First Home Buyers

Home Loans

Looking to buy your next property? Whether you’re upgrading, relocating, or investing, we’re here to help you make the most of your next move. At Big Bear Wealth, we take the time to understand your goals and structure your next home loan with clarity, confidence, and strategy—so you can grow with peace of mind.

Who Is It For

Whether you’re moving into a larger home, relocating, buying a holiday property, or expanding your investment portfolio, a next home loan is the key to keeping your momentum going—without unnecessary stress or over complication.

We help:

• Growing families needing more space.
• Homeowners relocating for lifestyle or work.
• Investors purchasing their second or third property.
• Clients leveraging equity in an existing home.

First Home Buyers

Buying your first home is a big milestone — and we’re here to make it simple. At Big Bear Wealth, we guide first home buyers through every step of the journey, from understanding government schemes to securing the right loan with confidence and clarity.

How We Help

We break the process down into simple, easy-to-understand steps so you feel confident at every stage. Our role is to:

• Help you understand your borrowing capacity
• Explain loan types, interest rates, and repayment options
• Assist with first home buyer grants and government schemes
• Compare loans across 40+ lenders to find the best fit
• Prepare and submit your loan application
• Support you right through settlement and beyond

Our First Home Process

1. Initial Chat — We get to know you, your goals, and how much you can comfortably borrow.
2. Pre-Approval — We secure a lender pre-approval so you can house-hunt with confidence.
3. Government Grants Check — We review all available first home buyer assistance and submit applications where eligible.
4. Loan Match & Application — We compare lenders and submit your application for formal approval.
5. Settlement & Ongoing Help — We guide you through settlement and remain in touch for future reviews and support.

Who Qualifies?

To access first home buyer benefits and government schemes, certain criteria must be met. While requirements vary depending on the specific grant or program, here’s a general guide:

• You’re 18 years or older
• You’re an Australian citizen or permanent resident
• You’ve never owned property in Australia (including investment property)
• You’re buying or building your first home to live in (not rent out)
• You meet the purchase price limits set by the program
• You intend to live in the property as your principal place of residence

NSW State Government Grants & Schemes

The NSW Government offers powerful stamp duty savings and grants specifically for first home buyers in the state.

1. First Home Buyers Assistance Scheme (FHBAS) — Stamp Duty Exemption

What it is: A full exemption or significant discount on stamp duty (also called transfer duty) — one of the biggest upfront costs of buying a home.

How it helps: This can save you tens of thousands of dollars when you buy your first home.

Who Qualifies:

• First home buyers who are Australian citizens or permanent residents
• Homes (new or existing) up to $800,000 are completely stamp duty-free
• Between $800,000–$1,000,000, you’ll pay a reduced concessional rate
• For vacant land, full exemption applies up to $350,000 (reduced up to $450,000)

2. First Home Owner Grant (FHOG) — New Homes Only

What it is: A one-off $10,000 cash payment from the NSW Government to help buy or build a brand-new home.

How it helps: Puts cash back in your pocket to help with your deposit or other costs.

Who Qualifies:

• Buying or building a new home (including off-the-plan or substantially renovated)
• Property price up to $600,000 for a standalone new home
• Up to $750,000 for a house and land package
• At least one buyer must be an Australian citizen or permanent resident

Australian Federal Government Schemes

In addition to NSW state incentives, the Australian Government offers national programs designed to lower deposit requirements, reduce upfront costs like Lenders Mortgage Insurance (LMI), and help you enter the market sooner.

3. Australian Government 5% Deposit Scheme (formerly First Home Guarantee)

What it is: Lets eligible first home buyers purchase with a deposit as low as 5% without paying LMI. The government guarantees up to 15% of the property value to the lender.

How it helps: LMI can cost $10,000–$35,000 depending on your loan. This scheme eliminates that cost entirely.

Who Qualifies:

• Australian citizen or permanent resident, aged 18+
• Genuine first home buyer (or haven’t owned property in Australia in the last 10 years)
• Minimum 5% deposit saved
• Purchasing as owner-occupier (principal place of residence)
• Property must fall within price caps for your area (up to $1.5M in Sydney)

4. Family Home Guarantee (FHG)

What it is: Tailored for single parents or single legal guardians with at least one dependent child.

