Our government is always looking for ways to help people own their first home.
So, the good news is, if you’re a first home buyer, there’s usually grants available for eligible purchasers.
As this is a national scheme, each state varies with their eligibility requirements so check out: firsthome.gov.au
In NSW however, the offer is usually a full or partial exemption in transfer duty (formally stamp duty) up to a certain value with particular requirements needing to be met to qualify.
Requirements to qualify vary but may include things like having to live in the property within and for a certain amount of time to be eligible for the exemption/s.
There is also the First Home Loan Deposit Scheme (FHLDS) which helps eligible first home buyers purchase their first property with a deposit as low as 5%. For more details and to check eligibility, check out: nhfic.gov.au
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This information is of a general nature only and does not take into account your objectives, financial situation or needs. We are not financial, legal or tax advisers. You should seek appropriate professional advice specific to you before acting on this information.
