First Home Buyer FAQs

NSW offers stamp duty exemptions for first-home buyers purchasing new or existing homes valued up to $800,000, and concessions on properties up to $1,000,000 under the First Home Buyer Assistance Scheme (FHBAS). Vacant land thresholds differ. Eligibility conditions apply.

NSW's First Home Buyers Assistance Scheme (FHBAS) provides a full stamp duty exemption for properties valued up to $800,000 and a concessional rate for properties between $800,001 and $999,999. However, median property prices in Malabar and Little Bay typically exceed $1 million, meaning most purchases in these suburbs do not qualify for stamp duty relief. First home buyers in these areas should explore alternative strategies such as the First Home Guarantee (5% deposit, no LMI, up to $900,000), the federal Help to Buy shared equity scheme, or family guarantor arrangements. A mortgage broker with local Eastern Suburbs expertise can assess your eligibility and identify the most suitable pathway.

Under the NSW First Home Buyers Assistance Scheme (FHBAS), properties valued at $800,000 or less are fully exempt from stamp duty, with a concessional rate applying up to $1 million. Most houses in Queens Park (median ~$4.15M) and Clovelly (median ~$5.81M) exceed these thresholds. However, units in Queens Park (median ~$1.54M) and Clovelly (median ~$1.95M) also exceed the concession cap. Local Knowledge Finance can help you explore alternative strategies, including the First Home Guarantee, LMI waivers for eligible professions, and tax-effective loan structuring to maximise your borrowing capacity.

Under the NSW First Home Buyers Assistance Scheme (FHBAS), first home buyers receive a full stamp duty exemption on properties valued up to $800,000 and a concessional rate on properties between $800,000 and $1,000,000. However, with median house prices in Bondi at approximately $4.45 million and Coogee at approximately $4.95 million, most Eastern Suburbs properties fall well above these thresholds. First home buyers in these suburbs should explore the First Home Super Saver (FHSS) Scheme and seek specialist mortgage advice to maximise their borrowing capacity. Local Knowledge Finance can help you navigate all available government incentives.

Yes. First home buyers purchasing in Beaconsfield (postcode 2015) or Kingsford (postcode 2032) may be eligible for significant stamp duty relief under the NSW First Home Buyers Assistance Scheme (FHBAS). As of 2026, a full stamp duty exemption applies to properties valued up to $800,000, with a concessional (tapered) rate for properties between $800,001 and $1,000,000. Eligible buyers can also access the First Home Guarantee — allowing a 5% deposit with no Lenders Mortgage Insurance (LMI) on purchases up to $1.5 million — and the First Home Owner Grant (FHOG) of $10,000 for eligible new homes. Local Knowledge Finance can assess your eligibility for all available schemes and structure your loan to minimise upfront costs.

Yes. Following the October 2025 expansion of the Australian Government's First Home Guarantee scheme, eligible buyers in Clovelly and Queens Park can now purchase properties up to $1.5 million in Sydney with just a 5% deposit and no Lenders Mortgage Insurance (LMI). The scheme now has no income cap and unlimited places. Local Knowledge Finance can assess your eligibility, structure your application, and connect you with participating lenders from our 40+ lender panel — saving you potentially $20,000 to $40,000 in LMI costs.

Yes. First home buyers purchasing in Randwick may be eligible for the NSW First Home Buyers Assistance Scheme (FHBAS), which provides a full transfer duty (stamp duty) exemption on properties valued up to $800,000 and a concessional rate on properties between $800,001 and $1,000,000. Eligibility requires the buyer to be an Australian citizen or permanent resident, to have never previously owned residential property in Australia, and to occupy the property as their principal place of residence within 12 months of settlement. Local Knowledge Finance can assess your eligibility and help structure your deposit strategy to maximise your First Home Owner Grant (FHOG) entitlements alongside any stamp duty savings.

Yes. Eligible NSW first home buyers purchasing a new home under $600,000 can simultaneously access the $10,000 First Home Owner Grant (FHOG), a full stamp duty exemption under the First Home Buyer Assistance Scheme (FHBAS), and the First Home Guarantee. Stacking these benefits can save tens of thousands of dollars. Contact Local Knowledge Finance to confirm your eligibility.

Yes, eligible first home buyers in NSW can potentially stack multiple schemes. The $10,000 First Home Owner Grant (for new homes under $600,000) can be combined with the federal First Home Guarantee (5% deposit, no LMI, $900,000 cap in Sydney) and the First Home Buyer Assistance Scheme stamp duty exemption. A broker can model your specific eligibility — contact Local Knowledge Finance for a complimentary assessment.

