First Home Buyers

First home buyers in New South Wales have access to different types of NSW first home buyer scheme and grants, depending on the purchase price and location of their new home. All of these grants are designed to help eligible first home buyers get into the property market sooner.

This comprehensive first home buying guide will help you understand the different first home buyer grant options available to you and make the most informed decisions.

Get started on your homeownership journey today with this handy directory.

NSW first home buyer

What is considered a first time home buyer?

To start, what is a first time home buyer? To be eligible for first home buyer grants, you must be a legitimate NSW first home buyer: someone buying a property (i.e., house or flat) who has never owned one in the past and no property to sell.

List of NSW first home buyer grants

First Home Owners Grant (FHOG
New Homes) NSW

First Home Owner Grant (New Homes) Scheme is a $10,000 grant for first home buyer NSW who is buying or building a new home. A first home buyer of an existing home will be ineligible for the FHOG. To qualify, you must:

Buy a newly constructed (or substantially renovated) home valued at no more than $600,000.
Buy land, and the combined value of your building and land at no more than $750,000.

NSW First Home Buyer Assistance
Scheme (FHBAS)

The First Home Buyers Assistance Scheme grants a stamp duty exemption NSW or concession for homeowners that are:

buying new homes valued between $650,000 and $800,000 (concessional transfer duty rate);
buying existing homes valued at less than $650,000 (full first home buyer stamp duty exemption); and
buying a block of land valued at less than $400,000.

To be eligible for the two NSW first home buyer grants (FHOG and FHBAS), you have to:

Be an individual (not a company or trust)
Be a permanent resident or an Australian citizen
Be aged 18 years or older
Not have owned a residential property in Australia prior
Not have received a grant under the FHOG Act 2000 in any state or territory

If you’re living in the property, you must have lived in it for at least six continuous months, and you must move in within 12 months from purchase.

First Home Guarantee Scheme (FHGS)
(formerly First Home Loan Deposit Scheme (FHLDS))

Under the FHGS, an eligible first time home buyer can buy a new or existing owner-occupied property with as little as 5% deposit without needing to pay the Lenders Mortgage Insurance (LMI) premium.

Each year, 35,000 eligible first time buyers can avail of the FHGS. How it works is that the government plays the role of guarantor in that they will pay up the difference between the amount you have saved (for your deposit, minimum of 5%) and the 20% deposit threshold so you can take out home loans without LMI. You can use the FHGS in conjuction with other NSW first home buyer grants.

You can apply for the scheme through a participating lender, either directly or through a home loan broker. To be eligible, you must:

Not have owned or had an interest in residential property (investment or owner occupied).
Earn less than $125,000 or $200,000 for couples in the last financial year (based on your ATO Notice of Assessment).
Be married or in a de facto relationship (for couples).
Be at least 18 years of age and have a valid Medicare card (or Defence ID).
Be an Australian citizen. Permanent residents are not eligible.
Have a deposit of between 5% and 20% of the property’s value.

In addition, your purchased property price must be within the property price threshold for the suburb and postcode (check the property price cap for your area using NHFIC’s online tool. You should also bring documents (e.g., proof of income and expenses, employment details, financial records) you would usually present on your first NSW mortgage meeting.

Regional First Home Buyer Guarantee (RFHBG)

The Regional First Home Buyer Guarantee assists regional customers in buying a owner-occupied home in designated regional areas. You can apply either as a signle or joint applicant for the Regional First Home Buyer Guarantee. To be eligible, you must:

Be an Australian citizen, aged 18 years or over (permanent residents are excluded)
Have earned $125,000 or less for singles or $200,000 or less for couples in the last financial year
Not have owned a home previously (owner occupied or investment)
Have at least a 5% deposit to contribute towards your property purchase
Purchase a property in your current or adjacent regional area
Have lived in a regional area or adjacent regional area to where they are purchasing in for the preceding 12-month period to the date they execute the home loan agreement

First Home Buyer Super Saver Scheme (FHSSS)

Under the FHSS, you can use your voluntary contributions ($15,000 per financial year and $30,000 in total) from your superannuation to put towards your deposit. To access your voluntary super contributions, you must:

Not have owned property in Australia before
be aged 18 years or older; and
Have not previously had an amount released from superannuation under this scheme.

The below types of super contributions cannot be withdrawn under the FHSSS:

Compulsory employer contributions (e.g., superannuation guarantee)
Spouse or child contributions
Government co-contribution
Contributions made by another individual or entity on your behalf (except employer contributions under an agreed salary sacrifice arrangement), and
voluntary contributions to defined benefit funds or constitutionally protected funds.

To apply, you have to request a determination directly from Australian Taxation Office (ATO) to know how much you’re eligible to withdraw from your super. You can then apply to the ATO to withdraw your super contributions. You can ask a mortgage broker NSW for further details.

How to apply first home buyer grant in NSW

The NSW state government is keen on making the purchase process for first home buyers a little easier and lighter on the pocket. Whilst applying for these grants can be daunting, our mortgage brokers are more than happy to assist. We have years of experience helping people just like you get into their dream homes.

Contact us today and let us help you take advantage of all the great grant opportunities available in NSW.

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