top of page

First home buyers: Just how many smashed avo's on toast can these government incentives cover?

The NSW Government changes its grants and schemes for home buyers every now and then so for your information, the following incentives are currently available:

1. First Home Buyer's Assistance scheme (FHBA)- for an exemption or concession for stamp duty; and

2. First Home Owner's (New Homes) Grant (FHOG)- for a $10,000 lump sum payment.

It is important to understand the difference, and whether they will help you in your specific circumstances. Many people are drawn to these incentives as they seem like 'bonus money' or a way to soften the pinch when buying your first property. Apparently for millennials, this could mean reducing the amount of 'smashed avocado on toast' to sacrifice.

Jokes aside, the basis for these incentives is to encourage more home owners, and to encourage new homes to be built. As a result, this should lead to more property supply as well as a shift from property ownership from investors to owner occupiers.

If eligible, the FHBA will be applied to your stamp duty and you must move into the property within 12 months of buying the property, for at least 6 months. For  more eligibility requirements for the FHBA, see .

If you have previously owned a property within Australia, you will not be able to apply for the FHBA but may still be able to apply for the FHOG if you have not lived in the property you owned continuously for 6 months. This can be applied for by your banker/broker as part of your loan process, or applied after the property purchase settles. For more eligibility requirements, see

Having looked at the eligibility requirements and purchase price caps, there may only be certain property in certain areas which you can apply these incentives. Some other factors to consider include:

1. If you had rented out this property for a period of 6 months (instead of living in it), would the total rent received be higher than the total amount you might receive from the incentives?

2. If an eligible property is not in a convenient area to you, is it viable to spend time and travel money commuting to and from home?

3. What other aspects will you be sacrificing just to apply for these incentives such as negative gearing tax benefits or getting a foot in the market?

MyProperty Conveyancer neither encourages nor discourages any potential buyers from applying for these incentives, or buying property at all - only that you are informed and have made enquiries to satisfy yourself before making these decisions.

3 views0 comments

Recent Posts

See All

Temporary Closure

Thank you to our many clients and business partners for your support over the years. We will be temporarily closed for the next few months as our principal takes time off to welcome a new baby. Any ex


bottom of page