Government Schemes

What support can I get from the government to help me buy an apartment sooner?

Both the NSW government and federal governments have unveiled a wide range of schemes, loans and grants to help people, especially first home buyers, get into the property market.

Many of these initiatives, such as the state’s new rules on transfer (stamp) duty, will make a huge difference to anyone buying an off the plan apartment in Sydney, while new entrants have access to a wide range of assistance programs, such as the $10,000 First Home Grant. Most of ALAND’s current pipeline of new apartments in Schofields (Jasmine), Merrylands (The Gladstone Village), St Marys (Carson on the Park) and Gosford (Archibald by ALAND) falls under the price ceiling set by the government, meaning that prospective buyers will be able to apply for exemptions from transfer duty, one-off grants and other assistance. Under the First Home Guarantee, for example, you might be able to buy a brand-new ALAND apartment with as little as a 2% deposit. To see what you might qualify for, please keep reading.

First Home Buyers Assistance Scheme

From 1 July 2023, a full exemption from transfer duty was introduced by the NSW Government on properties valued up to $800,000, meaning most first home buyers will not need to pay transfer (or stamp) duty when they buy an apartment.

Outline

– Threshold for transfer duty exemptions raised from $650,000 to $800,000.

Exemptions apply for property valued from $800,000 to $1 million.

– First home buyers save $31,090 in transfer duty when buying an apartment valued at $800,000.

Applicant eligibility

must be an individual, not a trust

must move into the property within 12 months of exchanging contracts

– live in the property for at least 12 months from purchase

must be aged over 18 years

– never owned property in Australia

at least one of the first home buyers must be an Australian citizen or permanent resident.

ALAND product

Archibald by ALAND, Gosford

– The Gladstone Village, Merrylands

Carson on the Park, St Marys

Paramount on Parkes, Parramatta

– The Emerald, Campbelltown

– Schofield Gardens, Schofields

First Home Owner Grant

The NSW Government provides grants of $10,000 for the purchase of new or substantially renovated homes in NSW.

Outline

Grants apply to off the plan apartments.

Purchase price of property must not exceed $600,000.

– Applicants must not have received the First Home Owner Grant before.

– Applicants must occupy the home as their principal place of residence within 12 months.

– Members of the Australian Defence Force enjoy special exemptions from residence requirements.

Applicant eligibility

– at least one applicant must be a permanent resident or Australian citizen

must be at least 18 years of age

– be an owner-occupier, not an investor

– purchase as a person, not as a company or trust – applicant, spouse, partner or co-purchaser must not have previously owned a home before 1 July 2000.

ALAND product

– Archibald by ALAND, Gosford

The Gladstone Village, Merrylands

Carson on the Park, St Marys

– Paramount on Parkes, Parramatta

– The Emerald, Campbelltown

Schofield Gardens, Schofields

First Home Guarantee

Buy your home with as little as 5% deposit and enjoy an exemption from Lenders Mortgage Insurance.

Outline –

Applicants must not have owned property in Australia before or not owned for the past 10 years.

35,000 loans available each financial year. –

The scheme applies to off the plan apartments.

– Applicants must intend to be owner-occupiers.

Applicant eligibility

– must have a deposit of at least 5% in genuine savings

– must be Australian citizens, aged 18 or over

– should be single people or couples

– individual applicants must earn $125,000 per annum

– couples must have a combined income of at least $200,000 a year.

ALAND product

– Archibald by ALAND, Gosford – The Gladstone Village, Merrylands

– Carson on the Park, St Marys

– Paramount on Parkes, Parramatta – The Emerald, Campbelltown – Schofield Gardens, Schofields

Shared Equity Home Buyer Helper

The NSW Shared Equity Home Buyer Helper assists eligible single parents, older single people and key workers.

Outline

The NSW Government will pay up to 40% of the purchase price of an eligible property, retaining it as equity for as long as you are eligible for Shared Equity or until you sell the property.

