First Home in 2024

First Home Buyers

There are several Government Schemes to assist First Home Buyers to get in to your first home. The latest one started on 16th January 2023 - NSW First Home Buyers Choice.

The schemes available are:

Click on any of the scheme links above to learn more about them.

On top of all these there are other options that family may be able to assist you with including Family Guarantees.


Stamp Duty Waiver Discounts

For Established or New homes

  • No Stamp Duty for homes up to $650,000
  • Discounted Stamp Duty for purchases between $650,000 and $800,000.

Vacant Land

  • No Stamp Duty unto $350,000 (land purchase price)
  • Discounted Stamp Duty for $350,000 to $450,000 purchase price.

For more information, please visit NSW Revenue Office’s website.

NSW First Home Buyers Choice

This new scheme started on 16th January 2023.

If you are a first home buyer purchasing a property between $650,000 and $1,500,000 you now have the choice of paying the normal up-front first home buyers stamp duty or paying an annual property tax

Click here for more information.

NSW Shared Equity Scheme

The NSW Government will contribute a proportion of the purchase price of your new property in exchange for an equivalent interest in the new property.

With this scheme, the NSW government will have joint ownership of the property.

NSW First Home Buyers Grant

The Grant is $10,000

With this scheme, when you

  • Purchase a new House and Land package for less than $750,000 or
  • Construct a NEW dwelling with a value less than $600,000

The NSW government will give you a grant of $10,000 to assist.

First Home Guarantee Scheme

(Previously called the First Home Loan Deposit Scheme)

This scheme enables you to get a home loan with a deposit of 2% to 5% and avoid the need to pay for Lenders Mortgage Insurance.

Beginning in financial year 2022-23, the government provides a total of 60,000 places each year under the various schemes: 

  • 35,000 total places a year under the First Home Guarantee
  • 5,000 additional places a year under the Family Home Guarantee, from 1 July 2022 to 30 June 2025
  • 10,000 places under the Help to Buy Scheme
  • 10,000 places under a planned Regional First Home Buyer Support Scheme expected to start in January 2023.

Which lenders are participating in the First Home Loan Deposit scheme?

Not all banks and lenders will take part in the scheme.

National Australia Bank (NAB) and Commonwealth Bank (CBA) are the only major banks to offer loans under the scheme.

The rest of the lending panel is made up of non-major lenders.

Here’s the full list of lenders on the panel:

  • Australian Military Bank
  • Auswide Bank
  • Bank Australia
  • Bank First
  • Bank of us
  • Bendigo Bank
  • Beyond Bank Australia
  • Commonwealth Bank
  • Community First Credit Union
  • CUA
  • Defence Bank
  • Gateway Bank
  • G&C Mutual Bank
  • Indigenous Business Australia
  • Mortgageport
  • MyState Bank
  • National Australia Bank
  • People’s Choice Credit Union
  • Police Bank (including the Border Bank and Bank of Heritage Isle)
  • P&N Bank
  • Queensland Country Credit Union
  • Regional Australia Bank
  • Sydney Mutual Bank and Endeavour Mutual Bank (divisions of Australian Mutual Bank)
  • Teachers Mutual Bank Ltd (including Firefighters Mutual Bank, Health Professionals Bank, Teachers Mutual Bank and UniBank)
  • The Mutual Bank
  • WAW Credit Union

According to the NHFIC, members of the panel were chosen based on:

  • Competitiveness of offerings
  • Geographic reach
  • Customer care
  • Ability to meet the deadline for the implementation of the scheme
  • Additional lenders may be added to the panel periodically after the scheme launches.

If you’d like more information on the scheme, please contact us, to organise a chat with one of our experienced mortgage brokers.


First Home Super Saver Scheme

The First Home Super Saver Scheme allows first-home buyers to save a deposit for their first home inside their super account, to take advantage of the concessional tax treatment. 

Under the scheme, the government has increased the total amount of savings borrowers can release from super to make a deposit on a home from $30,000 to $50,000.

You’ll need a determination letter from the ATO (Australian Taxation Office) specifying the amount that can be released from your super to use as a deposit for a home loan.

Scroll to Top