First home buyers in New South Wales: every grant, concession and scheme

Stamp duty for first home buyers

Under the First Home Buyers Assistance Scheme, an eligible first home buyer pays no transfer duty on a new or existing home up to $800,000, and a reduced amount between $800,000 and $1 million. Above $1 million the full rate applies.

For vacant land you plan to build your first home on, there is no duty up to $350,000 and a reduced amount up to $450,000.

To qualify you must be at least 18, an Australian citizen or permanent resident, buying your first home, and you must move in within 12 months and live there for at least 12 months.

For the full rate tables and how transfer duty is worked out, see stamp duty in New South Wales.

The First Home Owner Grant

The NSW First Home Owner Grant (New Homes) pays $10,000 toward a new home: up to $600,000 total value if you are buying, or $750,000 if you are building (land plus the building contract). The grant is paid for new homes only, so an established home doesn't qualify. You generally need to live in the home as your principal place of residence for a set period.

National schemes you can use in New South Wales

These come from the Australian Government and work alongside New South Wales's duty relief and grant. In New South Wales the 5% Deposit Scheme price cap is $1,500,000 in Sydney and regional centres, $800,000 elsewhere, and the Help to Buy cap is $1,300,000 in Sydney and regional centres, $800,000 elsewhere.

The 5% Deposit Scheme

The Australian Government 5% Deposit Scheme (formerly the Home Guarantee Scheme) lets first home buyers buy with a deposit of 5%, and single parents or legal guardians with 2%, without paying lenders mortgage insurance. The government guarantees part of the loan, which is what lets the lender skip the insurance. Since 1 October 2025 there are no income caps and no waitlist; the limits are property price caps that vary by state and area.

Help to Buy

Help to Buy is shared equity: you put in at least 2%, borrow from a participating lender, and the government contributes up to 30% of the price of an existing home or up to 40% of a new one, in exchange for that share of the home's value. You can buy the share back over time or repay it when you sell. Applicants must be Australian citizens with taxable income at or below $103,000 (single) or $165,000 (joint applicants and single parents), and the home has its own price caps.

The First Home Super Saver scheme

Through the First Home Super Saver scheme you can make voluntary contributions to super and later withdraw them, with associated earnings, for a first home deposit: up to $15,000 of contributions from any one financial year and $50,000 in total. Because concessional contributions are taxed at 15% inside super rather than at your marginal rate, it can grow a deposit faster for many earners. Ask the ATO or a tax adviser how it applies to you.

What it takes in cash: a worked example

Say you are buying an established home in Sydney for $1,000,000 with the 5% Deposit Scheme. The cash you need at settlement is roughly:

The loan is the harder part: a lender has to be satisfied you can repay it at today's rates plus a 3 percentage point buffer, after living costs and any debts. That is what the Borrowable check works out for you.

Before you start looking

• Know your number first. Your borrowing capacity, plus your deposit, less stamp duty and costs, is the price range that actually works. Agents' price guides won't tell you that.
• Credit card limits count, even if you pay them off. Lenders assume the full limit is in use. Reducing or closing a card you don't need can add tens of thousands to what you could borrow. See why your credit card limit matters.
• HECS reduces borrowing power because the compulsory repayment comes out of your take home pay. See how HECS affects a home loan.
• Get your finance lined up before you make an offer, especially at auction, where a winning bid is unconditional.