The First Home Guarantee
Eligible buyers can purchase or build a new home with a deposit from 5% (or 2% for eligible single parents) without needing mortgage insurance. Stamp duty costs may also apply, depending on the purchase price.
Eligibility of applicant
- Australian citizens or Permanent Residents only
- Minimum age = 18 years old.
- First home buyers or previous homeowners who haven’t owned a property in Australia in the past 10 years.
- New and existing homes
- Purchasing in individual name (not a Company or Trust)
- Owner occupied purpose - not for investment
- No Income caps: first home buyers with higher incomes can access the Scheme. (from 1.10.25.)
- Must prove minimum 5% genuine savings - or 2% for eligible single parents
- Maximum Loan to Value (LVR) 95%
- Price caps apply - NSW Capital cities/large regionals $1,500,000 rest of the state $800,000. (from 1.10.25.)
First Home Buyer Assistance Scheme (FHBAS)
Provides stamp duty exemptions and concessions to eligible first home buyers in NSW buying an existing home, new home or vacant land.
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Property purchase price
<$800k - Nil Stamp Duty
>$800k -$1m - Concessional stamp duty
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Property purchase price
<$800k - Nil Stamp Duty
>$800k -$1m - Concessional stamp duty
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Property purchase price
<$350k - Nil Stamp Duty
>$350k -$450k - Concessional stamp duty
Eligibility
- Australian citizens OR Permanent residents
- >18 years of age
- Never owned residential property in Australia
- Purchasing in individual name (not a Company or Trust)
- Owner occupied purpose - not for investment
- Move into the property within 12 months and live in it continuously for at least 12 months.
First Home Owners Grant (FHOG) for new homes
A $10,000 FHOG is available when you buy or build your first new home.
The grant is not available for established homes.
Purchase price limits apply. (in NSW)
Up to $600,000 for a newly built house, townhouse, apartment, unit or similar, purchased off plan or substantially renovated
Up to $750,000 for vacant land and building contract, or owner builder
Eligibility - guide only
- Australian citizens OR Permanent residents
- Minimum age = 18 years old.
- Never owned a residential home in Australia before 1 July 2000.
- Purchasing in individual name (not a Company or Trust)
- Owner occupied purpose - not for investment (If you have previously owned an investment property you may still be eligible)
- Move into the property within 12 months and live in it continuously for at least 12 months.
- may still be eligible for the FHOG if you or spouse purchased a residential property after 1 July 2000 and didn’t live in it for more than 6 continuous months.
In Summary - for eligible first home buyers - NSW
Stamp Duty concessions - on purchases
Up to $800k – no transfer stamp duty applies.
Between $800k and $1m – concessional stamp duty rates apply. Check the calculator.
Above $1m – full stamp duty applies. No further concessions.
$10k FHOG - on purchases
Up to $600k for a newly built house, townhouse, apartment, unit or similar. Includes substantially renovated
Up to $750k for vacant land and building contract, or owner builder