Financial support for first home buyers

If you’re buying a home, or vacant land to build a home for the first time, you may be eligible for NSW and Federal Government financial assistance.

Eligible first home buyers can pay less or no transfer duty on their first home, depending on the value of the purchase.

This scheme includes:

• buying an existing home
• buying a new home
• buying vacant land on which you intend to build.

If you're buying your first home, and it's:

• newly built
• off the plan
• substantially renovated, or
• vacant land to be built on

you may be eligible for a $10,000 grant to help, depending on the value of the purchase.

Help for eligible home buyers to buy their own home with as little as 2% deposit.

The NSW Government contributes a part of the purchase price in exchange for an equal interest in the property. It’s open to:

• single parents of a dependent child or children
• single people aged 50 years or older
• first home buyer key workers who are nurses, midwives, paramedics, teachers, early childhood educators or police officers.

Find out more about eligibility and how to apply for the Shared Equity Home Buyer Helper at Revenue NSW.

From 1 July 2023, First Home Buyer Choice (FHBC) will no longer be available. Eligible first home buyers who exchanged contracts on or before 30 June 2023 will have until settlement to opt in to FHBC. Those who have already opted in to FHBC won’t be affected at all.

This scheme lets you use your superannuation fund to save for your home, which may have tax benefits.

You can apply to use up to $15,000 (of your voluntary contributions only) from any individual financial year, capped at $50,000 in total across all years. Other conditions apply.

Eligible buyers can purchase or build a new home with a deposit of as little as 5%, or as little as 2% for eligible single parents, without the need for lenders' mortgage insurance.

Learn more about the Home Guarantee Scheme at the National Housing Finance and Investment Corporation.

If you need to rent while saving for a home deposit

This guide has information about finding somewhere to rent, your rights and responsibilities as a tenant, getting help with costs, and what's involved when moving out of the property (hopefully into your new home).