First home buyers in NSW may pay no transfer duty, or reduced duty, under the First Home Buyers Assistance Scheme, depending on the property's value and whether you meet the eligibility rules. You may also be eligible for the First Home Owner Grant on a new home and for Australian Government deposit schemes.
First home buyers are one of the groups we help most. Most first buyers have never seen a contract for sale before, and that is fine: our job is to explain it.
Help available to NSW first home buyers
| Scheme | Who runs it | What it does |
|---|---|---|
| First Home Buyers Assistance Scheme | Revenue NSW | Exemption or concession on transfer duty, depending on value |
| First Home Owner Grant (New Homes) | Revenue NSW | A grant for eligible buyers of new homes |
| Home Guarantee Scheme | Housing Australia | Lets eligible buyers purchase with a smaller deposit without paying lenders mortgage insurance |
Value limits and eligibility rules change, so check the current thresholds on Revenue NSW before you start looking, and we confirm your eligibility before exchange.
Common eligibility conditions
- You are an individual, not a company or trust
- You, and your spouse or partner, have not owned residential property in Australia before
- You are an Australian citizen or permanent resident, or meet the other residency rules
- You intend to live in the home for a set period
First home buyer checklist
- Get finance pre-approval and understand it is not final approval. See our finance guide
- Check your scheme eligibility and the current value limits
- Work out your deposit for the contract and for your lender. See our deposit guide
- Engage a conveyancer before you make an offer or bid
- Get the contract reviewed
- Get a building and pest inspection, and a strata report for an apartment
- Decide how you will own it if buying with someone. See joint tenants vs tenants in common
- Exchange, usually with cooling off
- Get formal finance approval within cooling off
- Do a pre-settlement inspection and settle
Common questions
FAQs
Do first home buyers pay stamp duty in NSW?
Some do not, and some pay reduced duty, depending on the property's value and eligibility. Check Revenue NSW for the current limits.
Does the scheme apply to vacant land?
Yes, with separate value limits for land you will build a home on.
Can I buy at auction as a first home buyer?
Yes, but there is no cooling off, so finance and inspections must be done first.
Sources: Revenue NSW: first home buyers · Housing Australia: Home Guarantee Scheme
City Peak Conveyancing acts on NSW property only. This page is general information, not advice about your circumstances.