Participants must buy a home in NSW. The maximum property price you can purchase up to is determined by the home’s location: $950,000 in Sydney and major regional centres.

Eligible applicants include single parents with at least one dependent child, single people aged 50 years and over and first home buyers who are employed as key workers.

Applicant eligibility

– must be at least 18 years of age

– Australian or New Zealand citizens, or permanent Australian residents

– applicants must demonstrate their ability to save over time, and have a minimum deposit of 2% of total price

– at least one of the purchasers must be ready to occupy the property as their principal place of residence

– applicants must not currently own any land or property

– must not be able to service the mortgage without the government contribution

– must not earn more than $93,200 (singles) and $124,200 (couples).

ALAND product

– Archibald by ALAND, Gosford – The Gladstone Village, Merrylands

– Carson on the Park, St Marys

– Paramount on Parkes, Parramatta – The Emerald, Campbelltown

– Schofield Gardens, Schofields

Family Home Guarantee

Buy your own home with a deposit as small as 2% and no Lenders Mortgage Insurance.

Outline

The Family Home Guarantee is part of the First Home Guarantee scheme

– Applicants must not currently own a home, but may have owned property in Australia before

5,000 loans available each financial year

– Price caps of $900,000 for properties in NSW in the capital city and regional centre.

Applicant eligibility

– apply as an individual

– a single parent or single legal guardian of at least one dependent

– an Australian citizen or permanent resident at the time they enter the loan

– must be at least 18 years of age

– earning no more than $125,000 per year

– intending to be the owner-occupier of the purchased property – don’t currently own property or intend to own a property in addition to the one they are applying for under scheme.

ALAND product

– Archibald by ALAND, Gosford

– The Gladstone Village, Merrylands

– Carson on the Park, St Marys

– Paramount on Parkes, Parramatta

– The Emerald, Campbelltown

Schofield Gardens, Schofields

Regional First Home Buyer Guarantee

Buy your first home in a regional area with a deposit of as little as 5% without paying Lenders Mortgage Insurance. This Guarantee is not a cash payment or a deposit for a home loan.

Outline

– Loans can be up to 15% of the value of the property.

– The Regional First Home Guarantee is part of the First Home Guarantee scheme.

– Applicants must meet income requirements and other eligibility criteria.

– Applicants should not currently own property or have owned property for at least 10 years.

Applicant eligibility

– must be an Australian citizen aged 18 years or over

must have lived in a regional area for the preceding 12 months

– must have at least a 5% deposit saved, but deposits up to 20% of the value of the property can be required

– single people or couples may apply

– singles can earn up to $125,000 a year, while couples can earn up to $200,000 a year

– Australian capital cities do not qualify as regional areas.

ALAND product

– Archibald by ALAND, Gosford

First Home Super Saver Scheme

Applicant eligibility

– not have owned property in Australia before

– must be at least 18 years of age

– not previously had funds released from superannuation under this scheme

– check with your super fund to ensure that they will release the amount you require under this scheme

Outline

– The scheme only applies to voluntary contributions made to your superannuation savings.

– Employer contributions are not eligible.

– You can save up to $15,000 each financial year inside your super for this purpose. – Total savings within your super can only reach $50,000. – Approval must be sought from the Australian Taxation Office.

– Members of the Australian Defence Force enjoy special exemptions from residence requirements.

– no requirement to be a permanent resident or Australian citizen

– you must occupy the premises you buy for at least six months within the first 12 months of ownership.

ALAND product

– Archibald by ALAND, Gosford

– The Gladstone Village, Merrylands

Carson on the Park, St Marys

Paramount on Parkes, Parramatta

– The Emerald, Campbelltown

– Schofield Gardens, Schofields

Contact us

If you would like more information about any of these government assistance packages or to learn more about one of our exciting projects, get in touch with the ALAND Sales Team on 1800 025 263 or fill out your details via the form here: aland.com.au/contact-us/

A portion of your super can be added to your deposit for a new apartment. Couples, siblings and friends can pool their resources to increase the amount of this deposit.