In New South Wales, first home buyers can benefit from several schemes designed to assist with the purchase of their first home. Here are the key benefits available:
- First Home Owner Grant (FHOG) (for the assistance of newly built or substantially renovated homes):
- A one-off grant of $10,000 is available for eligible first home buyers purchasing a new home valued up to $600,000, or for building a new home valued up to $750,000.
- Eligibility criteria include being a natural person, at least 18 years old, and an Australian citizen or permanent resident. Applicants must not have previously owned a residential property in Australia or received the grant before.
- First Home Buyers Assistance Scheme (FHBAS) (for assistance with the purchase of existing dwellings):
- Provides exemptions or concessions on transfer duty (stamp duty) for eligible first home buyers.
- Full exemption is available for new or existing homes valued up to $800,000, with a concessional rate for homes valued between $800,000 and $1,000,000.
- For vacant land, an exemption is available for land valued up to $350,000, with a concessional rate for land valued between $350,000 and $450,000.
- Eligibility requires the purchaser to be an individual, at least 18 years old, and an Australian citizen or permanent resident. Neither the purchaser nor their spouse/de facto partner must have previously owned residential property in Australia.
These benefits are designed to make it easier for first home buyers to enter the property market by reducing the financial burden associated with purchasing a home.
If you are a First Home Buyer wanting to know more about your entitlements give Meehans a call today on 02 4627 3333.
This article was published on 08/07/25 and the information is valid as at the date of publishing. This article is general in nature and is not and should not be considered or relied on as legal advice. Meehans Solicitors is not responsible in the event this information is relied upon by the reader in the absence of specific legal advice.