First Home Buyer
Information

Are you a First Home Buyer in Wagga or the Riverina ?

Buying your first home is a significant milestone. The journey to buying your first home can seem overwhelming. There is the obvious financial commitment plus confusing jargon and you’re dealing with real estate agents and conveyancers for the first time. Below, I break down all the incentives, schemes, grants and stamp duty concessions available for First Home Buyers in Wagga and the Riverina.

Currently, the magic number in regional NSW is $750,000. If you purchase below this amount, you may be eligible to buy with a 5% deposit and pay zero stamp duty.

Regional First Home Buyer Guarantee (RFHBG)

This is the most popular incentive for First Home Buyers. Under the ‘Home Guarantee Scheme’. The RFHBG enables eligible regional home buyers to buy a home with a 5% deposit without paying Lenders Mortgage Insurance. There are 10,000 places available from 1 July 2024 to 30 June 2025. Applies to properties up to $750,000 in regional NSW. Eligibility criteria includes:

• an Australian citizen(s) or permanent resident(s)* at the time they enter the loan

• at least 18 years of age

• earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office) 

• intending to be owner-occupiers of the purchased property  

• home buyers who have not previously owned, or had an interest in, a real property in Australia (this includes owning land only) or in the ten years prior to the date they execute their home loan. 

Stamp Duty Concession

Known as the First Home Buyers Assistance scheme. In NSW, you can receive a full exemption from paying stamp duty on a purchase up to $800k. If the purchase price is between $800k - $1 million you may receive a concessional rate, or partial discount. If you are purchasing vacant land on which you intend to build a home, you may receive an exemption for land valued up to $350,000 and a concessional rate for land valued over $350,000 and less than $450,000. Eligibility criteria applies.

First Home Owner (New Homes) Grant

A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.

Your first new home can be a house, townhouse, apartment, unit or similar that is newly built, purchased off the plan or substantially renovated.

If you purchase a newly built house, townhouse, apartment, unit or similar the purchase price must not exceed $600,000.

If you purchase vacant land and sign a building contract with a builder then we add the value of the vacant land plus the value of the comprehensive home building contract plus the cost of any building variations done together. The total combined cost must not exceed $750,000.

The First Home Owner Grant may be paid in addition to other exemptions or concessions for eligible homebuyers.

First Home Super Saver Scheme

The First Home Super Saver Scheme allows you to save money faster within your superannuation as these contributions are taxed at a lower rate than your income tax. You can contribute up to $15,000 per year and $50,000 in total. Couples can save up to $100,000 combined. It is recommended you speak with an accountant to better understand the benefits and regulations of this scheme.

Properties under $750k in Wagga Wagga + Surrounds

To see properties available in Wagga + Surrounds for under $750k, click here.