finance
Sydney first home buyer grants and stamp duty changes
NSW and federal schemes set price caps and deposit requirements for eligible Sydney buyers.
How we reported this
NSW offers a $10,000 First Home Owner Grant exclusively for newly built, substantially renovated, or house-and-land packages where the new home is valued at or below $600,000 or the land plus home package is valued at or below $750,000.
Eligible first home buyers in Sydney receive a full stamp duty exemption on new or existing homes valued up to $800,000, with a partial concession for homes valued between $800,001 and $1,000,000.
The federal First Home Guarantee allows buyers to purchase with a 5% deposit and no Lenders Mortgage Insurance, with the Sydney property price cap raised to $1.5 million.
The federal Help to Buy shared equity scheme requires only a 2% deposit by allowing the government to co-own up to 40% of new builds or 30% for existing homes, with a Sydney price cap of $1.3 million and income caps of $100,000 for individuals or $160,000 for couples.
The First Home Buyer Choice scheme in NSW allows buyers to opt for an annual property tax instead of stamp duty for eligible homes up to $1.5 million.
Sources: perplexity-sonar.
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