What Government Grants Are Available for First Home Buyers in NSW?
Trying to unpack what you could be eligible for as a First Home Buyer?
Buying your first home is an exciting milestone but it can also feel overwhelming trying to understand what you may be eligible for. The good news? There are several government grants and schemes available to first home buyers in NSW, designed to make home ownership more achievable.
Whether you’re planning to buy in Wollongong, Shellharbour, Nowra, or Albion Park, here’s a breakdown of the main options you can take advantage of.
First Home Owner Grant (FHOG - NSW)
The First Home Owner Grant (FHOG) is a one-off payment of $10,000 for eligible buyers purchasing or building a brand-new home in NSW.
Key points:
Available for newly built, purchased off the plan or substantially renovated homes
Land and build contract must be $750,000 or less.
Example: Buying a house and land package in Albion Park for $750,000? You could receive the full $10,000 FHOG.
First Home Buyer Assistance Scheme (FHBAS - NSW)
The First Home Buyer Assistance Scheme (FHBAS) helps reduce or even remove stamp duty costs.
Eligibility:
Full exemption for homes valued up to $800,000.
Concessional rate for homes between $800,000 – $1,000,000.
Example: Purchasing a $600,000 property in Wollongong could mean zero stamp duty, saving you thousands to put toward your deposit.
First Home Guarantee Scheme (FHBG) - Federal
The First Home Guarantee Scheme (FHBG), part of the Home Guarantee Scheme, is a Federal initiative that helps buyers purchase a home with as little as a 5% deposit – without paying Lenders Mortgage Insurance (LMI).
Key points:
Only 5% deposit needed (vs the standard 20%).
No LMI (which can save buyers $10,000–$30,000).
Income and property price caps apply.
Available for new or existing homes.
Example: If you’re buying your first property in Shellharbour for $700,000, you could buy with just a $35,000 deposit and avoid tens of thousands in LMI fees.
First Home Super Saver Scheme (FHSSS) - Federal
The First Home Super Saver Scheme (FHSSS) helps you save for your deposit faster by using your superannuation fund.
Benefits:
Make voluntary pre-tax contributions into super.
Withdraw up to $15,000 per year and $50,000 total to use as a deposit.
Example: If you’ve made $15,000 in additional superannuation contributions, you may be able to put this towards your deposit and potentially helping you enter the property market sooner in areas such as Nowra or Wollongong.
How to Apply
Applying for these grants and schemes is straightforward, but each has its own requirements. You’ll typically need:
Proof of being a first home buyer.
A contract of sale or building contract.
Identification documents.
Tip: Many applications are made through your mortgage broker or lender, who can also check if you’re eligible for multiple schemes at once.
FAQs
Q: What grants are available for first home buyers in NSW?
A: The main options are:
First Home Owner Grant (FHOG)
First Home Buyer Assistance Scheme (FHBAS)
First Home Guarantee Scheme (FHBG)
First Home Super Saver Scheme (FHSSS)
Q: Can I combine these grants?
A: Yes. Many buyers combine the FHOG with FHBAS stamp duty exemptions, FHBG low deposit benefits, and FHSSS to help buy their first home sooner.
Q: How do I apply?
A: Applications are usually submitted through Revenue NSW or via your broker/lender, who will guide you step by step.
Your Local Mortgage Experts in Wollongong
Navigating grants, schemes, and eligibility can be confusing but you don’t have to figure it out alone.
At Direct Mortgages Wollongong, we help first home buyers in Wollongong, Shellharbour, Nowra, and Albion Park:
Check eligibility for all available grants and schemes.
Calculate potential stamp duty and deposit savings.
Secure the right home loan to get you into your first home sooner.
Ready to get started? Book your free consultation today and find out how much you could save as a first home buyer in NSW.