Buying a first home has been out of reach for last few years for some first home buyers however right now, a unique combination of government support, stamp duty waivers/concessions and current market conditions is creating one of the most favorable environments for first home buyers in years. Whether you’ve been saving for months or just started exploring your options, here is why now is the time to take action.
Massive Government Backing & Savings
The government is actively helping first-time buyers get into the market faster by dramatically cutting down upfront costs.
Stamp Duty Exemptions & Concessions:
Under the First Home Buyer Assistance Scheme (FHBAS) in NSW, you pay $0 in stamp duty on new or existing homes valued up to $800,000. For properties priced between $800,000 and $1,000,000, you receive a generous concessional rate on a sliding scale. (Buying land up to $350k? That’s $0 duty, too!). Other States and territories have various waivers and concessions.
What this means for you: You can save up to $30,000+ in cash upfront, which can go straight toward your deposit or safety buffer.
First Home Owner Grant (FHOG):
Buying or building a brand-new home? You could qualify for a $10,000 grant in NSW (for new homes up to $600,000 or land + build packages up to $750,000).
5% Deposit Schemes (5% Equity / No LMI):
Through the federal government’s Home Guarantee Scheme, eligible first home buyers can purchase with as little as a 5% deposit without having to pay tens of thousands in Lenders Mortgage Insurance (LMI).
Market Bargains & Buyer Advantage:
Beyond government grants, current property market dynamics are heavily favoring motivated buyers:
Less Competition: Many investors and secondary buyers are currently sitting on the sidelines, giving first home buyers more room to negotiate.
Great Value & Bargains: Vendors in several growth pockets and localised markets are pricing properties competitively, creating genuine opportunities to secure a quality home below peak prices.
Lock in Before the Next Surge: Property cycles move quickly. Buying while conditions are stable allows you to establish a foothold before prices pick up again.
How Much Could You Save? (An Example Scenario)
Imagine you buy an established unit or townhouse in NSW for $750,000:
Standard Stamp Duty: ~$28,965
First Home Buyer Stamp Duty: $0
Immediate Out-of-Pocket Cash Saved: ~$28,965
That $28,965 saved stays in your bank account, meaning you don’t need to spend years saving that extra cash before buying!
Your 3-Step Action Plan to Get Started
Navigating government criteria and loan applications can feel complex, but you don’t have to do it alone, We will guide you in every steps;
Calculate Your Borrowing Power: Let’s look at your income, savings, and borrowing capacity to see what price range fits your budget comfortable.
Check Scheme Eligibility: We’ll verify exact threshold eligibility for the stamp duty exemptions, FHOG, and deposit guarantees.
Secure Your Pre-Approval: Get your finance pre-approved so you can make confident offers when you spot a bargain.
Ready to take the first step?
Let’s turn your dream of homeownership into reality. Please contact our Mortgage Broker/Director Anup Munankarmi to discuss your requirement or click here and provide us your details and we will be in touch.
