In NSW, there are 3 schemes available to help first home buyers get into the property market: The First Home Owner Grant (New Homes), the First Home Buyers Assistance Scheme and the Shared Equity Home Buyer Helper scheme. Some buyers may be eligible for more than 1.
Please be aware that if you have already owned a property, you may not qualify for grants or stamp duty discounts designed for first home buyers. But you should always check the latest eligibility details on the Revenue NSW website just to be sure.
First Home Owner Grant (New Homes) Scheme is a $10,000 grant for first home buyers who are buying or building a new home. You cannot qualify for the grant if you are buying an existing home.
Requirements
You can qualify for the scheme if you are:
Buying a newly constructed (or substantially renovated) home valued at no more than $600,000.
Buying land, and the combined value of your building and land are no more than $750,000.
You must occupy your first home as your main place of residence within the first 12 months of construction or purchase. For contracts signed before 1 July 2023, the minimum period of occupancy is 6 consecutive months. For contracts signed after 1 July 2023, the minimum period of occupancy is 12 continuous months.
Eligibility
You must be:
Purchasing the first home you or your spouse have owned or co-owned
An Australian citizen or permanent resident of Australia
At least 18 years old
Source: Revenue NSW
First Home Buyers Assistance Scheme
The First Home Buyers Assistance Scheme allows eligible first home or land buyers in NSW to get an exemption or concession on transfer duty (stamp duty).
Requirements
As of 1 July 2023, new and existing homes valued at less than $800,000 qualify for a complete exemption. Properties valued between $800,000 and $1,000,000 qualify for a reduced transfer duty rate.
If you're buying vacant land, the land value must be equal to or less than $350,000 for a full exemption. For vacant land between $350,000 and $450,000, you can apply for a reduced transfer duty rate.
You must also:
Move into the home within 12 months after settlement, and
Live in the property as your principal residence for at least 12 consecutive months.
Eligibility
You must:
Be at least 18 years old
Be purchasing the first home you or your spouse have owned or co-owned in Australia
Have never received an exemption or concession under the scheme
At least 1 of the first home buyers must be an Australian citizen or permanent resident.
Source: Revenue NSW
Shared Equity Home Buyer Helper
The NSW Shared Equity Home Buyer Helper provides support for first home buyer key workers, as well as some single buyers. The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity for as long as you're eligible or until you sell the property.
Requirements
The scheme is only available for:
Nurses
Midwives
Paramedics
Teachers
Early childhood educators
Police officers
You must also:
Only be able to service a mortgage with the government contribution
Meet income and asset thresholds
Be able to contribute at least 2% to a deposit
Be ready to occupy the property as your main place of residence from the day of settlement
Off the plan properties are eligible only if settlement is due to occur within 90 days of the contract being signed.
Eligibility
You must be:
18 years of age or older
Purchasing the first home you or your spouse have owned or co-owned in Australia
Australian or New Zealand citizens or permanent residents
Able to confirm your qualifications and the relevant award or enterprise agreement you work under, and provide evidence of employment or income
Meet the asset tests applied by the lender
Single parents with dependent children and singles aged 50 and over can also apply, even if they're not first home buyers, as long as they meet the other eligibility criteria.
Source: Revenue NSW
How do I apply for first home buyer schemes in NSW?
All of the first home buyer schemes in NSW are available to apply for on the Revenue NSW website. However each scheme has a slightly different process and should be applied for at different times of the homebuying process.
First Home Owner Grant
You can apply for the First Home Owner Grant on the Revenue NSW website within 12 months of settlement or completed construction date. You can also lodge your application with your lender if you need the payment for settlement. There is a full list of approved lenders on the Revenue NSW website as well as the application form to complete.
First Home Buyers Assistance Scheme
After you've exchanged contracts, you can apply for the scheme by completing 2 forms which are downloadable from the Revenue NSW website. You must lodge the application with proof of identity documents through your solicitor or conveyancer.
Shared Equity Home Buyer Helper
Only 2 lenders are partnered with Revenue NSW for the Shared Equity Home Buyer Helper Scheme. You need to check your eligibility with those lenders first before submitting your application with Revenue NSW.
The lender will then process your home loan application and once you've been granted pre-approval you have 3 months to find and purchase a home, or you will need to apply again.
For final approval, you will need to provide the lender evidence of your eligibility and that you can't buy the property without the scheme.
If you have lived in your home for a continuous period of six months, you may keep the grant. However, if you move out before this time, you will be required to repay the grant.
No. The FHOG grant is not means tested.
You can't claim the FHOG on an existing property. You can only claim it on a newly built property or one where you are the first person to live in it.
