Ultimate Guide to First Home Buyer Benefits

For many young Australians and new migrants, purchasing their first home is both a major milestone and a significant challenge. The good news is, as of June 2025, the New South Wales (NSW) government — in conjunction with the Federal Government — has introduced a wide range of support programs and tax benefits to help first home buyers take that important first step.

Whether you're looking to buy a newly built home, planning to purchase land and build, or hoping to access the market through a low-deposit scheme, this article provides a comprehensive overview of all the benefits currently available — including NSW stamp duty concessions, the First Home Owner Grant, and federal schemes like Help to Buy and the Home Guarantee programs.

First Home Buyer Assistance Scheme (FHBAS)

This scheme offers stamp duty exemptions and concessions to eligible first home buyers:

• Full Stamp Duty Exemption: Available for properties valued up to $800,000.

  
  

• Concessional Stamp Duty: Applies to properties valued between $800,000 and $1 million. The amount payable depends on the property's value.

Eligibility Criteria:

• Must be purchasing your first home or vacant land.

  
  

• You or your spouse must not have previously owned or co-owned residential property in Australia.

  
  

• Must be an Australian citizen or permanent resident, and at least 18 years old.

• Must move into the property within 12 months after settlement and live there as your principal place of residence for at least 12 continuous months.

First Home Owner Grant (New Homes)

This grant provides financial assistance for purchasing or building a new home:

• Grant Amount: $10,000.

Eligibility:

• Must be purchasing a newly built home, townhouse, apartment, unit, or similar.

  
  

• The purchase price must not exceed $600,000.

  
  

• If purchasing vacant land and signing a building contract, the combined value of the land and building contract must not exceed $750,000.

Help to Buy Scheme (Federal Initiative)

Launching in late 2025, this federal program aims to assist first home buyers with smaller deposits:

Government Contribution:

Up to 40% for new builds.

Up to 30% for established homes.

Deposit Requirement: Buyers need only a 2% deposit.

Eligibility:

Singles earning up to $100,000 annually.

Couples earning up to $160,000 annually.

Property price caps apply and vary by region.

Federal Home Guarantee Schemes

These schemes support low-deposit home purchases without requiring Lenders Mortgage Insurance (LMI):

First Home Guarantee (FHBG):

Deposit: As low as 5%.

Eligibility:

• Applicants must be Australian citizens or permanent residents, at least 18 years old.

  
  

• Individual earnings up to $125,000 or $200,000 for joint applicants.

  
  

• Property must fall within specified price caps, which vary by location.

Regional First Home Buyer Guarantee (RFHBG):

• Same eligibility, except that property must be located in a regional area.

As experienced mortgage brokers, we specialise in helping first home buyers understand and access all the benefits they're entitled to — and securing the right loan to match their goals. From pre-approval to settlement, we’re here to guide you every step of the way. If you're ready to explore your options, get in touch with us today. Let's make your journey to homeownership simpler, smarter, and stress-free.