Navigating the range of grants and schemes available to first home buyers in New South Wales (NSW) can seem complex.
However, having a clear understanding of these options can greatly simplify your path to homeownership. This page offers straightforward, easy-to-follow information about the various government programs and grants available to first home buyers in NSW.
| First Home Owner Grant of $10,000 | First Home Buyers Assistance Scheme | Shared Equity Home Buyer Helper | |
| Acronym | FHOG | FHBAS | SEHBH |
| Region | NSW only | NSW only | NSW only |
| Location | Metro or regional | Metro or regional | Metro or regional |
| Description | The First Home Owner Grant offers a $10,000 payment to first home buyers purchasing a newly built or substantially renovated home, up to a specified value. | The First Home Buyers Assistance Scheme provides a full or partial exemption from stamp or transfer duty on property purchases, depending on the property’s value. | The Shared Equity Scheme enables eligible first home buyers to enter the property market with a smaller deposit by sharing ownership of the property with the NSW Government. |
| Property type | New or substantially renovated homes | New or substantially renovated homes | New and existing |
| Minimum deposit | No minimum | No minimum | 2% |
| Property value limit | $600,000 for new homes $750,000 for house & land contracts $750,000 for house & land (owner builder) |
Full exemption on properties up to $800,000 Partial exemption on properties up to $1,000,000 Full exemption on vacant land up to $350,000 Partial exemption on vacant land up to $450,000 |
$950,000 in Sydney and major regional centres (Newcastle and Lake Macquarie, Illawarra, the Mid-North Coast, Coffs Harbour-Grafton, and Richmond-Tweed) $600,000 in other regional areas of NSW. |
| Owner occupied or investment | Owner occupied only | Owner occupied only | Owner occupied only |
| Number of places for FY24 | Unlimited | Unlimited | 3,000 |
| Income limit | Not means tested | Not means tested | Indiviudals earing up to $93,200 or $124,200 for joint applicants |
| Borrower eligibility | Single and couple applicants | Single and couple applicants | A single parent with one or more dependent children, A single individual aged 50 or older, A first home buyer working as a key worker, including nurses, midwives, paramedics, teachers, early childhood educators, or police officers, A victim-survivor of domestic or family violence within the past 5 years, or up to 10 years with supporting legal evidence. |
| Purchasing history | First home buyers only | First home buyers only | First home buyers only |
| Requirements for living in the property | First home buyers must occupy the property within 12 months of settlement and reside there as their primary place of residence for at least 12 consecutive months. | First home buyers must occupy the property within 12 months of settlement and reside there as their primary place of residence for at least 12 consecutive months. | Home buyers must move in within 12 months of settlement. If you are building a new home, you have up to 24 months to move in. |
| Link to more information | Revenue NSW | Revenue NSW | NSW Government |
First Home Owner Grant (FHOG)
The First Home Owner Grant (FHOG) is a one-time payment of $10,000 to help first home buyers purchase a new or substantially renovated home. The grant is available for properties valued up to $600,000, or up to $750,000 for a house and land package. This grant applies to both metro and regional areas, with no minimum deposit required. To be eligible, the property must be owner-occupied, meaning the buyer must live in the home for at least 12 continuous months within the first year after purchase. The grant is not means-tested, making it accessible to both single and couple applicants purchasing their first home. For more details, visit Revenue NSW First Home Owner Grant.
Shared Equity Scheme
The Shared Equity Scheme helps eligible first home buyers purchase a home with a smaller deposit by partnering with the NSW Government, which owns a percentage of the property. Buyers can gradually buy out the government’s share over time. This scheme is available for both new and existing homes, with property value limits ranging from $400,000 to $900,000. It is designed for those who find it difficult to save for a larger deposit. Income limits apply, and the property must be owner-occupied. For more details, visit the NSW Government Housing website.
Stamp Duty Concessions
Read about the stamp duty exemptions and concessions available in New South Wales here
UFinancial’s full support for first home buyers
At UFinancial, we understand that buying your first home is an exciting, yet complex journey. Our mortgage brokers will guide you every step of the way, ensuring you make the most of the government grants and schemes available. Here’s how we help:
- Expert guidance: From determining your eligibility to handling all necessary documentation, we make sure you don’t miss any crucial steps.
- Access to multiple lenders: We work with over 40 lenders to find the best loan options for your needs, ensuring you get the best deal possible.
- No-cost services for first home buyers: Our services are free for first home buyers, as we’re compensated by the lender you choose. This means you get expert advice at no extra cost.
- Comprehensive buyer support: We offer personalised assistance with property searches, property evaluations, and advice throughout the buying process, ensuring you feel supported every step of the way.
Ready to get started?
If you’re ready to take the next step toward homeownership, or if you need help navigating the First Home Buyer Grants and Schemes, contact a UFinancial team member today to find out how we can assist you in securing the right home loan for your first home purchase.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced, or republished without prior written consent. Content developed in partnership with IFPA.
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