No. The FHOG grant is tax-free.
There is no time limit on when you need to commence building the home. However, the Chief Commissioner must be satisfied that the vacant land is intended to be used as the site of a new home which will be occupied by the applicants.
Applications must be lodged within 12 months of completion or settlement of your home.
No. You must be a buyer or builder of the property in order to receive the FHOG. If you received it as a gift or inheritance, you are not eligible for the grant.
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hello
i purchased a property in march of this year but did not claim the first home owners at the time of purchase am i able to claim the first home owners now the purchase price of the property was $90,000
THANK YOU
The First Home Owner Grant (FHOG) is only available on the purchase of newly built or substantially renovated homes. You must lodge your application within 12 months of settlement or completion of construction of your home. If the property you purchased was new, you may be eligible to claim the grant, but with a price of $90,000 I suspect this was an existing home. If it was already built, you’re not eligible to apply for the grant.
hi my husband brought a home with his ex partner using the first home owner grant . i have never lived in and had any association with the previous brought house . Am i still eligible for the first home owner grant ?
Thanks for your question. As per our page, since your property is at $695k, this means this is over the FHOG cap amount. However, the First Home Buyers Assistance Scheme offers eligible buyers exemptions or concessions on property transfer duty. This includes an exemption from stamp duty for homes valued up to $650,000 and concessions on duty for homes valued between $650,000 and $800,000.
Given this, your new home duty will have an estimate concession of $8,000.
I am aged 58, divorced and had a house with my exhusband 17 years ago.
Am i able to receive stamp duty exemption at all as a first home buyer in my own right
Thanks for getting in touch with Finder! The First Home Owner Grant satisfies to-be homeowners that are the ff:
Each applicant is a natural person (e.g. not a company)
At least one applicant is a permanent resident or an Australian citizen
Each applicant must be aged 18 years or older
All applicants have not owned a residential property in Australia before July 2000
All applicants have not previously owned a residential property for a continuous period of at least six months
All applicants have not previously received a grant under the First Home Owner Grant Act 2000 in any state or territory
At least one applicant will occupy the home as their principal place of residence for a continuous period of 6 months
Since you’ve owned a property before, unfortunately, doesn’t qualify you for stamp duty exemption and FHOG.
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Which bank or lending body would you suggest to borrow money for a new unit loan?
Hi Mario
You can check out the table on this page where you could compare home loan options for first home buyers. Check out the features to weigh your options. Once you’ve chosen a particular loan, you can click the Go to site icon.
Cheers,
Richard
hello
i purchased a property in march of this year but did not claim the first home owners at the time of purchase am i able to claim the first home owners now the purchase price of the property was $90,000
THANK YOU
Hi Michelle.
The First Home Owner Grant (FHOG) is only available on the purchase of newly built or substantially renovated homes. You must lodge your application within 12 months of settlement or completion of construction of your home. If the property you purchased was new, you may be eligible to claim the grant, but with a price of $90,000 I suspect this was an existing home. If it was already built, you’re not eligible to apply for the grant.
Hope this helps.
Many thanks,
Sarah
hi my husband brought a home with his ex partner using the first home owner grant . i have never lived in and had any association with the previous brought house . Am i still eligible for the first home owner grant ?
The property I’m purchasing is $695,000. Am I still eglible for the $10,000? or just the stamp duty concession?
Hi Shaun,
Thanks for your question. As per our page, since your property is at $695k, this means this is over the FHOG cap amount. However, the First Home Buyers Assistance Scheme offers eligible buyers exemptions or concessions on property transfer duty. This includes an exemption from stamp duty for homes valued up to $650,000 and concessions on duty for homes valued between $650,000 and $800,000.
Given this, your new home duty will have an estimate concession of $8,000.
Hope this helps!
Best,
Nikki
I am aged 58, divorced and had a house with my exhusband 17 years ago.
Am i able to receive stamp duty exemption at all as a first home buyer in my own right
Hi Irma,
Thanks for getting in touch with Finder! The First Home Owner Grant satisfies to-be homeowners that are the ff:
Each applicant is a natural person (e.g. not a company)
At least one applicant is a permanent resident or an Australian citizen
Each applicant must be aged 18 years or older
All applicants have not owned a residential property in Australia before July 2000
All applicants have not previously owned a residential property for a continuous period of at least six months
All applicants have not previously received a grant under the First Home Owner Grant Act 2000 in any state or territory
At least one applicant will occupy the home as their principal place of residence for a continuous period of 6 months
Since you’ve owned a property before, unfortunately, doesn’t qualify you for stamp duty exemption and FHOG.
Hope this clarifies!
Best,
Nikki