First Home Buyers Sydney

A first home buyer in Australia is an individual or couple purchasing their first residential property. To be classified as a first home buyer, you must not have previously owned or held an interest in any residential property in Australia.

The First Home Owner Grant (FHOG) in Western Australia provides eligible first-time home buyers with a one-off payment of $10,000. This grant is available for the purchase or construction of a new residential property. The property must be used as your primary residence for at least six months within the first 12 months of settlement or completion of construction.

In Western Australia, first home buyers may benefit from several incentives, including the $10,000 First Home Owner Grant for new homes and exemptions or concessions on stamp duty. First home buyers may also qualify for a stamp duty exemption on properties with a value of up to $430,000 or a concessional rate on properties valued between $430,001 and $530,000.

Australia's First Home Owner Grant (FHOG) is a national initiative, with each state and territory offering its own version of the grant. Typically, the grant is available to eligible first-time home buyers purchasing or building a new home. The amount varies by state; for example, in Western Australia, the grant is $10,000, while in Queensland, it can be $15,000 or $30,000, depending on when the contracts are signed and the foundations are built.

In Queensland, the First Home Owner Grant is only available for new homes, whether you are purchasing a newly built home or constructing one yourself. Existing homes do not qualify for the grant. However, first-time buyers of existing homes may still benefit from other state incentives, such as stamp duty concessions.

In 2024, the First Home Owner Grant in Queensland offers eligible first-time home buyers $15,000 to $30,000. Specifically, if you sign a contract to buy or build a new home between 20 November 2023 and 30 June 2025, you can receive a $30,000 grant. For contracts signed before 20 November 2023, the grant amount is $15,000. Meanwhile, if you are an owner-builder and lay the foundations between 20 November 2023 and 30 June 2025, you are eligible for the $30,000 grant. The property must be valued at less than $750,000, and you must occupy it as your principal place of residence within one year of completion.

In Victoria, the First Home Owner Grant provides qualified first-time home buyers with a one-off payment of $10,000. This grant is available for purchasing or building a new home valued at up to $750,000. Additionally, for properties located in regional Victoria, the grant amount increases to $20,000. To qualify, the property must be your principal place of residence for at least 12 months, and you must not have owned any residential property in Australia before.

Buying property in Australia without a deposit is challenging, but some options exist. Some lenders offer no-deposit home loans, typically requiring a guarantor, often a close relative, to secure the loan. Another option is leveraging a government scheme like the First Home Guarantee, which allows eligible buyers to purchase with a deposit as low as 5% under stringent eligibility criteria. However, even with these options, you need to consider other upfront costs like stamp duty, legal fees, and insurance.

First-time buyers in Australia can access a range of assistance programs, including the First Home Owner Grant, which provides financial support for purchasing or building a new home. Additionally, stamp duty concessions or exemptions may be available depending on the state or territory. The federal government’s First Home Guarantee scheme also allows first-time buyers to buy a home with a deposit as low as 5%, with the government providing a guarantee for up to 15% of the loan amount.

Yes, you can rent out your first home in Australia, but there are some considerations to keep in mind. If you’ve received the First Home Owner Grant or other first-time buyer concessions, you may need to live in the property for a minimum period, typically 6 to 12 months, to meet the eligibility criteria. After fulfilling these requirements, you can choose to rent out the property. However, note that renting out your home may have tax implications, particularly concerning capital gains tax and the loss of certain exemptions.

It is recommended that buyers have a deposit of at least 20%, as this will mean you won’t have to pay Lenders Mortgage Insurance (LMI). First home buyers in Sydney with a deposit of only 5%, you may be eligible for the First Home Loan Deposit Scheme.

Yes, in some circumstances first home buyers can access their super to purchase a home. This is known as the First Home Super Saver (FHSS) scheme. It allows you to contribute up to $15,000 each financial year that can later be withdrawn as your deposit (up to a maximum of $50,000). Please contact us for more information on this scheme.

If one partner has previously owned or bought property in Australia and lived in it, it may have an impact on your first-time buyer status when you make a joint application for a mortgage. If they did not live in the property as their primary residence, you may still be eligible for the first home buyers grant in Sydney. Please contact us for more information.

Yes you do! However, under the Stamp Duty Exemption, first home buyers in Sydney currently do not pay stamp duty providing their property is valued at $600,000 or less. Buyers who have purchased properties valued between $600,001 and $750,000 may be eligible for a stamp duty concession.

In order to avoid LMI, you need a deposit of at least 20%. Or did you know some professional do not pay LMI? Want to find out whether your profession is qualified, please contact us for further information.