At Sky Solicitors, we specialize in property law and are here to help every step of the way.

Discover how working with experienced legal professionals can ensure your property transaction is seamless and secure. Whether you’re purchasing your dream home or selling an investment property, this guide will equip you with the knowledge and confidence to navigate the conveyancing process smoothly.

Buying your first home is an exciting milestone, but it can also feel overwhelming—especially when navigating the financial side of things. Fortunately, the NSW government offers several grants and incentives to help first-time buyers get into the property market. In this guide, we’ll break down the key schemes available, their eligibility criteria, and how you can take advantage of them.

First Home Buyer Assistance Scheme (FHBAS)

The First Home Buyer Assistance Scheme (FHBAS) provides exemptions or concessions on transfer duty (formerly known as stamp duty) for eligible first home buyers.

Key Benefits:

• Full exemption for new and existing homes valued up to $800,000
• Concessional rate for homes valued between $800,000–$1,000,000
• For vacant land, full exemption applies up to $350,000$– $450,000

Eligibility Criteria:

• You must be an Australian citizen or permanent resident
• At least one buyer must be a first-time purchaser
• You must move into the property within 12 months and live there for at least 6 months
• Combined gross income of all buyers must be $1,000,000 or less (including taxable & non-taxable income)

First Home Guarantee (FHG) – Federal Scheme

The First Home Guarantee (FHG) is a federal government initiative (part of the Home Guarantee Scheme) that allows eligible first home buyers to purchase a property with as little as 5% deposit without paying Lenders Mortgage Insurance (LMI).

Key Benefits:

• 15% of the property price guaranteed by the government
• Available for new and existing homes
• Price caps apply (see below)

NSW Property Price Caps (2024):

*Major regional centres include Newcastle, Lake Macquarie, Illawarra, Central Coast.

Eligibility Criteria:

• First home buyer (or haven’t owned property in the last 10 years)
• Minimum 5% deposit (not from equity or another property)
• Individual taxable income less than or equal to $125,000\; or\; couples\; earning\; on\; or\; more\; than$200,000
• Must be an Australian citizen

Regional First Home Buyer Guarantee (RFHBG)

If you’re buying in regional NSW, you may qualify for the Regional First Home Buyer Guarantee (RFHBG), which also requires just a 5% deposit.

Key Benefits:

• Same benefits as FHG but exclusive to regional areas
• Price caps align with FHG

Eligibility:

• Must purchase in a regional area (outside Sydney, Newcastle, Wollongong, Central Coast)
• Other criteria same as FHG

Do you need advice on First Home Buyer Grants?

Sky Solicitors Sydney can assist with your legal needs. Contact our office today to have a confidential discussion with one of our experienced solicitors.