There's a lot of noise around first home buyer support in NSW, and most of it is written in language no one wants to read at 9pm with a cup of tea.
So here's the short version, in English. What's available, what you actually need to qualify, and which of these can be combined.
The First Home Owner Grant (FHOG)
A $10,000 cash grant. Sounds great, and it is, but there's one big catch: the home has to be brand new. Never lived in. So this includes new builds, off the plan, and properties that have been substantially renovated.
If you're buying an established home, you don't get this one.
You also need to:
- Have never owned property in Australia before (same for your partner)
- Be an Australian citizen or permanent resident
- Move in within 12 months and live there for at least 12 months straight
No income test. No upper price cap on this one specifically (FHBAS has its own cap, see below).
The First Home Buyers Assistance Scheme (FHBAS): stamp duty relief
This is the one most people miss out on or undervalue. It's a full stamp duty exemption on homes up to $800,000, and a partial concession up to $1 million.
For context, the stamp duty on an $800,000 property in NSW is around $31,000. That's not nothing.
The catch here is the price cap. In Parramatta and Ryde, plenty of properties sit between $800k and $1 million, so you'll get something but not the full waiver. In parts of the Hills, you're often above the cap entirely.
The First Home Guarantee (federal)
This is the 5% deposit one. The government guarantees up to 15% of your loan, so you avoid lenders mortgage insurance (LMI), which usually costs tens of thousands.
To qualify:
- Income under $125k single or $200k joint
- First home buyer (no past property ownership)
- Owner-occupier, not an investor
- Limited spots per financial year, get in early
The First Home Super Saver Scheme
You voluntarily contribute up to $50k to super, then withdraw it for your deposit. The tax savings can add up. Useful if you're a year or two out from buying.
Shared Equity Home Buyer Helper
The NSW government contributes up to 40% of a new home or 30% of an existing home in exchange for equity. You can get in with as little as a 2% deposit.
Eligibility is tighter (income caps, specific buyer profiles), but worth checking if you're a single parent, key worker, or older first home buyer.
Can you stack these?
Yes, but with limits. The big ones you can combine:
- FHOG + FHBAS + First Home Guarantee, if you're buying a new home under $800k, this is the trifecta
- FHSS works alongside anything
The shared equity scheme generally replaces the others.
What this looks like in real numbers
If you buy a $700,000 new apartment in Parramatta as an eligible first home buyer:
- $10,000 FHOG (cash)
- Around $26,000 in stamp duty waived
- LMI saved through the First Home Guarantee (potentially $15,000+ on a 5% deposit)
That's $50,000+ in combined value, before you've even moved in.
The thing no one tells you
These schemes are loud and well-publicised. What's less loud is how often first home buyers overpay on the property itself, by more than the schemes save them.
Negotiate well, buy in the right pocket, avoid the strata trap, and you keep more than any grant ever gave you. That's where having someone in your corner matters.
If you're starting to map your search and want to know which of these you can actually access,
send me a message. Happy to walk you through it.
