It’s a great time to be taking advantage of any assistance you may be eligible for and buying your first home! Before purchasing, find out if any government incentives or concessions are available to you.
As part of the 2022-23 Budget, the NSW Government announced that first home buyers purchasing properties up to $1.5 million will be provided the option to pay an annual property tax instead of transfer duty. This initiative is in addition to the existing First Home Owner (New Homes) Grant, and the First Home Buyers Assistance Scheme offering transfer duty exemptions and concessions.
You can calculate the exact amount of your concession for new and existing homes, vacant land and shared equity arrangements using the First Home Buyers Assistance calculator.
The First Home Guarantee (previously known as the First Home Loan Deposit Scheme) allows eligible and approved first-home buyers with deposits as low as 5% to qualify for a home loan without paying Lenders Mortgage Insurance (LMI) fees.
35,000 places are available to eligible first home buyers as of 1 July 2022 – 30 June 2023.
