First home buyer help in NSW: what is available now

1. Transfer duty: the First Home Buyers Assistance Scheme

This NSW scheme is run by Revenue NSW.

For contracts exchanged on or after 1 July 2023:

1. A new or existing home valued up to $800,000 pays no transfer duty.
2. A home valued above $800,000 and below $1,000,000 pays a reduced rate.
3. Vacant land valued up to $350,000 pays no transfer duty.
4. Vacant land valued above $350,000 and below $450,000 pays a reduced rate.

In general, you must be an individual over 18. At least one buyer must be an Australian citizen or permanent resident. You and your spouse or partner must never have owned residential property in Australia, and must never have had this help before.

For a home, you must move in within 12 months of settlement and live there for at least 12 continuous months.

You apply after exchange, using the Revenue NSW forms, which you lodge with proof of identity through your solicitor or conveyancer.

2. The First Home Owner (New Homes) Grant

This is a NSW grant of $10,000. It is not means tested.

It applies only to a new home. An established home does not qualify.

1. A newly built, off-the-plan or substantially renovated home must cost no more than $600,000.
2. Vacant land plus a contract to build a home must cost no more than $750,000 in total.

You must be at least 18 and buy as an individual. At least one applicant must be an Australian citizen or permanent resident.

You and your spouse or partner must not have owned a home before. For contracts signed on or after 1 July 2023, you must live in the home for 12 continuous months, starting within 12 months of buying or completion.

If you need the grant for settlement, you apply through your lender. Otherwise you apply online after settlement, within 12 months.

3. The 5% Deposit Scheme

This is an Australian Government scheme run by Housing Australia, under the First Home Guarantee.

It lets an eligible buyer purchase with a deposit of as little as 5% without paying lenders mortgage insurance. The government guarantees part of the loan. It is not a cash payment.

From 1 October 2025, the Australian Government removed the income caps and the limit on the number of places, and lifted the property price caps.

The price cap depends on where the property is. Housing Australia has a tool to check the cap for a postcode.

You must intend to live in the property. You apply only through a participating lender or its broker.

Can you use more than one

The three forms of help are separate. Each has its own test.

A buyer of a new home under the price caps may meet the tests for all three.

A buyer of an established home cannot receive the new homes grant, but may still qualify for the duty exemption and the deposit scheme.

We check your position against each scheme before you exchange.

Common questions