Government Assistance.

 

The following is the government assistance schemes
that First Home Buys may be eligible to receive:

 

FIRST HOME LOAN DEPOSIT SCHEME - https://www.nhfic.gov.au/what-we-do/fhlds/
 

This is a new scheme introduced by the Federal Government where First Home Buyers only need to have 5% in genuine savings of the purchase price. The other 15% to make up your 20% deposit is guaranteed by the government allowing you to avoid Lenders Mortgage Insurance. The scheme allows for purchases up to $700,000 in Sydney. There are a limited number of places available on this scheme and you have to make a reservation to see if places are still available. You can read all about it at the link above.

 
FIRST HOME OWNERS GRANT * -
https://www.revenue.nsw.gov.au/grants-schemes/previous-schemes/first-home-owner-grant
 

This is a grant from the NSW Government to assist First Home Buyers with their purchase. The Grant is $10,000 but has the following restrictions:
 

• A newly constructed home or a substantially renovated home having a total value less than $600,000.
• Land for building and any dwelling you intend to build has a combined value less than $750,000.

 

FIRST HOME BUYER ASSISTANCE SCHEME * -
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme
 

This is a scheme offered by the NSW Government to either waive or reduce the Purchase Stamp Duty on new and existing homes or vacant land also with certain limits. The above link will explain what those limits are.
 
* Depending on what you decide to buy, whether it be a new or existing home or decide to build on vacant land, you will get either both or one of the these.