Yes, all vehicle owners in Australia are required to have Compulsory Third Party (CTP) insurance, regardless of whether they are first home buyers or not. CTP insurance covers you for liabilities arising from injuries to other people in the event of an accident. It's important to shop around, as different insurers may offer varying premiums and coverage options. Always ensure to check with the relevant state authority or a licensed insurance professional for specific requirements and the best options available to you.