First Home Buyers in Sydney

If you’re a new immigrant to Australia, a young family or single just starting out, or simply someone whose life circumstances have meant you’re entering the property market later than you planned, we are here to help.

Our team can introduce you to a licensed mortgage broker (ask us about the referral arrangement first; your broker or lender assesses finance options and eligibility) and offers an end-to-end service that guides you through the whole process, from your first enquiry to moving in.

We can also help first time buyers to find suitable properties located in high growth areas of northwest and southwest Sydney, which provide a range of housing options and offer excellent value for money. We can also point you to first-home assistance that may apply. Eligibility depends on the state or territory, the contract arrangement and your circumstances, so confirm the current rules with your solicitor, conveyancer or the relevant revenue authority before relying on any estimate. Schemes to ask about:

First Home Owners Grant

First Home Buyers Assistance Scheme

Home Guarantee Scheme (federal; places and conditions apply)

Get in touch to discuss your first home purchase and which assistance may apply

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First-home assistance: what to check

Grants, duty concessions and deposit schemes change over time. The federal HomeBuilder Grant closed in 2021 and is no longer available. Current assistance may include the First Home Owner Grant, state duty concessions (in NSW, the First Home Buyers Assistance Scheme) and the federal Home Guarantee Scheme, each with its own eligibility, price caps, timing and occupancy conditions.

Duty and any grants or concessions depend on the state or territory, the contract arrangement and your eligibility. Separate land and build contracts do not automatically establish a duty saving. Obtain an assessment from your solicitor, conveyancer or the relevant revenue authority before relying on an estimate, and do not assume an investment purchase qualifies.

First Home Owner Grant

The First Home Owners Grant (FHOG) is an assistance scheme designed to help first home buyers to raise a deposit or to make the purchase price of a residential property more affordable.

If you are considering applying for a first time buyer grant, it is important to know that it is administered by state governments rather than at federal level, and so the availability of first time homeowner grants, the eligibility conditions and the amount to which you may be entitled will vary depending on where you live.

In NSW, the home owners grant is worth $10,000 towards the purchase price of buying or building your first home. This is conditional on it being a new home that no-one has lived in before and it is worth no more than $600,000 if you are buying a new home, or $750,000 for a house-and-land or build (check the current Revenue NSW thresholds, which can change). You will also be required to move into the new home within 12 months after purchase (or 12 months after construction is complete if you’re buying land and building a new home), and you must then live there for at least six continuous months.

First Home Buyers Assistance Scheme

The First Home Buyers Assistance Scheme offers a stamp duty waiver for first time buyers in NSW. If the property you are proposing to buy is worth less than $800,000, the State Government will waive stamp duty, which can significantly reduce the cost of purchasing your first home.

First Home Loan Deposit Scheme (FHLDS)

The First Home Loan Deposit Scheme (FHLDS) as an additional form of assistance now available for the first time home buyer in Sydney and across NSW. In essence, it makes a first time home buyer loan easier to obtain because the amount of deposit funds you need to be able to access is reduced.

Most lenders in Australia require a deposit equal to 20% of the value of the home before they will offer you a first time buyer mortgage. However, if you apply through an approved lender, you can buy a home with as little as 5% deposit. This is because up to 15% of the property value is guaranteed by your participation in the scheme.

To be eligible for this first time buyer program, the value of a new property in Sydney and regional centres including Newcastle, Lake Macquarie and Illawarra is capped at $700,000. Elsewhere in NSW, the maximum value of a property that you can buy under the scheme is $450,000.

We can help you to find the best mortgage lenders for first time buyers who are participating in the First Home Loan Deposit Scheme. It is important to note that this assistance is only available to 10,000 applicants each year, and you will be subject to conditions including an income test and a prior property ownership test.

Specialist advice when you’re buying your first home

If you have been trying to get a foot on the Sydney property ladder, you will know how hard it can be. However, at High Income Property we specialise in providing a range of support services for first home buyers. We also offer expert advice on how to apply for a range of state and federal assistance packages, including the first time home builder grant, the new home owners grant, and first house stamp duty waiver.

To arrange a consultation with one of our expert property advisers, get in touch with High Income Property via email or call us (02) 8007 4001. Make the move into your first home today!