NEW SOUTH WALES: GUIDE TO FIRST HOME OWNER ASSISTANCE

LEARN ABOUT THE ASSISTANCE

The NSW First Home Owner Grant (New Homes) scheme is a NSW State Government initiative to help first home owners to get their ‘new’ first home sooner. It is an amount of money paid by the NSW Government to eligible first home owners.

Learn more about the NSW FHOG as well as other NSW Government assistance for first home buyers below.

The NSW FHOG is $10,000 for eligible first home buyers who signed a contract after 1 January 2016.

Important Tip: Grants and Concessions tend to change at short notice, therefore please double check with your State government what is available in your area before buying your first home!

First home buyers are generally eligible for the $10,000 NSW FHOG if they meet the following criteria:

  • The contract date must be on or after 1 January 2016
  • The home is a brand ‘new’ home
  • You must be over 18
  • Your or your spouse have never held a relevant interest in any residential property in Australia prior to 1 July 2000 (however, you may be eligible if you or your spouse, including de facto spouse, have only had a relevant interest in any residential property in Australia on or after 1 July 200 and you have not resided in that property for a continuous period of at least 6 months)
  • The value of the property must not exceed the FHOG Cap of $750,0000
  • You have not received a FHOG in any State or Territory (unless subsequently repaid).
  • You need to live in the home for a continuous period of at least 6 months
  • At least one applicant must be a permanent resident or Australian citizen
  • Each applicant must be a natural person and not a company or trust

new home is a home that has not been previously occupied or sold as a place of residence and includes a home that is a substantially renovated and a home built to replace demolished premises.

Generally speaking, when you buy and sell property, you need to pay a State tax known as transfer duty (or stamp duty). However, as a first home buyer, you may also be entitled to The First Home – New Home scheme (NSW) which commenced from 1 January 2012. This scheme provides eligible property purchases with:

  • An exemption from transfer duty on ‘new’ homes valued up to $550,000
  • Concessions on transfer duty on ‘new’ homes valued between $550,000 & $650,000
  • All existing homes, as well as ‘new’ homes valued over $650,000 receive no transfer duty concessions.

Eligible first home buyers purchasing vacant block of residential land to build a home on will pay no duty on vacant land valued up to $350,000. Concessions apply for vacant land valued between $350,000 and $450, 000.

Other eligibility requirements are similar to the FHOG requirements outlined above. Your qualified FHBA Mortgage Broker will go through the full process and eligibility details with you.

From 01 July 2017, the NSW Government has announced that first home buyers will be exempt from paying stamp duty on all homes up to $650,000 and stamp duty relief for homes up to $800,000.

Applying for the FHOG and / or various duty concessions can be a little tricky. While you can check eligibility and apply online by yourself, we recommend you apply through the assistance of one of our FHBA Mortgage Brokers.

Our FHBA Mortgage Brokers are not only experts at finance matters such as home loans and the FHOG, but they are also experienced in helping first home buyers everyday. Our service is free of charge (should you proceed with a home loan option through us). We can check your eligibility, apply on your behalf and be with you every step, providing you with peace of mind that you haven’t missed a thing.

  • To learn more about our FHBA Mortgage Broking service and have one of our experts assist you with your application, please visit our FHBA Mortgages home page.
  • To apply online by yourself visit the NSW Government website and follow their instructions.

You can find a FHOG eligible home at FHBA New Homes. Did you know that FHBA New Homes gives you access to the most FHOG eligible homes under one roof?

FHBA New Homes works a bit like a Mortgage Broker (but rather then help you find a home loan, our New Home experts help you find a ‘new’ home). Your New Homes Expert can explore different properties from different developers to help you find a suitable home for your Great Australian Dream.

Like our Mortgage Broking service, FHBA New Homes is a free of charge service, as we are paid a referral fee from the property developer you choose to proceed with (if you do decide to proceed). This means we won’t be paid until you have decided on a home you like.

If you haven’t been introduced to an FHBA New Homes Expert yet send us an email (enquiries@fhba.com.au) or complete the enquiry form and we will be sure to have your local New Homes Expert call you ASAP.

If you are thinking of purchasing an established (existing) home then:

  • Unfortunately, you will not be eligible for the NSW FHOG or transfer duty concessions, as one of the requirements is that it must be a ‘new‘ home

However, from 01 July 2017, the NSW Government has announced that it is abolishing this duty on new and existing homes worth up to $650,000. For properties valued at between $650,000 and $800,000, the duty concession will be gradually reduced.

CHECK ELIGIBILITY FOR GOVERNMENT INCENTIVES

FHBA’s new & innovative Eligibly Estimator allows you to self-estimate how your savings are tracking and whether you have enough saved to qualify for a home loan. Upon completion, we will instantly send you a complimentary Australian Property Monitors Postcode Report (Valued at $39.95)

Check how your tracking in 60 seconds!

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely on the results of the Eligibility Estimator. Please contact an FHBA Coach who can arrange a more comprehensive estimate and advice based on your personal circumstances from a licensed professional.

We Need A Few Of Your Details

To see if your current savings are enough to buy in your selected suburb and to send you a complimentary FHBA Australian Property Monitors (APM) comprehensive postcode report for your selected suburb

Deposit Guide

  • 5%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 10%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 20%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)
    Nil

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

5%

10%

20%

Deposit Amount

Lenders Mortgage Insurance
(Indicative Only)

NIL

Stamp Duty
(Indicative Only)

Mortgage Reg. Fee

Transfer Fee

Other Costs

$ 3,000

$ 3,000

$ 3,000

Total Deposit + Costs Required

Surplus / (Deficit)

Your Current Savings

First Home Owner Grant

Fill in the form below to get your complimentary personalised deposit guide & your Suburb's Data report emailed to you within 48 hours!

TALK TO AN EXPERT

At FHBA we are passionate about helping aspiring first home buyers purchasing their first home.

Complete the form below for an obligation free call back from one of our experts.

We can help you with your first home search, home loan needs, Grant applications and/or any questions you may have.

Disclaimer: The information above is general in nature and should not be solely relied on. The source of this information was the NSW OSR website. This factual information was true at the time of writing (18 July 2016). FHBA recommends you speak with a licensed professional about your circumstances so you can find out if you are eligible for any Government assistance. FHBA does not recommend that you buy a new property simply so you can receive Government assistance. For more information on using our website please read our full Terms & Conditions policy.