Buying a first home can feel like a steep climb, especially in NSW, where housing prices in urban areas are steeper than ever. These rising prices, along with deposit hurdles and complex loan products, can easily derail plans before they can even really begin.
Fortunately, help exists in the form of government-backed first-home buyer grants, regional incentives and property subsidies. These schemes can reduce upfront costs, cover stamp duty, or even back small deposits with guarantees.
Available Government Assistance
- First Home Owner Grant (NSW)
This grant offers a one-off $10 000 payment for eligible first-time buyers purchasing or building a new home in NSW, capped at $600 000 or up to $750 000 under certain house-and-land packages.
Under this scheme, stamp duty exemptions or concessions are made available for homes valued at up to $800 000 (full exemption), with tapered relief up to $1 000 000. Vacant land receives aligned benefits.
- Home Guarantee Scheme (Federal)
This scheme allows eligible buyers to purchase with as little as a 5% deposit and no lenders mortgage insurance under three streams: First Home Guarantee, Regional First Home Buyer Guarantee and Family Home Guarantee.
- Help To Buy Scheme (Federal)
This is a federal initiative allocating A$800 million to allow buyers, including single parents, to purchase homes with 2% to 5% deposits. The government owns up to 40% of new homes and 30% of established ones, with extended regional and family guarantee funding.
Eligibility Criteria
- Applicants must be Australian citizens or permanent residents and at least 18 years old.
- For the First Home Owner Grant, buyers must have never owned property before and must meet the relevant property value thresholds.
- To qualify for stamp duty exemptions or concessions, the buyer must be a first-time owner-occupier and live in the home for at least 12 continuous months within the first year.
- For the Home Guarantee schemes, buyers must meet income caps ($125,000 for individuals and $200,000 for couples), have a deposit of 2% to 5%, and commit to living in the property.
- The regional stream also requires prior residence in a regional area for at least 12 months.
How To Apply
Applications for the First Home Owner Grant and stamp duty relief are submitted through Revenue NSW or Service NSW, usually with help from your lender or conveyancer.
Home Guarantee schemes are accessed via participating lenders, who will confirm your eligibility during the home loan process.
Help to Buy applications will go through selected lenders once the scheme is fully launched, with eligibility checks handled during the loan assessment.
If you’re keen to maximise first-home buyer grants or regional incentives, then get in touch with WPG Advisory for personalised guidance on property subsidies and get expert help with your applications.