{"id":427,"date":"2023-09-19T07:21:55","date_gmt":"2023-09-19T07:21:55","guid":{"rendered":"https:\/\/justimaginefinance.com.au\/?p=427"},"modified":"2025-07-15T03:01:05","modified_gmt":"2025-07-15T03:01:05","slug":"how-to-use-government-grants-to-buy-a-property-in-nsw","status":"publish","type":"post","link":"https:\/\/justimaginefinance.com.au\/?p=427","title":{"rendered":"How to use government grants to buy a property in NSW"},"content":{"rendered":"<h3>Getting into the property market quicker.<\/h3>\n<p>NSW is a fantastic place to call home, but we also have some of the highest property prices in the country. So, owning a slice of the Australian dream can feel like an impossible goal.<\/p>\n<p>Thankfully, the federal and state government recognise this. They have several first home buyer grants and schemes to help you break into the property market faster.<\/p>\n<p><b>First Home Owner Grant (FHOG)<\/b><\/p>\n<p>Got your eye on a new build? The NSW government may help you with a $10,000 grant \u2013 provided you meet certain eligibility criteria.<\/p>\n<p>These include:<\/p>\n<ul>\n<li>Buying a new property or a substantially renovated home with a value under $600,000<\/li>\n<li>Buying land and building a new home that has a combined value of less than $750,000<\/li>\n<\/ul>\n<p>More details can be found <a href=\"https:\/\/www.revenue.nsw.gov.au\/grants-schemes\/first-home-buyer\/new-homes\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p><b>First Home Loan Deposit Scheme (FHLDS)<\/b><\/p>\n<p>Normally, you need to save for a 20% deposit to avoid paying thousands of dollars in lender\u2019s mortgage insurance (LMI). LMI is a one-off charge that\u2019s added to your home loan to protect the lender should you subsequently default on your repayments.<br \/>\nBut, under the FHLDS, the federal government guarantees up to 15% of your home loan. This means you need as little as 5% for your deposit.<\/p>\n<p>To qualify, you need to be an Australian citizen aged 18 or over. You need to be buying as an owner-occupier and income caps apply. Full eligibility criteria can be found <a href=\"https:\/\/www.nhfic.gov.au\/what-we-do\/fhlds\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p><b>HomeBuilder\u00a0<\/b><\/p>\n<p>The federal government rolled out HomeBuilder as a direct response to the pandemic. As a result, it\u2019s temporary \u2013 so you\u2019ll need to act fast to take advantage of a $15,000 grant to buy a new build.<\/p>\n<p>To qualify:<\/p>\n<ul>\n<li>Enter into a contract before 31 March 2021 to buy a newly constructed home valued at no more than $950,000<\/li>\n<li> Your annual taxable income must be below $125,000 for an individual or $200,000 as a couple<\/li>\n<\/ul>\n<p>See the full eligibility requirements <a href=\"https:\/\/www.revenue.nsw.gov.au\/grants-schemes\/homebuilder\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p><b>First Home Buyer Assistance Scheme (FHBAS)<\/b><\/p>\n<p>Stamp duty can add tens of thousands of dollars to your upfront costs when buying a property. But, as a first home buyer, you can apply for an exemption or concession on stamp duty under the FHBAS.<\/p>\n<p>Even better, the price caps on new builds have been temporarily lifted until 31 July 2021. This means more properties are eligible for stamp duty exemptions or concessions.<br \/>\nSee the thresholds and eligibility requirements <a href=\"https:\/\/www.revenue.nsw.gov.au\/grants-schemes\/first-home-buyer\/assistance-scheme\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n<p><b>How to use these government grants to buy your first home<\/b><\/p>\n<p>Now, you\u2019re probably wondering if you can apply for multiple grants and schemes.<\/p>\n<p>The good news? Yes, you can \u2013 if you meet all the eligibility criteria and deadlines.<\/p>\n<p>For example, imagine you want to buy a $600,000 new build. To avoid paying LMI, you\u2019ll need to save up for a 20% deposit or $120,000. But get a FHLDS place and you only need to stump up a 5% deposit or $30,000.<\/p>\n<p>That\u2019s $90,000 you don\u2019t need to come up with, knocking years off your saving time.<br \/>\nNext, qualify for FHOG and HomeBuilder grants and you\u2019ll get a $25,000 boost to your bank balance.<\/p>\n<p>Finally, comes the stamp duty exemption \u2013 saving you $22,000 in transfer duty.<\/p>\n<p>All in all, that\u2019s a significant saving.<\/p>\n<p>But, getting the government grants to align \u2018just so\u2019 can be challenging. Just Imagine Finance can help make it happen. Call us on 0414 673 359 or book a call by filling out our <a href=\"https:\/\/justimaginefinance.com.au\/contact\" target=\"_blank\" rel=\"noopener\">online form<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Getting into the property market quicker. NSW is a fantastic place to call home, but we also have some of&hellip; <a class=\"more-link\" href=\"https:\/\/justimaginefinance.com.au\/?p=427\">Continue reading <span class=\"screen-reader-text\">How to use government grants to buy a property in NSW<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-427","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to use government grants to buy a property in NSW - Just Imagine Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/justimaginefinance.com.au\/?p=427\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to use government grants to buy a property in NSW - Just Imagine Finance\" \/>\n<meta property=\"og:description\" content=\"Getting into the property market quicker. 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