Whether you're stepping into the housing market for the first time or looking to purchase a second property, you could qualify for various grants, tax breaks, or financial incentives.
Grab your copy of our comprehensive First Home Buyers Guide to arm yourself with all the essential knowledge you'll need to successfully acquire your dream home!
First Home Owner Grant (FHOG)
The First Home Owner Grant is a national scheme administered by each state and territory, designed to support eligible first home buyers purchasing or building a brand-new home.
In NSW, eligible buyers can receive a $10,000 grant when purchasing or constructing a new home valued up to $600,000, or up to $750,000 for house and land packages.
To qualify, applicants must be first home buyers, move into the property as their principal place of residence within 12 months of completion or settlement, and live there continuously for at least 12 months. Additional eligibility criteria may apply depending on the state or territory.
First Home Buyers Assistance Scheme (FHBAS)
Eligible first home buyers in NSW may receive a full exemption from stamp duty when purchasing a home valued up to $800,000, with concessional rates available for properties valued between $800,000 and $1,000,000.
For vacant land, a full exemption applies up to $350,000, with concessions available for land valued between $350,000 and $450,000 when the buyer intends to build their first home.
To remain eligible, buyers must move into the property within 12 months of settlement or completion and live there continuously for at least 12 months. Additional criteria apply, including being a first home buyer and an Australian citizen or permanent resident.
Family Home Guarantee (FHG)
The Family Home Guarantee is a federal government initiative that supports eligible single parents or single legal guardians with at least one dependent to purchase a home with a deposit as low as 2%, without paying Lenders Mortgage Insurance (LMI).
Under the scheme, the Australian Government guarantees up to 18% of the property value, helping buyers enter the market sooner with a significantly reduced upfront cost.
The scheme is available for both new and existing homes, subject to price caps that vary by location. Applicants must be Australian citizens or permanent residents and intend to live in the property as their principal place of residence.
First Home Guarantee (FHBG)
The First Home Guarantee is a federal government initiative that allows eligible first home buyers to purchase a property with as little as a 5% deposit, without paying Lenders Mortgage Insurance (LMI).
Under the scheme, the Australian Government guarantees up to 15% of the property value, enabling buyers to secure a home loan sooner without needing the traditional 20% deposit.
The scheme is available for both new and existing homes, subject to property price caps that vary by location. Applicants must be Australian citizens or permanent residents, meet income thresholds, and live in the property as their principal place of residence.
First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme allows eligible first home buyers to save for a deposit through their superannuation, benefiting from lower tax rates compared to standard savings.
Under the scheme, buyers can make voluntary contributions into their super fund and withdraw up to $50,000 (subject to limits) to put towards their first home deposit.
Contributions are generally taxed at a lower rate than personal income, helping buyers grow their deposit faster over time.
Help to Buy Scheme (HTB)
The Help to Buy Scheme is a federal government shared equity initiative designed to help eligible buyers purchase a home with a lower deposit and smaller mortgage.
Under the scheme, the Australian Government contributes up to 30% of the purchase price for existing homes and up to 40% for new homes, allowing buyers to enter the market with as little as a 2% deposit.
In return, the government holds an equity share in the property, which can be bought out over time or repaid when the property is sold.