Support for first home buyers has changed as of 1st July 2023. Here are the key changes
- The First Home Buyers Assistance Scheme (FHBAS) has expanded.
- The residence requirement for the FHBAS and the First Home Owner Grant has increased to 12 months.
- First Home Buyer Choice is no longer available. Property tax customers need to fulfil their residency requirement and continue to pay their property tax for as long as they own the home they purchased under the program.
The First Home Buyer Assistance Scheme (FHBAS) has expanded
The First Home Buyers Assistance Scheme has expanded. For contracts that exchange on or after 1 July 2023, eligible first home buyers will receive an exemption from stamp duty for purchases of new and existing homes up to $800,000 and a concessional rate of duty for homes up to $1,000,000.
The residence requirement for the First Home Buyers Assistance Scheme has increased to 12 months for contracts that exchange on or after 1 July 2023.
If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000.
What’s on offer
- Full or partial exemption on stamp duty
Requirements
- Buying your first home in Australia.
- The value must be less than $1 million.
- You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.
Who can apply
To qualify as a first home buyer, you must be:
- purchasing the first home you or your spouse have owned or co-owned in Australia*
- an Australian citizen or a permanent resident of Australia
- at least 18 years old*.
*Some exceptions may apply.
First Home Owner Grant (New Home)
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.
What’s on offer
- $10,000 towards the purchase price, in addition to the First Home Buyers Assistance Scheme benefits
Requirements
- Buying or building your first home.
- It’s a new home that no-one has lived in before.
- It’s worth no more than $600,000 (or, for a house and land package with comprehensive building contract, no more than $750,000).
- You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.
Who can apply
To qualify as a first home buyer, you must be:
- purchasing the first home you or your spouse have owned or co-owned in Australia*
- an Australian citizen or a permanent resident of Australia
- at least 18 years old*.
*Some exceptions may apply.
Read more about the requirements for the First Home Owner Grant (new home).
Shared Equity Home Buyer Helper
The NSW Shared Equity Home Buyer Helper assists eligible single parents (with dependent children), single people (50 years and over) and first home buyers who are employed as key workers with buying a home. It is aimed at those in New South Wales who want to purchase a home but would not be approved for a mortgage because of their circumstances.
The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity for as long as you are eligible for Shared Equity or until you sell the property.
Payments or rent aren’t required on the Government’s equity interest in the property while you remain eligible for Shared Equity.
What’s on offer
- Support for eligible first home buyer key workers who are employed as:
- nurses
- midwives
- paramedics
- teachers
- early childhood educators, or
- police officers.
- The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity.
Requirements
- Only be able to service a mortgage with the government contribution.
- Meet income and asset thresholds.
- Be able to contribute at least a 2% to a deposit.
- Ready to occupy the property as your principal place of residence from the day of settlement.
Who can apply
To apply as a first home buyer key worker, you must be:
- 18 years of age or older.
- purchasing the first home you or your spouse have owned or co-owned in Australia.
- Australian or New Zealand citizens, or permanent Australian residents.
- able to confirm your qualifications and the relevant award or enterprise agreement you work under, and to provide evidence of employment and income.
Single parents with dependent children and singles aged 50 and over can also apply – even if they are not first homebuyers – as long as they meet the other eligibility criteria.
Read more about the requirements for the Shared Equity Home Buyer Helper.