What are the benefits available for First Home Buyers in New South Wales?

Owning your first home is the dream of so many people in New South Wales, and there are schemes and grants from the NSW Government to help you achieve that dream. Here is a quick guide to show you three different options, and if you’re eligible.

First Home Owners Grant (FHOG) in NSW

There is a $10 000 first homeowner grant available for people buying a new home up to the value of $600 000, or buying land up to the value of $750 000.

Who is eligible?

Here are some of the eligibility criteria for the FHOG:

  • You must be a citizen of Australia or a permanent resident of Australia.
  • You must not have previously owned, or co-owned, a property previously in Australia.
  • You must be buying a home to live in within the first six months after purchase.
  • You must be a person, not a company or a trust.
  • You must be over the age of 18.

More information about the FHOG in NSW can be found here.

First Home Loan Deposit Scheme (FHLDS) in NSW

In New South Wales, the First Home Loan Deposit Scheme is a federally funded scheme for potential homeowners who apply for a loan and don’t have a 20% deposit amount.

Normally, if a borrower does not have a 20% deposit amount for a loan, they would need to pay Lender’s Mortgage Insurance. This scheme has the Government being a guarantor for the borrower, so they don’t have to pay this insurance.

Who is eligible?

Eligibility for this scheme is based on the following:

  • You must be a person, not a trust or a business.
  • You must be an Australian citizen at the time of applying for the scheme.
  • You must be 18 years of age or older.
  • As an individual, you can earn up to $125 000 per year. As a couple, that figure is $200 000.
  • You will be the owner-occupier of the house.
  • You have not previously owned property in Australia.

More details about this amazing scheme can be found here.

First Home Super Saver Scheme (FHSS) in NSW

From the 1st of July 2022, first home buyers can make voluntary contributions to their super with the purpose of using these funds, at a later stage, to help buy a house.

You can make up to $50 000 in contributions. This limit has been raised from the previous limit of $30 000.

This scheme enables you to contribute money, before tax, into an investment portfolio, purely to use on purchasing a house.

Who is eligible?

  • You must be 18 years of age or older in order to release the money. However, you can make contributions before you turn 18.
  • You must not have previously owned a property in Australia.
  • You can not have made a request under the FHSS scheme before.

There is a range of other conditions surrounding this Super scheme. Find out more by visiting this Australian Government website.

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This article was written and originally appeared on realestateview.com.au


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