Buying your first home in New South Wales? The First Home Buyers Grant NSW (also known as the First Home Owner Grant NSW) could provide the financial boost you need.
The NSW First Home Buyers Grant offers $10,000 to eligible first-time buyers purchasing or building a new home. Let’s break down everything you need to know about the First Home Buyers Grant in NSW, including eligibility, the application process, and how Coral Homes can help you build your dream home.
What is the First Home Buyers Grant NSW?
The First Home Buyers Grant NSW is a government initiative designed to assist first-time buyers by providing $10,000 towards the purchase or construction of a new home. This one-time grant aims to make homeownership more accessible by reducing upfront costs.
Who is Eligible for the First Home Buyers Grant in NSW?
To qualify for the NSW First Home Buyers Grant, you must meet specific applicant, property, and residency requirements.
Applicant Eligibility:
- At least one applicant must be an Australian citizen or permanent resident.
- Applicants must be natural persons (not a company or trust).
- You must be at least 18 years old.
- Neither you nor your spouse/de facto partner can have previously received a First Home Buyers Grant in Australia.
Property Eligibility:
- The home must be newly built, off-the-plan, or substantially renovated.
- If buying a new home, the purchase price must not exceed $600,000.
- If building a home, the combined cost of land and construction must not exceed $750,000.
Residency Requirements:
- You must live in the home for at least six continuous months within the first year of settlement or construction completion.
There is currently no income cap for the NSW First Home Buyers Grant, making it accessible to a wide range of buyers.
For the latest eligibility requirements, check the NSW Government website or consult a financial professional.
How Much is the First Home Buyers Grant in NSW?
The First Home Buyers Grant in NSW provides $10,000 to eligible buyers. While this amount may not cover the full cost of your home, it can significantly reduce your upfront expenses, such as:
- Contributing to your deposit to reduce the size of your home loan.
- Covering legal and settlement fees associated with purchasing property.
- Offsetting construction or furnishing costs when building a new home.
Unlike a loan, this grant does not need to be repaid, making it a valuable financial boost for first-time buyers.
Buying vs Building with the First Home Buyers Grant NSW
One of the key advantages of the NSW First Home Buyers Grant is that it supports both buying and building a home. Take a look below at the key differences.
Building a New Home
If you choose to build your first home, the combined cost of the land and construction must not exceed $750,000. Building a home offers:
- Greater flexibility and customisation – Personalise your home design, layout, and features.
- Improved energy efficiency – Reduce long-term costs with sustainable, modern designs.
- Lower maintenance – Enjoy a brand-new home with fewer repairs.
Explore our home designs to find the perfect layout for your new home. We also have affordable house and land packages that qualify for the NSW first home owners grant.
Buying a New Home
If you’re purchasing a newly built home, the total property price must be $600,000 or less to qualify for the grant. Eligible properties include:
- New houses, apartments, townhouses, and duplexes that have never been lived in.
- Off-the-plan properties where the home is still under construction.
- Substantially renovated homes, provided they have not been occupied since renovations were completed.
How to Apply for the First Home Buyers Grant in NSW
Applying for the First Home Buyers Grant NSW is a straightforward process. Follow these steps to secure your grant:
- Check your eligibility – Ensure you meet the requirements outlined above.
- Gather required documents – This includes proof of identity, contract of sale or building contract, and evidence of occupancy.
- Complete the application form – Available through Revenue NSW or your financial institution.
- Submit your application – If using a home loan, apply through your bank or lender. Otherwise, submit directly to Revenue NSW.
For more details, visit the official NSW Government website.
How Coral Homes Can Help First Home Buyers in NSW
At Coral Homes, we specialise in helping first home buyers in NSW build high-quality, affordable homes. With over 35 years of experience, we offer:
- A wide range of home designs to suit different budgets and lifestyles.
- Expert guidance on building with the First Home Buyers Grant.
- Access to our MyChoice Selection Showroom, where you can personalise every detail of your new home.
Check out our display homes to see our designs in person.
Start Your First Home Journey with Coral Homes
The First Home Buyers Grant NSW is a fantastic opportunity to secure financial assistance when buying or building your first home. Whether you’re looking for a newly built home or planning a custom build, Coral Homes can help you navigate the process with expert guidance.
Take the first step toward homeownership today. Contact Coral Homes to explore your options and turn your dream home into a reality.
First Home Buyers Grant NSW FAQs
Can I use the First Home Buyers Grant for an existing home?
No, the grant is only available for newly built homes, off-the-plan properties, or substantially renovated homes.
Does the grant cover stamp duty?
No, but first home buyers in NSW may qualify for stamp duty exemptions or concessions under the First Home Buyer Assistance Scheme.
Can I combine the First Home Buyers Grant with other incentives?
Yes. Many buyers combine the First Home Buyers Grant with stamp duty exemptions or other government grants to maximise savings. You can also combine it with our Designer Solutions option one price reduction, take a look at all our available offers.
Start Your First Home Journey with Coral Homes
The First Home Buyers Grant NSW is a fantastic opportunity to secure financial assistance when buying or building your first home. Whether you're looking for a newly built home or planning a custom build, Coral Homes can help you navigate the process with expert guidance. Take the first step toward homeownership today. Contact Coral Homes to explore your options and turn your dream home into a reality.
