As we enter peak buying season, first home buyers still have access to a range of grants and schemes designed to make the dream of owning a home more achievable. We talked to Alina Cooper from Complete Conveyancing New England who told us of five key incentives currently available to help first home buyers get a foot on the property ladder.
First home builder grant
The $10,000 First Home Owner (New Homes) Grant remains one of the most popular incentives, and is available for newly built, purchased off the plan, or substantially renovated homes. It is not available for established homes.
“This grant is a great option for first home buyers who want to build or buy a new home,” said Alina.
“It’s a significant financial boost, especially when combined with other available schemes, and can really help buyers get a head start in the property market.”
Stamp duty exemption
The First Home Buyer Assistance Scheme is now available for properties priced up to $800,000—up from $650,000. This increase allows more first home buyers to benefit from full stamp duty exemptions, which can significantly reduce upfront costs and open doors to a wider range of properties.
“With the new $800,000 threshold, we’re seeing more buyers able to take advantage of the full stamp duty exemption, which can mean a saving of tens of thousands of dollars,” said Alina.
“This change is really helping first home buyers get into the market, especially in more competitive areas.”
Smaller deposit for buying in the regions
For those looking to make a fresh start in regional NSW, the Regional First Home Buyer Guarantee offers a unique opportunity to secure a property with just a 5% deposit. This scheme is particularly attractive for buyers who may not have the traditional 10% deposit. Better yet, it also eliminates the need for Lenders Mortgage Insurance, potentially saving buyers between $5,000 and $10,000.
“In regional areas like New England, this scheme is making a huge difference,” said Alina.
“With only a 5% deposit required and no need for Lenders Mortgage Insurance, first-time buyers are able to save on costs that would otherwise delay their homeownership plans.”
Extra help for single parents
The Family Home Guarantee Scheme is another powerful tool for first home buyers, allowing eligible single parents to purchase their first home with only a 2% deposit. Like the Regional Guarantee, this scheme also waives Lenders Mortgage Insurance, which means you could be saving upwards of $12,500 on a $400,000 property purchase.
“This scheme offers a way for single parents to get into their first home with a very low deposit and still avoid the additional cost of Lenders Mortgage Insurance,” explains Alina.
“For many buyers, that’s a game-changer, and it opens up possibilities that wouldn’t have been financially feasible otherwise.”
Use your super
The First Home Super Saver Scheme allows you to make personal voluntary contributions into your super fund to help you save for your first home. Under the scheme you can withdraw up to $15,000 of your voluntary contributions from any one financial year, up to $50,000 across multiple years. First home buyers can utilise the scheme to purchase or build residential property in Australia for you to live in.
“The advantage of this approach to saving up for your first home is that concessional contributions are taxed at only 15%, which is usually less than your marginal income tax rate.”
“In addition, you also benefit from a 30% tax offset,” said Alina.
“I recommend that your thoroughly investigate your eligibility and conditions of release before you start saving your deposit into your super fund.”
With the intense focus on the affordability of Housing in Australia this is a changing landscape, so check in with Housing Australia for up-to-date information on current schemes, and seek independent financial advice to see what best suits your personal circumstances.
If you’re looking for an affordable and thriving place to call home, Armidale continues to receive attention as a prime location for first home buyers. Known for its affordability, quality of life, and growing community, Armidale is quickly becoming a popular choice for those seeking to enter the property market.
“Armidale has so much to offer first home buyers. The lifestyle, the affordability, and the potential for growth make it an ideal place for anyone looking to start their homeownership journey,” Alina said.
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