First Home Buyer Loans | Grants | Schemes | Incentives
Ready to Buy Your First Home? Let's take a look at First Home Buyer schemes, grants and stamp duty exemptions to help you get into the market sooner and make it cheaper to buy your first home.
Your first home is within reach
With the right strategy and support, buying your first home is well within reach!
Let's talk about:
- Maximising government incentives: I’ll guide you through First Home Buyer schemes, grants and stamp duty exemptions to help you get into the market sooner and make it cheaper to buy your first home.
- Getting a clear plan in place: I’ll crunch the numbers, showing you what’s possible based on your deposit, income and potential repayments. I'm available throughout the process to answer any questions you have.
- Comparing loans from 35+ lenders: With access to a wide range of banks and lenders, I’ll find a loan that suits your budget and long-term goals. As your Mortgage Broker in Cronulla, I make sure that you've got a competitive loan that fits your purchase.
- What you need to provide: From application to settlement, I manage the process so you can focus on your new home. I'll let you know what documentation I need for the application and answer any questions the lender has on your behalf.
Let's get you on the property ladder
You don't have to navigate the process alone. Let's make your first home purchase - together! Whether you prefer a phone call, video chat, or an in-person meeting in Cronulla, Caringbah South, Miranda or anywhere across the Sutherland Shire, I’m here to help - on your schedule. I also service all states in Australia!
Call 0422 096 001 Get in touch with Adam
Your Guide to NSW First Home Buyer Schemes and Federal Incentives
Various first home buyer grants, concessions, and other assistance programs are available in New South Wales. Below is an overview of the key schemes and incentives, along with links to official resources where you can find more detailed information.
1. NSW Government Support
1.1 First Home Owner Grant (New Homes)
- What it covers: A $10,000 grant for eligible purchasers buying or building a new home (including off-the-plan and substantially renovated properties), subject to value thresholds.
- Read more: NSW Revenue – First Home Owner Grant (New Homes)
1.2 First Home Buyer Assistance Scheme (Stamp Duty Concessions)
- What it covers: Full or partial exemptions on stamp duty for eligible first home buyers, subject to property value thresholds (which can vary over time).
- Read more: NSW Revenue – First Home Buyer Assistance Scheme
2. Federal Government Initiatives
2.1 Home Guarantee Scheme (HGS) The HGS helps eligible buyers purchase with a smaller deposit and without paying Lenders Mortgage Insurance (LMI). It comprises three main guarantees:
- First Home Guarantee (FHBG): Deposit as low as 5%
- Family Home Guarantee (FHG): For single parents, deposit as low as 2%
- Regional First Home Buyer Guarantee (RFHBG): Deposit as low as 5% for those purchasing in regional areas
Read more: Housing Australia (formerly NHFIC) – Home Guarantee Scheme and read the Home Guarantee Scheme Fact Sheet attached to this email.
2.2 First Home Super Saver (FHSS) Scheme
- What it is: Lets you save for a deposit within your super, potentially providing tax benefits.
- How it works: You can make voluntary contributions (up to certain limits) and later withdraw them (plus associated earnings) to go towards your first home.
- Read more: ATO – First Home Super Saver Scheme
2.3 Help to Buy Scheme (Shared Equity Scheme)
- What it is: The scheme will see the federal government make a contribution of up to 40% in exchange for a share, or proportional interest in the property and is expected to launch in late 2025.
- How it works: The scheme works buy allowing buyers with a deposit of at least 2% to obtain a loan with an equity contribution from the federal government of up to 30% for existing homes and up to 40% for a new home.
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While those on the scheme are not required to pay rent on the portion of the home owned by the government, it is expected that the government’s equity contribution be paid down over time, or when the property is sold.
3. Tips for Getting Started
3.1 Check Eligibility & Thresholds:
- Property value caps, income limits, and residency requirements can change. It’s best to verify at Revenue NSW for state schemes and Housing Australia for the federal Home Guarantee Scheme.
3.2 Speak to Your Lender or Broker:
- They can help you understand which programs you may qualify for and guide you through the application process.
3.3 Plan Ahead for Deposits:
- If you’re considering the First Home Super Saver Scheme, review the contribution caps and withdrawal process with a financial adviser or the ATO.
3.4 Stay Updated:
- Government policies can change following budgets or new legislation, so regularly check official websites for the latest information.
Your first home loan journey, made easy
I hope this summary helps clarify the options and resources available for first home buyers in NSW. If you have any questions or need further guidance about the buying process, feel free to reach out.
Contact AdamFAQs
Q: Do First Home Buyer Schemes have to be used on your first property?
