed or never occupied, while stamp duty concessions may apply to both new and established homes depending on the state. Your broker will confirm eligibility as part of structuring your application, and most lenders have internal teams that coordinate the guarantee allocation and grant paperwork directly with state revenue offices.

Call one of our team or book an appointment at a time that works for you.

Frequently Asked Questions