First Home Buyers Guide

If you are a first home buyer and you are buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme.

To qualify:

  • The purchase price of your new home must be no more than $600,000
  • If you are buying land to build a new home, the total price (including the land and home) must be no more than $750,000

You can apply for the First Home Owner Grant (New Homes) Scheme (FHOG) through your bank or financial institution when you arrange finance to buy your home. If you have already completed the purchase process or construction has commenced, you can apply directly to Revenue NSW. For more information and to check your eligibility visit: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes

If you are a first home buyer, you may be entitled to a concessional rate of transfer duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS).

Unlike the Frist Home Owner Grant the FHBAS applies to:

  • Homes valued at less than $650,000 can apply for a full exemption so that you don’t have to pay transfer duty; or
  • Homes valued between $650,000 and $800,000 you can apply for a concession of transfer duty (depending on the value)

Vacant Land

The FHBAS applies to vacant land on which you plan to build your home.

For more information go to: https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

The First Home Loan Deposit Scheme is an Australian Government initiative to support eligible first home buyers to purchase a home sooner. It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5% (lenders criteria apply). It is available to 10,000 eligible first home buyers each financial year.

For more information and to check your eligibility visit: https://www.nhfic.gov.au

The First Home Buyer Super Saver Scheme (FHBSSS) is another government incentive that allows first home buyers access to release funds from their Superannuation accounts in order to purchase their first home.

A first home buyer can release up to $30,000 of super. For more information and to check your eligibility visit https://www.ato.gov.au