Guide To NSW Government Assistance For First Home Buyers In 2023

If you are a first home buyer in New South Wales (NSW), you may be interested in the various government assistance programs available to help you get on the property ladder faster. As of 2023, there are several grants, schemes, and concessions that you can take advantage of.

The First Home Owner Grant offers a one-off payment of $10,000 towards the purchase of a new home worth up to $600,000 or a house-and-land package with a combined value of $750,000 or less. The grant is not taxable and does not need to be repaid.

First Home Owner (New Homes) Grant
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/new-homes

The First Home Buyer Assistance Scheme is another program that exempts eligible first home buyers purchasing a property worth less than $650,000 from paying stamp duty. Those purchasing a property valued between $650,000 and $800,000 may also qualify for a stamp duty discount based on the value of their home.

First Home Buyer Assistance scheme
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

The First Home Buyer Choice is a new program that allows first home buyers to avoid upfront stamp duty by opting to pay an annual property tax instead. This option is available for properties worth up to $1.5 million.

First Home Buyer Choice
https://www.nsw.gov.au/housing-and-construction/first-home-buyer-choice

The Shared Equity Home Buyer Helper scheme is designed to help eligible key workers, single parents, and those aged 50 years or older purchase a property with just a 2% deposit. The scheme also allows buyers to avoid paying lender's mortgage insurance (LMI), and the government's contribution does not have to be repaid, charged interest, or rent.

The Federal government's Home Guarantee Scheme (previously known as the First Home Loan Deposit Scheme) can assist eligible first home buyers in purchasing a property with a low deposit without paying LMI. There are three different categories available, including First Home Guarantees, Regional First Home Buyer Guarantees, and Family Home Guarantees.

Family Home Guarantee
https://www.nhfic.gov.au/support-buy-home/family-home-guarantee

Regional First Home Buyer Guarantee
https://www.nhfic.gov.au/support-buy-home/regional-first-home-buyer-guarantee

First Home Guarantee
https://www.nhfic.gov.au/support-buy-home/first-home-guarantee

Lastly, the First Home Super Saver Scheme allows you to make pre-tax or after-tax voluntary contributions into your superannuation account to save for a deposit.

You can contribute up to $15,000 per year (with a maximum lifetime cap of $50,000), and these contributions will be taxed at 15% instead of your regular income tax bracket.

First Home Super Saver Scheme
https://www.ato.gov.au/individuals/super/withdrawing-and-using-your-super/first-home-super-saver-scheme/

We hope this information is helpful to you. For more information, please visit the NSW government's website or speak with one of our Megaward Professional Sales Agents!