A: For state-based NSW benefits (grant and stamp-duty relief) you must be purchasing your very first property. The federal Home Guarantee allows a limited “second chance” after 10 years of having no property, but it is the only mainstream program that does.
| Scheme (NSW / National) | Can you have ever owned residential property before? | Notes |
|---|---|---|
| First Home Owner Grant – New Homes (FHOG) | No. Every applicant and their spouse/de-facto must never have owned or co-owned residential property anywhere in Australia. (Revenue NSW) | Property must also be “new” or substantially renovated. |
| First Home Buyer Assistance Scheme (stamp-duty concession/exemption) | No. Same “never-owned” test applies. (Revenue NSW, Revenue NSW) | Applies to new and established homes ≤ $1 million (current threshold). |
| Home Guarantee Schemes (First Home Guarantee / Regional FHBG) | Generally no, but since July 2023 you can be a “returning buyer” if you haven’t owned property in the past 10 years. (Housing Australia) | Federal scheme administered by Housing Australia; guarantees up to 15 % of the loan so you can buy with a 5 % deposit. |
Q: Do you have to live in the property?
A: Yes. Every first-home program is designed for owner-occupiers, not investors.
Key occupancy rules (current at May 2025). If you buy but do not meet the occupancy test, Revenue NSW can claw back the grant or stamp-duty exemption, and Housing Australia can revoke the federal guarantee.
| Scheme | When must you move in? | How long must you live there continuously? |
|---|---|---|
| FHOG – New Homes (NSW) | Within 12 months of settlement/ construction completion | 12 months for contracts signed on or after 1 July 2023 (was 6 months for older contracts) (Revenue NSW) |
| FHB Assistance Scheme (stamp-duty) | Within 12 months of settlement | 12 months (6 months for contracts exchanged before 1 July 2023) (Revenue NSW) |
| Home Guarantee Schemes (FHBG/RFHBG) | Must intend to occupy the home as soon as practicable after settlement (lenders interpret this as immediately) | Must remain your principal place of residence for the life of the guarantee; moving out can breach the loan agreement (Housing Australia) |
Let's recap what help is available for first home buyers
First home buyers in Australia can access several government grants, schemes, and concessions to make buying a home more affordable:
- First Home Owner Grant (FHOG) – A one-time payment (varies by state) for eligible first-time buyers purchasing a new or substantially renovated home.
- First Home Guarantee (FHBG) – Allows eligible buyers to purchase with just a 5% deposit without paying Lenders Mortgage Insurance (LMI).
- Stamp Duty Concessions – Many states offer discounts or exemptions on stamp duty for first home buyers.
- First Home Super Saver Scheme (FHSSS) – Allows voluntary super contributions to be withdrawn for a home deposit, offering potential tax benefits.
- Regional First Home Buyer Guarantee – Supports eligible buyers in regional areas with just a 5% deposit.
Eligibility and benefits vary by state, so speak with a mortgage broker to explore your options!
Practical take-aways
- First means first – For NSW grant and duty relief you (and any partner) must never have held property.
- Live-in requirement – You must genuinely move in and treat the home as your principal residence for the minimum period (6–12 months for NSW schemes; ongoing for the federal guarantee).
- Buying as an investment or holiday home disqualifies you.
- Returning buyers can only access the Home Guarantee if they’ve been property-free for at least 10 years and satisfy all other criteria.
Because rules can shift, always check the latest guidelines or speak with a licensed conveyancer, solicitor, or mortgage broker before committing.
How to secure a home loan as a first home buyer
1. Know Your Buying Power
Before you start scrolling through listings, find out how much you can comfortably borrow.
Use our Borrowing Power Calculator to see what a lender may offer and how different rates or loan terms change your monthly repayments.
Lenders typically prefer that repayments stay below 30 % of your gross income—a safeguard against future stress.
Tip: Enter realistic figures to avoid stretching yourself too thin; accuracy today means fewer surprises tomorrow.
2. Understand Deposit vs LMI
Aim for a 20 % deposit if you can. Borrowing more than 80 % of the purchase price usually triggers Lender’s Mortgage Insurance (LMI)—a one‑off premium that can add thousands to your loan.
Exceptions? A guarantor, certain professions, or specific lender policies can waive LMI. We’ll show you every option.
3. Map Out the Process (We’ll Guide You)
From pre‑approval to settlement, your Mortgage Choice broker handles the paperwork, negotiates with lenders, and keeps you in the loop—so you can focus on choosing the right home, not deciphering fine print.
Considering a Guarantor loan?
If saving a large deposit feels out of reach, a guarantor loan could be the solution to getting into your first home sooner. A guarantor is usually a parent or close family member, who uses their property’s equity to secure part of your loan, reducing or even eliminating the need for Lenders Mortgage Insurance (LMI).
This can help you buy with a smaller deposit while keeping costs down. As your local Mortgage Broker, I can guide you through the process, ensuring you and your guarantor understand the details and benefits before making a decision. Let’s explore whether a guarantor loan is the right fit for you.
Let's make our first home purchase
You don't have to navigate the first home process alone. Let's make your next move - together! Whether you prefer a phone call, video chat, or an in-person meeting in Cronulla, Caringbah South, Miranda or anywhere across the Sutherland Shire, I’m here to help on your schedule.
Call 0422 096 001 Get in touch with Adam
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