Buying Your First Home? Level Up and Build Your Dream Home with Government Grants!

It’s an exciting time, filled with daydreams of housewarming parties, the smell of freshly cooked meals filling your new kitchen, and movie nights curled up on the couch with the fam (or maybe just a glass of wine). But let’s be honest, those numbers on the price tag can get a little sweaty-palm-inducing.

But there’s good news for new home buyers looking to build a new home or buy a home and land package with New Living Homes. And that’s because there’s a range of first home buyers government grants that can help you bridge the gap between dream and reality.

First Things First: What’s a Home Buyers Grant?

Think of a grant as a helping hand from the government, a little cash injection to ease the burden of buying a house. Even better, you get incentives when you choose to build a new (think dream) home.

Right now, the government is offering three different types of grants for first home buyers in NSW:

• First Home Buyers Assistance Scheme
• First Home Owner (New Home) Grant
• Regional First Home Buyer Guarantee 
  
  

First Home Buyers Assistance Scheme - NSW Government

Imagine this: you and your loved ones, cosied up in your brand new home, that fresh new house smell still in the air. Sounds amazing, right? But the upfront costs of buying and building a new home can feel daunting. Here’s where the NSW First Home Buyers Assistance Scheme comes in (like a superhero with a cape made of savings)!

The First Home Buyers Assistance Scheme offers amazing perks specifically designed to help first-time buyers get on the property ladder:

• Transfer Duty Exemption or Concession:Transfer duty is a fancy term for a tax you pay when you buy property. The First Home Buyers Assistance Scheme can help you score a complete exemption (you don’t pay a cent!) or a reduced rate on this tax, depending on the value of your new home.
  • This can save you THOUSANDS - that’s money for that dream hammock and a good book for lazy afternoons in your sun drenched alfresco!

Here’s a quick breakdown of the First Home Buyers Assistance Scheme benefits:

• For new or existing homes up to $800,000: You pay ZERO transfer duty! Imagine the possibilities - a gorgeous new kitchen for those epic Sunday roasts, a home theatre system for movie nights, or maybe even a contribution to that landscaping project for your dream garden.
• For homes between $800,000 and $1 million: You get a discount on transfer duty (bonus!). This can be a significant saving that you can put towards things like stylish furniture or that perfect housewarming gift for yourself!
• For vacant land up to $350,000: Again, you pay zero transfer duty! This is a great option when looking to build your New Living Homes dream home.
• For vacant land between $350,000 and $450,000: You get a discount on transfer duty (double bonus!).

To be eligible:

• You need to be 18+: Makes sense, you want grown-ups making big decisions like buying a house!
• Live the Aussie Dream: You need to be an Australian citizen or permanent resident.
• Fresh Start, Fresh Home: This grant is for first-time homebuyers – your first official launch pad into the property market!
• Live There, Love There: You need to make this your home for at least a year. It’s all about building memories in your new place.

First Home Owner (New Home) Grant

Imagine this:  You’re pouring over design plans, picking out the perfect kitchen cabinets, and dreaming about transforming a plot of land into your dream home. This grant gives you some extra cash to put towards building that dream.

The First Home Owner (New Home) Grant specifically targets those purchasing or building a brand new home (that no-one’s lived in before). First home buyers who are eligible can receive a $10,000 tax-free grant.

To be eligible, you’ll need to meet a few key requirements:

• Be 18 or Over: This ensures you’re ready to embark on this exciting journey of homeownership.
• Call Australia Home: You’ll need to be an Australian citizen or permanent resident.
• First Time’s the Charm: This grant is for those purchasing their very first home in Australia.
• Make it Your Own: You'll need to plan on living in the new home for at least 12 months. This ensures you’re truly putting down roots in your new place.

The First Home Owner (New Home) Grant can be used when purchasing:

• A home and land package (up to $750,000)
• A new build home (up to $600,000) 

 The Regional First Home Buyer Guarantee

If you're drawn to the charm of a country town and a slower pace of life, the Regional First Home Buyer Guarantee might be for you.

N.B. This program does have income caps and property value limits

This program helps regional Aussies get into their dream homes sooner by allowing them to buy with just a 5% deposit! This is a national scheme, not specific to NSW, and is administered by the Australian Government.

Who can apply?

• Australian citizens or permanent residents
• Those at least 18 years+
• Income under $125,000 for singles or $200,000 for couples (as per tax return)
• First-time homebuyer (no property ownership in the past 10 years)
• A plan to live in the home you buy

The Regional First Home Buyer Guarantee allows eligible first home buyers to purchase a property with a deposit as low as 5% without lenders mortgage insurance.

Imagine spending your weekends exploring local farmers markets, cosy cafes, and hidden hiking trails instead of stressing about saving for a house deposit for your new lifestyle. This scheme allows you to embrace a more relaxed lifestyle and start creating those special memories in your new home right away!

Building Your Dream and Saving (with Grants!)

So there you have it! Whether you choose to build your dream haven from scratch or opt for the convenience of a house and land package with New Living Homes, these three government grants can make a significant difference in your budget.

Remember, the NSW First Home Buyers Assistance Scheme can help you save a big chunk on transfer duty, while the First Home Owner (New Home) Grant provides a cash boost specifically for those buying or building a brand new home. The Regional First Home Buyer Guarantee makes it easier to stay where you love or make the tree change you’re dreaming of.

Taking the next step is easy!

Along with New Living Homes, these grants can help you to build a life, not just a house, recognising the importance of new beginnings, especially when you’re building your first home.

Explore the wide range of house plans and home and land packages offered by New Living Homes and chat to us about how grants can help you bridge the gap between dreams and reality. By building a New Living home with the help of one of these schemes you can focus on creating a lifestyle you love in your new place, rather than stressing about upfront costs. Get in touch with us to find out more!