A First Home Buyer’s Guide to Buying in NSW

The NSW and Australian Governments offer several initiatives designed to reduce upfront costs and help buyers enter the market sooner.

First Home Buyers Assistance Scheme (Stamp Duty Relief)

One of the most significant upfront costs when purchasing property is transfer duty (commonly known as stamp duty).

Under the NSW First Home Buyers Assistance Scheme, eligible buyers may receive:

• No transfer duty on homes valued up to $800,000
• Concessions for homes between $800,000 and $1 million
• Concessions on vacant land within set thresholds

You can read the full eligibility criteria and property thresholds here.

For many buyers, this exemption can mean savings of tens of thousands of dollars — capital that can instead contribute to your deposit, emergency buffer or future wealth planning.

First Home Owner Grant (New Homes) – $10,000

Eligible first home buyers who purchase or build a new home may access a $10,000 grant under the NSW First Home Owner Grant (New Homes) scheme.

To qualify, the property must be:

• Newly built
• Substantially renovated
• Purchased off-the-plan

You must also live in the property as your principal place of residence.

Full details are available via Revenue NSW.

When structured correctly, this grant can meaningfully strengthen your position at purchase.

First Home Guarantee (5% Deposit Scheme)

The Australian Government’s First Home Guarantee allows eligible buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI).

The government guarantees a portion of the loan, reducing the need for a larger deposit while maintaining full ownership of the property.

Details and eligibility criteria are available here.

While this can significantly reduce the cash required to enter the market, it is important that the loan structure remains sustainable and aligned with your long-term goals.

Help to Buy (Shared Equity Scheme)

The Federal Government’s Help to Buy program is a shared equity initiative where the government contributes:

• Up to 40% of the purchase price for new homes
• Up to 30% for existing homes

This reduces the size of your loan and your repayments, with the option to buy back the government’s share over time.

Further information is available here.

Shared equity can be powerful in the right circumstances, but it requires careful strategic consideration to ensure it aligns with your broader financial plan.

First Home Super Saver Scheme

The First Home Super Saver Scheme (FHSSS) allows you to make voluntary contributions into superannuation to help save for a deposit in a tax-effective environment.

Information about how the scheme works, contribution limits and withdrawal rules is available through the Australian Taxation Office.

For some buyers, this can accelerate savings while improving tax efficiency.

Buying your first home is not simply securing approval, it is building a foundation for future growth.

At Shorebreak Finance, we focus on:

• Structuring loans for flexibility and future opportunity
• Ensuring repayments remain manageable across different life stages
• Creating pathways toward upgrading, investing or debt reduction
• Advocating relentlessly with lenders to deliver meaningful outcomes

Integrity means providing guidance that serves your long-term interests. Collaboration ensures you are supported by the right professionals. Growth reflects our commitment to continually refining strategies as markets and policies evolve.

Becoming a homeowner is a defining milestone. With informed strategy and structured support, it can also be the first step toward lasting financial security.

If you are considering buying your first home in NSW, whether it is in Berry, Nowra, Fairy Meadow, Corrimal, Wollongong or beyond  and would like tailored advice on your eligibility, borrowing capacity or optimal loan structure, we would welcome the opportunity to guide you.

More than lending. We build legacies.

Contact us and let’s discuss your project