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Growing Real Estate

Unlocking Your New Chapter as a First Home Buyer: 
​Grants and Schemes You Can Use

Purchasing your first home is an exciting milestone, and with the right support, it can also be an affordable one. If you're considering buying a new home, a recently renovated property, or even vacant land to build on, there are grants and schemes that could make the process easier. Let’s dive into what’s available and how you can access these opportunities.

First Home Owner (New Homes) Grant

If you’re buying a new home, a recently renovated property, or vacant land to build, you may be eligible for the $10,000 First Home Owner (New Homes) Grant.


Who Can Use the Grant?

  • New Dwellings: This includes homes like townhouses, apartments, units, or off-the-plan properties. As long as the property is worth $600,000 or less, it qualifies for the grant.
  • Land and Building: If you’re purchasing land to build a home, the combined value of the land and the construction costs must not exceed $750,000.


Is Your Renovated Home Eligible?

For a renovated property to qualify, the following criteria apply:

  • The majority of the home was removed or replaced during renovation.
  • This is the first sale of the home since renovations were completed.
  • The seller, builder, or tenant has not lived in the home before, during, or after the renovations.


First Home Buyers Assistance Scheme

Let's be honest—stamp duty (now called transfer duty) can feel like a huge financial burden. The good news? As a first home buyer, you could be eligible for the First Home Buyers Assistance Scheme, which offers full or partial exemptions from paying transfer duty.


How the Scheme Works

  • Home Purchase: If you’re buying a home valued at $800,000 or less, you won’t have to pay transfer duty.
  • Reduced Rate: For homes priced between $800,000 and $1,000,000, you may qualify for a reduced transfer duty. The amount will depend on the property value.


What About Vacant Land?

If you're purchasing vacant land to build your dream home, here’s how it works:

  • If the land is valued at $350,000 or less, no transfer duty is charged.
  • If the land is valued between $350,000 and $450,000, reduced transfer duty applies.


Eligibility Requirements for the Scheme

To remain eligible for the First Home Buyers Assistance Scheme, here’s what you need to know:

  1. Move into your home within 12 months of purchasing it.
  2. If you’ve purchased land, you must move into the new home within 12 months of completing the build.
  3. Once you’ve moved in, you must stay for at least 12 months.


Next Steps: How to Make the Most of These Opportunities

  • Check your eligibility early: Use the NSW Government’s eligibility assessment tool to find out if you qualify for these grants and schemes.
  • Talk to your lender: Speak with your lender about how these grants and exemptions will impact your mortgage application.
  • Keep documentation: Be sure to retain all the necessary records of your home purchase, renovations, and expenses related to building, as these may be required to prove eligibility.


In Summary

Navigating the First Home Owner (New Homes) Grant and the First Home Buyers Assistance Scheme can significantly reduce the costs of buying your first home. Whether you're purchasing a newly built home, a renovated property, or vacant land to build on, these opportunities can help set you on the path to homeownership. Make sure to check your eligibility, speak to a professional, and start your journey with confidence.


At Growing Real Estate, we’re here to help you grow into your first home, guiding you every step of the way.


Further Information

For more details about the grants and schemes, you can visit these official pages: