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First Home Builders/12.03.24

What Are The First Home Buyer Grants?

Researching and understanding the various grants available can be time-consuming and confusing for individuals, so we’ve provided you with all the necessary information to help streamline the research process!

First Home Buyer Assistance Scheme

NSW residents purchasing vacant land up to $350k will get a full stamp duty exemption and vacant land purchased between $350k-450k will be eligible for discounted stamp duty. From 1 July 2023, a full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000, while homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate.

First Home Owner’s Grant (New Homes)

If you’re buying or building a new home or a substantially renovated one, you could receive a $10,000 grant. The total land plus home build value must be less than $750,000, or for an existing home, the total value must be less than $600,000.

Shared Equity Home Buyer Helper

First home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators or police officers can be eligible to purchase their first home with as little as a 2% deposit. The NSW Government will contribute up to 40% for a new home or 30% for an existing home. This means the Government has a percentage share of your home equivalent to what they’ve contributed. The gross income of the participants must be no more than $90,000 for singles and $120,000 for couples.

When purchasing a home it must be valued at less than $950,000 in Sydney and major regional centres (Newcastle, Lake Macquarie, Illawarra, Central Coast, North Coast of NSW) or not exceed more than $600,000 in other regional areas.

First Home Super Saver Scheme

This scheme allows you to use voluntary contributions from your superannuation to put towards your deposit, helping you to buy your first home sooner.

The maximum amounts you’re able to contribute (within the ordinary caps) and withdraw as part of the FHSS scheme are $15,000 per financial year and $30,000 in total. You can only withdraw funds that you voluntarily make into your super

For the finer details on these First Home Buyer Grants, contact one of our team members today to discover which grants you're eligible for! We're here to guide you through the array of options and support you in making well-informed choices for your new home build!

Find out which Grant you're eligible for!