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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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.
You won't pay any more by taking out a home loan with us. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare loans.
We're experts
We've researched and rated dozens of home loans as part of our Finder Awards. We provide unique insights and our in-house experts regularly appear on Sunrise, 7News and SBS News.
We're independent
Unlike other comparison sites, we're not owned by a third party. That means our opinions are our own and we work with lots of home loan lenders, making it easier for you to find a good deal.
We're here to help
Since 2014, we've helped 150,000+ people find a home loan by explaining the nitty gritty details simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products.
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.
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.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We are committed to our readers and stands by our editorial principles
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labeling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
We make money by featuring products on our site. Compensation received from the providers featured on our site can influence which products we write about as well as where and how products appear on our page, but the order or placement of these products does not influence our assessment or opinions of them, nor is it an endorsement or recommendation for them.
Products marked as 'Top Pick', 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan and read any disclosure documents (such as any Target Market Determination (TMD) and/or Product Disclosure Statement (PDS)) issued by the provider before making a decision.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
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