First-Time Home Buyers Grant in New South Wales

Ben Machin • January 17, 2023

Are you a first-time home buyer in New South Wales (NSW) looking for a way to make your dream of owning a home a reality? If so, you may be eligible for the First Home Buyer Grant (FHBG) in NSW. This grant is designed to help first-time home buyers purchase their first home by providing them with a one-off payment of up to $10,000.

The FHBG is a great way for first-time home buyers to get a leg up on the property ladder. It can help cover the costs associated with purchasing a home, such as stamp duty, legal fees and other costs. It can also be used to help with the deposit on a home loan, which can make it easier to get approved for a loan.

In order to be eligible for the FHBG, you must meet certain criteria. You must be an Australian citizen or permanent resident, and you must be over the age of 18. You must also be buying or building a new home, or purchasing an existing home that has not been previously occupied. You must also be buying the home as your primary place of residence, and you must not have previously owned property in Australia.

Beautiful and decorated kitchen

In addition to meeting the eligibility criteria, you must also meet certain income and asset tests. Your combined household income must be below a certain threshold, and your assets must also be below a certain threshold. These thresholds vary depending on your circumstances, so it is important to check with the NSW Office of State Revenue to find out what the current thresholds are.

Once you have met the eligibility criteria and passed the income and asset tests, you can apply for the FHBG. The application process is relatively straightforward and can be done online. You will need to provide some basic information about yourself, such as your name, address and contact details. You will also need to provide information about your income and assets, and you will need to provide proof of your identity.

Once your application has been approved, you will receive a one-off payment of up to $10,000. This payment can be used to cover the costs associated with purchasing a home, such as stamp duty, legal fees and other costs. It can also be used to help with the deposit on a home loan, which can make it easier to get approved for a loan.

The FHBG is a great way for first-time home buyers in NSW to get a leg up on the property ladder. It can help cover the costs associated with purchasing a home, and it can also be used to help with the deposit on a home loan. If you are a first-time home buyer in NSW, it is worth looking into the FHBG to see if you are eligible.

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