First Home Buyer Incentives and Schemes in NSW
First Home Buyer Incentives and Schemes in NSW
If you are an aspiring homeowner in NSW, you may be eligible for a range of government schemes and incentives to help you purchase your first home. These initiatives are designed to make buying your own home more accessible by providing financial assistance, reducing upfront costs, and offering tax advantages. In this blog, we have focused on purchasing your first home in NSW. However, the assistance available to you will differ from State to State. Please reach out to our team so that we can help you with finding the relevant assistance for your situation.
Here’s a guide to some of the initiatives currently available to support first home buyers in NSW:
- NSW First Home Buyers Assistance Scheme: Depending on your situation, you may be eligible for a full exemption or a reduced rate of transfer duty under the First Home Buyers Assistance Scheme. Other states may offer similar Grants or Schemes but the eligibility criteria may differ so it's important to check local guidelines.
- NSW First Home Owner Grant (FHOG): This grant provides a one-off payment to eligible first-time buyers who purchase a new or substantially renovated home. Other states may offer similar Grants or Schemes but the eligibility criteria may differ so it's important to check local guidelines.
- First Home Guarantee (FHG): This scheme enables first home buyers (Australia-wide) to purchase a property with as little as a 5% deposit without incurring Lenders Mortgage Insurance (LMI). Scheme places are limited so it is important to contact a broker to help with securing a scheme place with an appropriate lender at the right time.
- First Home Super Saver Scheme (FHSSS): This initiative allows eligible individuals to save for a home deposit within their superannuation fund, benefiting from tax advantages. Additional super contributions can be withdrawn for purchasing a first home, providing a tax-effective way to save. Available Australia-wide.
These schemes aim to ease the financial burden of purchasing a home and can significantly increase affordability for those entering the property market.
For tailored advice, we recommend you consult with your mortgage broker or financial planner.