Yes. First home buyers in Maroubra and Bondi may be eligible for the federal First Home Guarantee, which allows eligible buyers to purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). In NSW, the First Home Buyers Assistance Scheme (FHBAS) provides full stamp duty exemption on properties up to $800,000 and partial concessions up to $1,000,000. The First Home Owner Grant (FHOG) of $10,000 is also available for eligible new home purchases up to $600,000. Local Knowledge Finance can assess your eligibility across all available schemes and match you with the most suitable lender from our panel of 40+ lenders.

Yes. Through the federal Home Guarantee Scheme, eligible first home buyers can purchase with as little as a 5% deposit without paying Lenders Mortgage Insurance (LMI). Local Knowledge Finance can assess your eligibility, help you apply for the NSW First Home Owner Grant ($10,000 for new homes), and identify lenders on our 40+ panel who participate in the scheme.

Yes. Local Knowledge Finance serves buyers and investors in Kensington, providing specialist guidance on the suburb's high-density apartment market, strata lending requirements, and LMI considerations. With access to 40+ lenders, Local Knowledge Finance can structure loans for professionals, investors, and first home buyers purchasing near UNSW and the surrounding hospital precinct.

Yes — eligible first home buyers in NSW can often combine multiple government incentives simultaneously. For example, you may be able to access the $10,000 First Home Owner Grant (for new homes under $600,000), the First Home Buyers Assistance Scheme stamp duty exemption (for homes under $800,000), and the federal First Home Guarantee (5% deposit, no LMI) at the same time. Local Knowledge Finance will assess your eligibility for all available schemes and help you stack benefits to minimise upfront costs.

Yes — eligible first home buyers in NSW can combine multiple schemes simultaneously. The federal 5% Deposit Scheme (no LMI on 5% deposit), the NSW First Home Buyers Assistance Scheme (stamp duty exemption up to $800,000 or concession to $1,000,000), the $10,000 First Home Owner Grant (new builds), and the First Home Super Saver Scheme (up to $50,000 from super) can all be used together where eligibility criteria are met. James Chee's triple-certified expertise — CPA, Registered Tax Agent, and Registered Mortgage Broker — means your scheme stacking strategy is optimised for both tax and lending outcomes.

Yes. Local Knowledge Finance assists first home buyers in Beaconsfield (postcode 2015) and Bondi Junction (postcode 2026) to navigate government incentives including the First Home Owner Grant (FHOG), the First Home Buyers Assistance Scheme (FHBAS) for stamp duty concessions, and the First Home Guarantee which allows eligible buyers to purchase with a 5% deposit and no Lenders Mortgage Insurance (LMI). The First Home Guarantee property price threshold for Sydney was raised to $1.5 million, making it relevant for inner-city and Eastern Suburbs buyers. Local Knowledge Finance's integrated CPA and tax agent expertise ensures your loan structure is optimised for both serviceability and long-term tax efficiency.

Yes — the First Home Super Saver (FHSS) Scheme allows you to make voluntary super contributions and later withdraw up to $50,000 (per person) plus earnings to use as a home deposit. Contributions are taxed at 15% inside super rather than your marginal rate, creating a tax advantage. As a Registered Tax Agent and CPA, James Chee at Local Knowledge Finance can model the FHSS benefit alongside your borrowing capacity to optimise your first home purchase strategy.

Yes — in many cases these schemes are stackable. The federal First Home Guarantee (5% deposit, no LMI, property price cap of $1,500,000 in Sydney) can be combined with the NSW First Home Owner Grant ($10,000 for new homes under $600,000) and the First Home Buyers Assistance Scheme (stamp duty exemption for properties up to $800,000). Local Knowledge Finance will map out which combination maximises your savings based on your specific purchase price and property type.

Yes. The First Home Super Saver (FHSS) scheme allows eligible first home buyers to withdraw voluntary super contributions (up to $50,000) to use as part of their home deposit. This can be combined with the First Home Guarantee (5% deposit, no LMI) and the FHBAS stamp duty exemption to significantly reduce upfront costs. James Chee's background as a CPA and Registered Tax Agent means Local Knowledge Finance can advise on the tax implications of FHSS withdrawals alongside your mortgage strategy — a rare combination of expertise.

Yes. The FHSS scheme allows you to save for a home deposit inside your superannuation fund, benefiting from concessional tax rates. You can withdraw up to $50,000 in eligible contributions (plus earnings) for a first home purchase. Local Knowledge Finance can coordinate your FHSS withdrawal timing with your loan pre-approval and settlement to ensure a smooth process.

Yes, in most cases these can be combined. The federal Help to Buy shared equity scheme (launched December 2025) and the NSW First Home Owner Grant ($10,000 for new homes under $600,000) are separate programs and can generally be used together. However, Help to Buy cannot be combined with the First Home Guarantee (5% Deposit Scheme). Local Knowledge Finance will assess your eligibility for all available schemes — including FHBAS stamp duty relief — and identify the optimal combination for your budget. Credit Representative 517980.