To help improve housing affordability there are a number of packages and schemes to assist first home buyers getting into the market. Below is what's currently on offer (as of January 2020):
First Home Loan Deposit Scheme (FHLDS)
Implemented from 1 January 2020, this scheme provides a guarantee that will allow eligible first home buyers to purchase a home with a deposit of as little as 5 per cent. Find out more information at https://www.nhfic.gov.au/what-we-do/fhlds/
First Home Super Saver Scheme
This scheme allows you to voluntarily contribute up to $30,000 to your super and withdraw this amount (plus earnings, less tax) to buy your first home. More info here https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/First-Home-Super-Saver-Scheme/
Under the NSW Government schemes, first home buyers may also be eligible for:
• No payment of transfer duty for homes valued up to $650,000
• Reduction in transfer duty for homes between $650,000 and $800,000
• $10,000 grant for those building new homes up to $750,000 or purchasing new homes up to $600,000
• No insurance duty on lenders’ mortgage insurance
• No transfer duty on vacant land up to $350,000 and concessions for vacant land from $350,000 to $450,000.
To find out more go to https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
Conditions and eligibility criteria apply.