Buying your first home is a significant milestone, and in New South Wales (NSW), there are various benefits and programs designed to make the process easier and more affordable for first home buyers.

This guide will walk you through the key benefits available in 2024, including stamp duty concessions, property price thresholds, the First Home Super Saver Scheme, and the 5% deposit scheme.

1. Stamp Duty Concessions

Stamp duty can be a substantial expense when purchasing a property, but NSW offers generous concessions for first home buyers.

First Home Buyer Assistance Scheme:

• Full Exemption: If your home is valued at less than $800,000, you may be eligible for a full exemption from stamp duty.
• Concessions: For homes valued between $800,000 and $1,000,000, you may be eligible for a concessional rate of stamp duty.

For more details, visit the NSW Revenue First Home Buyers Assistance Scheme page.

2. Property Price Thresholds

Understanding the property price thresholds is crucial to determine your eligibility for various benefits and concessions. Make sure you speak to a broker for a better understanding of your finances.

Thresholds for Stamp Duty Concessions:

• Full exemption: Properties valued up to $800,000.
• Concessional rate: Properties valued between $800,000 and $1,000,000.

First Home Owner Grant (New Homes):

• The grant provides $10,000 for the purchase or construction of new homes valued up to $750,000, or up to $850,000 if purchasing land and building a new home.

For more information, visit the NSW Revenue First Home Owner Grant page.



3. First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSSS) allows you to save money for your first home inside your superannuation fund, which can provide significant tax advantages.

Key Points:

• You can contribute up to $15,000 per financial year, with a maximum of $50,000 in total contributions eligible to be released.
• Contributions are taxed at the superannuation rate of 15%, which is typically lower than your marginal tax rate.
• Withdrawals for a home deposit are taxed at your marginal tax rate, less a 30% offset.

For more details, visit the Australian Taxation Office FHSSS page.

4. 5% Deposit Scheme

The First Home Guarantee (formerly First Home Loan Deposit Scheme) allows eligible first home buyers to purchase a home with as little as a 5% deposit without needing to pay for lenders mortgage insurance (LMI).

Key Points:

• The scheme is available to 35,000 eligible first home buyers each financial year.
• Property price caps apply, which vary depending on the location of the property. For Sydney and major regional centers, the cap is higher compared to other areas.

For more information, visit the National Housing Finance and Investment Corporation (NHFIC) First Home Guarantee page.

5. Additional Resources and Tips

• HomeBuilder Grant: Although not specifically for first home buyers, the HomeBuilder Grant provides up to $25,000 for new home builds or substantial renovations. Check eligibility criteria and deadlines on the HomeBuilder Grant page.
• Budgeting and Planning: Use online calculators to estimate your borrowing capacity and potential repayments. Websites like Moneysmart offer useful tools and resources.
• Check Eligibility: Ensure you meet all the eligibility requirements for the schemes and grants you intend to apply for.
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Final Thoughts

Buying your first home in NSW comes with numerous benefits that can make the process more affordable and accessible. From stamp duty concessions and grants to advantageous savings schemes, these programs are designed to support you on your journey to homeownership.

Be sure to visit the official government pages linked above for the most up-to-date information and to confirm your eligibility.

Happy house hunting, and best of luck on your journey to becoming a homeowner in New South Wales!

If all these becomes to overwhelming for you just get in touch with us we love to help.