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The media has extensively covered the housing supply restrictions in New South Wales for the past 18 months, attributing them to various factors such as increased skilled migration, decreased construction commencements and delayed completion dates and ongoing pressures on the construction industry. These challenges are anticipated to intensify as 2024 continues, making the case for apartment ownership over renting more compelling than ever.

Currently, there are 5 schemes or grants accessible to first home buyers in New South Wales:

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

This grant provides $10,000 to first-time buyers purchasing or constructing their first new home, with certain price limitations.

If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.

If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.

NSW First Home Buyer Assistance Scheme:

For new homes valued at less than $800,000, buyers can apply for a full exemption from transfer duty. Alternatively, for homes valued between $800,000 and $1,000,000, a concessional transfer duty rate is applicable. Similar exemptions and concessional rates apply for existing homes and vacant land within specified value ranges.

First Home Super Saver Scheme

This scheme lets you use your superannuation fund to save for your home, which may have tax benefits.

You can apply to use up to $15,000 (of your voluntary contributions only) from any individual financial year, capped at $50,000 in total across all years. Other conditions apply.

NSW Shared Equity Home Buyer Helper:

Designed to aid eligible single parents, individuals over 50 and key worker first home buyers, this scheme offers government assistance of up to 40% of the property's purchase price, meaning you only have to pay a 2% deposit.

The Home Guarantee Scheme:

Under this scheme, eligible first home buyers can secure a home loan with as little as a 5% deposit without needing to pay Lenders Mortgage Insurance, as NHFIC guarantees part of the loan.

These initiatives aim to relieve the financial burden on first-time home buyers and allow them to get a foot on the property market ladder.

To find out if you’re eligible, contact Laver Residential Projects on +61 9197 2933.

For further information click here.