Are you confused about the first home owners grants that are available? Don’t worry, you are certainly not alone. Everyday we speak to customers who are unsure about what their options are and what grants they are eligible for. Let’s break it down with a simple summary of each.
There are three main grants available to customers in NSW:
- First home buyers assistance scheme (FHBAS) NSW scheme
- First home owner grant (new home) (FHOG) NSW scheme
- Home Guarantee Scheme (HGS) Federal scheme
First Home Buyer Assistance Scheme
- A full or partial exemption on transfer duty (aka stamp duty)
- You will receive a full exemption if you are buying a new or existing home valued up to $800K, while homes valued $800K – $1 million may qualify for a concessional rate
- If you purchase vacant land with the intention to build, you may receive an exemption for land valued up to $350K and a concessional rate for land valued $350K – $450K
First Home Owner Grant (new home)
- $10,000 towards the purchase price of your home
- The home must be a new home that no one has lived in before – You may have purchased it off the plan or built the home
- The purchase price of the home is no more than $600K ( or for a house and land package with a building contract and progress payments, maximum purchase price is $750K)
Home Guarantee Scheme
There are three schemes within the Home Guarantee Scheme
a) First Home Guarantee (FHBG)
b) Regional First Home Buyer Guarantee (RFHBG)
c) Family Home Guarantee (FHG)
- Allows you to purchase a home with as little as 5% deposit, however only a 2% deposit is required for the Family Home Guarantee
- Income cap for single applicants is $125K and $200K for joint applicants for all three schemes
- Individuals and joint applicants can apply for FHBG and RFHBG including partners, friends, siblings and other family members
- For the FHG, single parents, adoptive parents or legal guardians of at least one dependent child can apply. Single legal guardians now include grandparents, aunts and uncles
- You must have lodged your tax return for the 2023 financial year
- Maximum purchase price varies depending on the post code of the purchase property (you can have a look on the post code checker by clicking here)
- You can purchase a new or existing home, an off the plan unit or townhouse or choose to build with a house and land package
- Open to Australian citizens and permanent residents
- Despite the names, FHBG and RFHBG is now available to those who haven’t owned a property in Australia in the past 10 years!
If you would like to discuss these further or have any questions, please don’t hesitate to contact us. We are always happy to help!
