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 did you know there are government grants and schemes designed to help first home buyers in NSW? Whether you’re looking to buy in Wollongong, Shellharbour, Nowra, or Albion Park, these grants can make a big difference to your budget.
First Home Owner Grant (FHOG) - NSW
The First Home Owner Grant (FHOG) is a one-off payment of $10,000 for eligible first home buyers purchasing a new home or building a new home in NSW.
Key points:
Applicable to new homes only.
Property value must not exceed $750,000.
Available whether buying or building your first home.
Example: If you’re buying a brand-new house in Albion Park priced at $720,000, you could receive the full $10,000 FHOG.
First Home Buyer Assistance Scheme (FHBAS)
The First Home Buyer Assistance Scheme can save you thousands on stamp duty.
Eligibility:
First home buyers purchasing a property under $650,000 may be exempt from stamp duty entirely.
Properties priced between $650,001 and $800,000 may receive a partial exemption.
Example: Purchasing a $600,000 property in Wollongong could make you completely exempt from stamp duty, helping you redirect those savings to your deposit.
Federal Schemes - First Home Super Saver Scheme (FHSSS)
The First Home Super Saver Scheme allows you to save for your first home inside your superannuation fund.
Benefits:
Voluntary contributions to super can be withdrawn later for a home deposit.
Can help first home buyers save faster and reduce the deposit burden.
Example: If you save $15,000 in your super, you may be able to use it toward a deposit on a property in Shellharbour.
How to Apply
Applying for these grants is straightforward, but requirements vary. Typically, you’ll need:
Proof of being a first home buyer.
Contract of sale or building contract.
Identification documents.
Tip: Some grants can only be applied for through your local broker or lender, who can also guide you on combined eligibility.
FAQs
Q: What grants are available for first home buyers in NSW?
A: The main options are the First Home Owner Grant (FHOG), First Home Buyer Assistance Scheme (FHBAS), and the First Home Super Saver Scheme (FHSSS).
Q: How do I apply for the FHBAS or FHOG in NSW?
A: Applications are lodged through Revenue NSW or with the assistance of your local mortgage broker. They ensure you meet eligibility and property thresholds.
Q: Can I combine these grants?
A: Yes! Many first home buyers combine FHOG, stamp duty exemptions, and FHSSS withdrawals to maximise savings.
Your Local Mortgage Experts in Wollongong
Navigating grants, schemes, and property thresholds can be overwhelming but you don’t have to do it alone. At Direct Mortgages Wollongong, we help first home buyers in Wollongong, Shellharbour, Nowra, and Albion Park:
Assess your eligibility for all available grants.
Calculate potential savings on stamp duty and deposits.
Secure the best home loan for your needs.
Ready to get started? Check your eligibility with a free consultation today!