New First Home Guarantee Assistance Scheme

What this means for sellers in Wagga Wagga - with substantial incentives and savings available to first home buyers, demand and competition in the entry and mid-level markets are expected to increase. For sellers considering listing within this price range, the coming months could be an opportune time to achieve strong results.

From 1 October 2025, the Australian Government will introduce the First Home Guarantee Assistance Scheme, which is currently set to run until 30 June 2026.

Under this initiative, the government will guarantee a portion of a first home buyer’s loan, with no caps on places or income limits. Importantly for our region, the maximum purchase price has been increased to $800,000.

What this means for First Home Buyers in Wagga Wagga, the potential savings are substantial:

• No Lender’s Mortgage Insurance (LMI): $31,407
• No Stamp Duty: $30,375
• Total Savings: $61,782

An overview of Current Schemes & Grants available:

5% Deposit Scheme

• No Lender’s Mortgage Insurance
• Buyers contribute just 5% (or 2% for single parents/legal guardians)
• The government guarantees the balance with participating lenders, enabling finance up to 95–98% of the property value.

Resources:

• Australian Government 5% Deposit Scheme Information Guide.pdf
• Australian Government 5% Deposit Scheme for Single Parents Information Guide.pdf

First Home Super Saver Scheme

• Access up to $50,000 from superannuation to use toward a deposit.
• Contribute up to $15,000 per year, with a lifetime cap of $50,000.
• Withdraw savings plus earnings when ready to purchase a first home.

Resources:

• First home super saver scheme | Australian Taxation Office

First Home Owner (New Homes) Grant

• $10,000 grant for buying or building a brand new home.
• Available in addition to stamp duty savings.
• Property must be valued at $600,000 or less, or $750,000 for house-and-land packages.
• The home must not have been previously occupied.

Resources:

• First Home Owner (New Homes) Grant | Revenue NSW

First Home Buyers Assistance scheme

• A full exemption from transfer duty will be available if you are buying a new or existing home valued up to $800,000
• Homes valued over $800,000 and less than $1,000,000 may qualify for a concessional rate
• An exemption for land valued up to $350,000, if purchasing vacant land on which you intend to build a home
• A concessional rate for land valued over $350,000 and less than $450,000

Resources:

• First Home Buyers Assistance scheme | Revenue NSW