The First Home Owner Grant for New Homes is a one-off payment designed to help first-time buyers purchase or build a new home. Here’s what you need to know:

• Eligibility:
  • You must be purchasing or building a new home valued at no more than $600,000, or buying land and building a new home with a combined value of no more than $750,000.
  • The home must be newly constructed or substantially renovated.
  • You must be an individual (not a company or trust) and at least 18 years old.
  • You or your spouse/partner must not have previously owned or co-owned a property in Australia.
  • You must occupy the home as your principal place of residence for a continuous period of at least six months within 12 months of purchase or construction.
• Grant Amount: Eligible first-home buyers can receive $10,000.
• Application Process: You can apply for the grant through your financial institution when arranging your home loan or directly through Revenue NSW if you’re not using a lender.

The First Home Buyer Assistance Scheme provides exemptions or concessions on transfer duty (previously known as stamp duty). Here’s how it works:

• Full Exemption:
  • For new and existing homes valued up to $650,000.
  • For vacant land valued up to $350,000.
• Concessions:
  • For new and existing homes valued between $650,000 and $800,000.
  • For vacant land valued between $350,000 and $450,000.
• Eligibility: Similar to the First Home Owner Grant, including the requirement to occupy the home as your principal place of residence for at least six months within the first 12 months.
• Application Process: Apply for exemptions or concessions through your conveyancer or solicitor, who will lodge the necessary documents with Revenue NSW.

The First Home Loan Deposit Scheme (FHLDS) is an Australian Government initiative that helps first-time home buyers purchase a home with a deposit as low as 5%, without needing to pay for Lender’s Mortgage Insurance (LMI).

• Eligibility:
  • You must be a first-time buyer.
  • The property price must be within the price cap for your area.
  • You must meet income criteria: up to $125,000 per annum for individuals and up to $200,000 for couples.
  • You must have a minimum deposit of 5% and less than 20%.
• Application Process: Apply through participating lenders. Places in the scheme are limited and allocated on a first-come, first-served basis.

Shared Equity Home Buyer Helper

The Shared Equity Home Buyer Helper is a NSW Government initiative to support eligible first home buyers, including single parents, older singles, and first-time home buyers in key worker industries.

• Eligibility: Detailed criteria available on the Revenue NSW website.
• Benefits: The government will contribute a proportion of the property price in exchange for an equivalent share of ownership.