First-Time Home Buyers in New South Wales: What You Need to Know

Ben Machin • January 17, 2023

Are you a first-time home buyer in New South Wales (NSW)? If so, you’re likely feeling overwhelmed by the process. Buying a home is a big decision, and it’s important to make sure you’re well-informed before taking the plunge. To help you out, we’ve put together a guide to the NSW First Home Buyers Grant and other important information you need to know.

What is the NSW First Home Buyers Grant?

The NSW First Home Buyers Grant is a one-off payment of up to $10,000 for eligible first-home buyers. This grant is designed to help first-home buyers get into the property market and is available to those who meet certain criteria. To be eligible for the grant, you must:

– Be an Australian citizen or permanent resident

– Be over 18 years of age

– Have a taxable income of less than $125,000 per annum

– Be buying or building a new home valued at less than $600,000

– Be buying or building a home to live in as your principal place of residence

– Not have previously owned property in Australia

– Not have previously received the First Home Buyers Grant

If you meet all of these criteria, you may be eligible for the grant. It’s important to note that the grant is only available for new homes, not existing homes.

What other assistance is available for first-time home buyers in NSW?

In addition to the First Home Buyers Grant, there are a number of other assistance programs available to first-time home buyers in NSW. These include:

A closeup view of well decorated bedroom

– The First Home Loan Deposit Scheme, which allows eligible first-home buyers to purchase a home with a deposit of as little as 5%.

– The First Home Super Saver Scheme, which allows first-home buyers to save for a deposit in their superannuation fund.

– The First Home Owner Grant, which provides a one-off payment of up to $7,000 for eligible first-home buyers.

– The First Home Owner Rate of Duty, which reduces the amount of stamp duty payable on the purchase of a new home.

– The First Home Buyers Assistance Scheme, which provides assistance with legal and conveyancing costs.

– The First Home Buyers Assistance Program, which provides assistance with t he cost of purchasing a home.

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