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:
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 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 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:
