New South Wales First Home Buyer Government Grants and Schemes
First Home Buyer Options in New South Wales (NSW)
Navigating the various grants and schemes available to first home buyers in New South Wales (NSW) can be overwhelming. However, understanding these options can make a significant difference in your journey to homeownership. This page will provide you with clear, easy-to-understand information about the different government schemes 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 |
| Description | The First Home Owner Grant provides a payment of $10,000 to first home buyers when purchasing a new or substantially renovated home up to a certain value | The First Home Buyers Assistance Scheme provides a full or partial exemption on the stame/ transfer duty payable on a property purchase up to a certain value. | The Shared Equity Scheme allows eligible first home buyers to purchase a home with a smaller deposit by sharing ownership with the NSW Government. |
| Minimum deposit | No minimum | No minimum | 2% |
| Property type | New or substantially renovated homes | New or substantially renovated homes | New and existing |
| Owner occupied or investment | Owner occupied only | Owner occupied only | Owner occupied only |
| Location | Metro or regional | Metro or regional | Metro or regional |
| Number of places for FY24 | Unlimited | Unlimited | 3,000 |
| Borrower eligibility | Single and couple applicants | Single and couple applicants | A single parent with a dependent child or children OR A single person, aged 50 or older OR A first home buyer employed as a key worker (nurses, midwives, paramedics, teachers, early childhood educators or police officers) OR A victim-survivor of a domestic and family violence incident within the last 5 years, or up to 10 years with legal evidence. |
| Income limit | Not means tested | Not means tested | Earning up to $93,200 for individuals or $124,200 for joint applicants |
| Purchasing history | Must be first home buyers | Must be first home buyers | Must be first home buyers |
| Property value limit | $600,000 for new home $750,000 for house & land contract $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. |
| Requirements for living in the property | First Home Buyers must move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 12 continuous months. | First Home Buyers must move into the home within 12 months after settlement, and live in the property as your principal place of residence for at least 12 continuous months. | Home Buyers must you move in within 12 months. 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 |
“Mint Equity specialises in facilitating the entire process of joining a first home buyer scheme. From understanding your eligibility to managing all the necessary paperwork, our team ensures that you don’t miss any crucial steps. ”
NSW Specific Schemes and Grants Overview
First Home Owner Grant (FHOG)
The First Home Owner Grant (FHOG) is a one-off payment of $10,000 designed to assist first home buyers purchasing 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. There is no minimum deposit required, and the grant applies to both metro and regional areas. Importantly, the property must be owner-occupied, meaning you need to live in the home for at least 12 continuous months within the first year of purchase. This grant is not means-tested, so it is available to single and couple applicants who are buying their first home. For more details, visit Revenue NSW First Home Owner Grant.
First Home Buyers Assistance Scheme (FHBAS)
The First Home Buyers Assistance Scheme (FHBAS) provides exemptions or concessions on transfer duty (stamp duty) for first home buyers purchasing new or existing homes, including vacant land. This scheme covers properties valued up to $1,000,000, depending on the type of property being purchased. There is no minimum deposit required, and it is applicable to both metro and regional properties. To qualify, applicants must be first home buyers who intend to live in the property as their principal place of residence for a continuous period of at least 12 months. Notably, there are no income limits for this scheme. For more details, visit Revenue NSW First Home Buyers Assistance Scheme.
Shared Equity Scheme
The Shared Equity Scheme allows eligible first home buyers to purchase a home with a smaller deposit by sharing ownership with the NSW Government. The government will own a percentage of the property, which the buyer can buy out over time. This scheme is available for new and existing homes, with property value limits ranging from $400,000 to $900,000. It is designed to assist first home buyers who may struggle to save for a larger deposit. Income limits apply, and the property must be owner-occupied. Details can be found on the NSW Government Housing website.
How Mint Equity can help
Navigating the process of joining a first home buyer scheme and managing the associated paperwork can be daunting. This is where an experienced mortgage broker like Mint Equity can make a significant difference.
Comprehensive support and paperwork management
Mint Equity specialises in facilitating the entire process of joining a first home buyer scheme. From understanding your eligibility to managing all the necessary paperwork, our team ensures that you don’t miss any crucial steps. They provide tailored advice to match your financial situation and homeownership goals, making the complex process smoother and less stressful.
Access to a wide range of home loan products
One of the significant advantages of using a mortgage broker is our access to a vast array of home loan products. Mint Equity compares hundreds of different home loan products from over 40 lenders, ensuring you get the best possible deal. This comprehensive comparison helps you find a loan that fits your needs, whether it’s the lowest interest rate, the most flexible repayment options, or other beneficial features.
Free mortgage brokering services
A notable benefit of working with Mint Equity is that our services are free for all clients including first home buyers. Mortgage brokers earn a commission from the lenders, not from the clients they help. This means you can leverage our expertise and extensive market knowledge at no extra cost, making your home buying journey more affordable.
Mint Equity Buyer Support Services
Mint Equity offers comprehensive Buyer Support Services to make the property buying process smoother and less stressful for first home buyers. Our services include personalised assistance throughout the property search, providing unbiased property evaluations, and offering industry data and insights. The team helps clients refine their search criteria, provides unlimited property reports, and offers guidance through offer and auction processes. These services are available for free to clients with a pre-approved home or investment loan from Mint Equity, ensuring tailored support without any conflict of interest. For more details, visit Buyer Support Services.
Key considerations for NSW Government First Home Buyer schemes and grants
Navigating the first home buying process in NSW can be complex, but understanding the available grants and schemes can significantly ease the journey. From the First Home Owner Grant to various guarantee schemes, there are numerous options to support you in achieving your dream of homeownership. Ensure you review each scheme's eligibility criteria and consider seeking professional advice to make an informed decision. For more detailed information, visit the relevant government websites linked above.
By leveraging the expertise of mortgage brokers like Mint Equity, you can simplify the process, access a wide range of home loan products, and receive professional support at no extra cost. This empowers you to make the best choices for your financial future and helps you secure your first home in New South Wales.
Meet the Mint Equity team
“We had excellent experience with Mint Equity when purchasing our first home. Their expertise and dedication to finding the best loan and making sure we had all the right information was outstanding. Zac, Brad and Rebecca made the complex process simple and stress-free. Highly recommend their top-notch service for any mortgage needs! A huge thank you to the entire Mint Equity team!”
Frequently Asked Questions about NSW Government First Home Buyer Grants
-
The FHOG applies to new or substantially renovated homes, including house and land packages valued up to specific limits.
-
The FHBAS is available to first home buyers purchasing a new or existing home, or vacant land for building a home, within the value limits set by the scheme.
-
Applying for grants and schemes can be complex, but using a mortgage broker like Mint Equity can simplify the process. We handle all the paperwork and ensure you meet all requirements, making the application process much easier.
-
You must live in the property for at least 12 continuous months within the first 12 months of settlement or completion of construction before you can convert the property to an investment.
-
Yes, you may be eligible for multiple schemes, such as the FHOG and FHBAS, but each has specific eligibility requirements that must be met. Your mortgage broker will guide you through all the options.