First Home Buyer Grant NSW & Other Concessions 2024 Summary

If you’re ready to buy your first home in New South Wales (NSW) or starting the research process, it’s important to understand the various government grants, concesssions and incentives available. To help, we’ve put together this summary which will provide you with a good overview of what’s available and other sites you should checkout. Grants can change frequently, so it’s a good idea to check the government’s website to confirm your eligibility and each grants requirements.

NSW First Home Owner Grant (FHOG)

The First Home Owner Grant (FHOG) is a one-time grant to support first-time home owners in purchasing or building a brand-new home.

Grant Amount: $10,000

Purpose: Buying or building your first home

Type of new home: Can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan

Purchase price limit: Combined House & Land value must not exceed $750,000

Eligbility & More Information: For the full list of elibility criteria and more information, visit: NSW Government’s FHOG Website.

NSW First Home Buyers Assistance Scheme (Stamp Duty Waiver/Discount)

First home buyers in NSW can benefit from a transfer duty exemption or a reduced rate when purchasing a new home, or vacant land intended for building a home, provided the property is valued up to $1 million.

New Home Values

  • No Stamp Duty: up to $800,000

  • Discounted Stamp Duty: between $800,000 to $1,000,000

Vacant Land Values

  • No Stamp Duty: up to $350,000

  • Discounted Stamp Duty: between $350,000 to $450,000

Eligbility & More Information: For the full list of elibility criteria and more information, visit: NSW Government’s Website

Australian Government First Home Guarantee (Loan Deposit Scheme)

On top of the above NSW administered Grants. The Australian Federal Government has the First Home Loan Deposit Scheme which is aimed at helping eligible first-time home buyers enter the market by allowing approved applicants to secure a mortgage with just a 5% deposit. This helps to eliminate the requirement to pay for Lenders Mortgage Insurance (LMI).

Minimum Deposit Required: 5%

Purpose: Allows you to take out a mortgage with a 5% deposit while avoiding to pay lenders Mortgage Insurance

Purchase price limit: $750,000 for Regional areas

Eligbility & More Information: For the full list of elibility criteria and more information, visit: Federal Government’s Website.

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