If you're ready to buy your first home or just doing a bit of research, it's important to understand what Government support is available when it comes to grants and incentives and how much you could save!
In our Mortgage Minute video, Emma provides a comprehensive overview of state-based offers and grants available to first home buyers in NSW.
Now is a great time to take advantage of the First Home Owner Grant in NSW because interest rates are at an all time low, act now!
The First Home Owner Grant (FHOG) in NSW provides a one-off, tax-free payment of $10,000 to eligible first-home buyers. To qualify, the home must be newly built or substantially renovated, with a total value of $600,000 or less. This can include a house, townhouse, apartment, unit, or any other self-contained dwelling that meets residential planning requirements.
If you're buying vacant land and building a home, the combined value of the land and the building contract must not exceed $750,000. It's important to note that for the property to be considered a “new home,” it must not have been previously lived in, rented out, or used for short-term accommodation by the builder or any previous owner.
To be eligible for the First Home Owners Grant, you must:
Applying for the First Home Owner Grant is a straightforward process, and I can guide you through the paperwork step by step. If you need the grant to be available for your first drawdown, progress payment, or at settlement, your application will need to be submitted through the lender providing your finance.
Yes, you can put the $10,000 First Home Owner Grant toward your deposit, but it usually won’t be enough to cover the full amount. In most cases, you’ll still need between 5% and 10% of the property value.
If you're looking to avoid paying a deposit altogether, you might want to consider a guarantor. Having someone provide additional security for your loan can help you get into the market sooner. I'm happy to walk you through how it works.
There are a few different paths you can take when buying your first home, but the best place to start is by speaking with a mortgage broker. I can help you understand what government grants or schemes you may be eligible for and guide you through the home loan process from start to finish. To learn more, check out our Steps to Buying your First Home.
Your goals matter, and I’d love to help you reach them. I can chat by phone, video or in-person in Bossley Park, Edensor Park, Fairfield and right across Sydney - no pressure, just honest advice. I offer my services in both English and Macedonian.
Call Bob on 0438 583 165 or book a chat below.
Our mission is to find the right home loan for your individual needs and to always have your best interests at heart. Plain and simple. Which is why we have such a wide range of lenders to choose from. We can search through hundreds of products to find something tailored to your situation. ~
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