The short answer
As at November 2026, NSW first home buyers can pay no stamp duty on homes up to $800,000 (with a concession up to $1 million), get a $10,000 First Home Owner Grant on eligible new homes, and buy with a 5% deposit and no LMI through the Australian Government 5% Deposit Scheme. Eligibility conditions apply to each.
Stamp duty: the First Home Buyers Assistance Scheme
Eligible first home buyers pay no transfer duty on new or existing homes valued up to $800,000, and a reduced amount on homes between $800,000 and $1 million. For vacant land, the exemption applies up to $350,000 and the concession up to $450,000.
You must be at least 18, an Australian citizen or permanent resident, and move in within 12 months and live there for at least 12 months.
The $10,000 First Home Owner (New Homes) Grant
A one-off $10,000 grant for first home buyers who buy or build a new home. The cap is $600,000 for a newly built home (including off-the-plan) and $750,000 for a house and land package. Existing homes are not eligible. You must live in the home for at least 12 months.
The 5% Deposit Scheme
This Australian Government scheme lets eligible buyers purchase with a 5% deposit without paying LMI. The government guarantees part of the loan to the lender. As at November 2026 the property price cap is $1.5 million in Sydney and NSW regional centres and $800,000 elsewhere in NSW, with no income caps. You must use a participating lender and live in the property.
Can I combine them?
Often, yes. A buyer of a new home under $600,000 could, for example, use the 5% Deposit Scheme, pay no stamp duty and receive the $10,000 grant. Each program has its own conditions, so check your eligibility before signing a contract. We check this as part of every first home buyer conversation.
Frequently asked questions
Rules differ between programs. Some look only at Australian property and some look at property anywhere. The 5% Deposit Scheme also allows buyers who have not owned property in Australia in the last 10 years. Check the specific program rules.
Yes. Governments review them, often at budget time. The figures here are as at November 2026. Always confirm on the official website before you buy.
Sources
Related
General information only. It does not take into account your objectives, financial situation or needs. Lender criteria vary and approval is at the lender's discretion. Homestead is a mortgage broker, not a lender. Last updated 2026-11-04.