The first home buyer cap has increased across Australia. Here's what you can buy

Last weekend, the Federal Government announced big changes to the first home buyer scheme.

First home buyers will now be able to purchase a property with only a 5 percent deposit. Buyers will also avoid costly Lenders Mortgage Insurance (LMI) as the Labor Government will guarantee a portion of the loan.

As part of the changes, property price caps across the country will also be increased to reflect changing market conditions.

With the changes fast-tracked to begin on October 1 2025, here is a guide to what you can buy across the major cities.

Sydney: Revised price cap $1.5 million

This three-bedroom family home in Botany is filled with charm and character. Listed with a buyer's guide of $1.4 million, the single level home has been newly updated and features an open-plan kitchen and dining, separate living room, decked alfresco area, low-maintenance gardens and storage shed.

Brisbane: Revised price cap $1 million

Over in Ferny Hills, this four-bedroom home features an updated kitchen, open-plan living area and swimming pool. With a price guide of $949,000 plus this property has oodles of potential for a buyer keen to show it some love.

Melbourne: Revised price cap $950,000

Fully renovated and move-in ready is this three bedroom family home in Altona North. Listed with a price guide of $790,000 to $850,000, this is well beneath the revised Melbourne price cap of $950,000. The newly made-over home features a brand-new kitchen and bathroom, double carport and spacious front garden.

Canberra: Revised price cap $1 million

Set behind lush greenery, this three-bedroom home in Holt has a listing price of $865,000. The well-maintained property features a formal lounge room with bay window, modern kitchen, double garage and a generous backyard filled with mature trees.

Adelaide: Revised price cap $900,000

Located on a quiet cul-de-sac, this Flagstaff Hill home is surrounded by lush greenery. The property has a price guide of $825,000 to $875,000 and features three bedrooms with built-in robes, two bathrooms, solar panels, lock-up garage and an alfresco area for entertaining.

Perth: Revised price cap $850,000

Light and bright, this character home in Woodbridge has a price guide of mid to high $700's. The updated property features four bedrooms, living room with original fireplace, one bathroom, tidy kitchen and parking for two cars.