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With recent changes to home buyer assistance in NSW, the state government has rolled out a new tool to help buyers understand available support.
A new digital tool has been launched by the Minns government to help home buyers determine whether they can access government support for their home purchase.
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By asking the borrower 14 questions – including the value of the property they are purchasing, their age, and citizenship (among other questions) – the Home Buyer Assistance Finder tool aims to help identify whether prospective home buyers may be eligible for stamp duty waivers/concessions under the First Home Buyer Assistance scheme, to purchase a home with the government under the Shared Equity Home Buyer Helper, and/or take advantage of the $10,000 First Home Owner’s Grant.
Once identified, the tool will then provide information on the available schemes they might be eligible for.
According to the NSW government, the tool aims to reduce the “time and effort to find this information and understand the eligibility criteria” and better streamline services so “people can access the help they may need to get out of the rental market and into their own home sooner”.
NSW’s Minister for Customer Service and Digital Government, Jihad Dib, commented: “Buying a home can be one of the most exciting times in someone’s life and we want to help more people get into the housing market.
“I know for many it can seem daunting to navigate government schemes, so we want to take this stress out by putting everything in one easy-to-find online location and taking the guesswork out of eligibility criteria.
“The new tool delivers on the government’s commitment to reduce barriers to the housing market for those who need it most.
“Since becoming minister [in April 2023], I have had a complete focus on how we can make dealing with government easier, this is yet another example of making life easier for the people of NSW.”
The tool has been rolled out after the state recently repealed the Perrotet government’s First Home Buyer Choice (FHBC), an initiative that enabled first home buyers (FHBs) purchasing a property up to $1.5 million to choose either stamp duty or an annual property tax.
Instead, as of 1 July, the FHBC was scrapped in favour of higher thresholds for stamp duty waivers and concessions for FHBs.
It is estimated that around 1,500 FHBs take out a mortgage each month to purchase their first home.
[Related: Stamping out the tax burden]
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