How it helps: Lets you buy a home with as little as a 2% deposit — a huge saving when juggling family expenses.

Key Rules:

• You don’t have to be a first home buyer — open even if you’ve owned a home before, as long as you don’t currently own property
• Must be an Australian citizen (permanent residents are not eligible for this scheme)
• Income cap applies — please contact us for the current threshold
• The government guarantees up to 18% of the property value to the lender
• No LMI payable

5. Help to Buy Scheme — NEW (Launched December 2025)

What it is: A brand-new federal shared equity scheme where the Australian Government co-purchases your home with you, reducing both your deposit and your mortgage.

Important trade-offs to understand:

• The government owns a share of your home — if property values rise, you repay a larger amount when you sell or buy them out
• You cannot use Help to Buy and the 5% Deposit Scheme at the same time — you must choose one
• The government’s equity share is interest-free — you don’t pay rent or interest on their portion
• You can make voluntary repayments at any time to increase your ownership share

6. First Home Super Saver Scheme (FHSSS)

What it is: Lets you save money for a home deposit inside your superannuation fund at a lower tax rate.

How it helps: Contributions into super are taxed at only 15% rather than your marginal income tax rate, helping you build a deposit faster.

How It Works:

• Make voluntary contributions (extra money beyond your employer’s guarantee contributions) into your super
• You can contribute up to $15,000 per financial year
• Withdraw up to $50,000 of eligible contributions (plus associated earnings) to use as part of your deposit
• The money is “locked away” in super until you’re ready to buy, making it a disciplined saving method

Stacking Multiple Schemes — Maximum Savings

The real power for first home buyers in NSW comes from combining multiple schemes. For example, an eligible buyer purchasing a $650,000 new home could potentially access:

• $10,000 cash (FHOG)
• ~$23,000+ in stamp duty savings (FHBAS full exemption)
• $10,000–$35,000 LMI savings (5% Deposit Scheme)
• Tax savings on deposit savings (FHSSS)

That’s $40,000+ in combined government support before you make a single mortgage repayment. Speak with us to understand which combination applies to your situation.

FAQs

Q: How much deposit do I need as a first home buyer?

A: With the Australian Government 5% Deposit Scheme, you may only need 5% — and no LMI. With Help to Buy, as little as 2%. Without any scheme, aim for 10–20%. We’ll assess your options and find the best path.

Q: Can I still buy with help from my parents?

A: Yes! There are guarantor and gifted deposit options available. We’ll talk you through how both work and which lenders accept them.

Q: What if I’m self-employed or on a contract?

A: That’s fine. We work with lenders who support different income types and employment structures, including self-employed applicants and contractors.

Q: Can I use multiple schemes at the same time?

A: Yes — many schemes can be stacked. For example, you can combine the FHOG, FHBAS stamp duty exemption, and the 5% Deposit Scheme together. The one exception is that Help to Buy cannot be used alongside the 5% Deposit Scheme. We’ll help you identify the best combination.

Q: How do I apply for these grants and schemes?

A: We handle it for you. As an accredited mortgage broking firm, we can submit FHOG and FHBAS applications on your behalf as part of your home loan application. For federal schemes, we guide you through the eligibility process and connect you with the right participating lender.

Ready to Get Started?

Buying your first home doesn’t have to be overwhelming. We’ll walk you through every step, check your eligibility for every available grant and scheme, and find the right loan from our panel of 40+ lenders.

Book a free consultation today 

Call us on 1300 946 903 or

visit bigbearwealth.com.au/contact

For further information or clarification on eligibility, please contact us or refer to the official government pages: revenue.nsw.gov.au/grants-schemes/first-home-buyer and housingaustralia.gov.au

General Advice Warning: The information on this page has been provided as general advice only. It has been prepared without taking into account your objectives, financial situation or needs. You should consider its appropriateness in relation to your personal circumstances before acting on this information. Australian Credit Licence Number: 394950.