Updated 16 May 2018
First Home Owner Grant NSW
First home buyers in NSW can tap into a range of financial support:
- The first home buyers grant NSW is worth up to $10,000 on new homes
- First home buyers stamp duty NSW is waived if your first home costs less than $650,000
- First home buyers stamp duty savings are available on homes from $650,001-$700,000
- First home buyer stamp duty savings are available on vacant land up to $350,000 (zero stamp duty), with savings on stamp duty NSW for vacant land from $350,001-$400,000.
- Insurance duty payable on Lenders Mortgage Insurance NSW has been abolished
First Home Owner Grant
The First Home Owner Grant (New Homes) Scheme is a NSW Government initiative to help you purchase your first home.
On 1 July 2017, the NSW State Government implemented a raft of initiatives to support first home buyers.
The initiatives include a grant of $10,000 for first home buyers purchasing a new property up to the value of $600,000 or building a new property up to the value of $750,000, where eligibility criteria is met. Further, insurance duty which was previously payable on Lender Mortgage Insurance has been abolished.
You may also be eligible for the First Home Buyers Assistance Scheme. If you are eligible, this scheme provides exemptions or concessions on transfer duty (Stamp Duty).
The NSW First Home Buyers Assistance Scheme is effective as of 1 July 2017 and includes the following:
An exemption from transfer stamp duty is available for eligible first home buyers purchasing a new or existing home valued up to $650,000 and concessions on duty for a new and existing homes valued between $650,001 and $800,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
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