There are two ways that first home buyers in New South Wales can benefit. The first is the First Home Owner Grants Scheme, and the second is exemption on stamp duty:

First Home Owner Grants Scheme

The Federal Government and the New South Wales Government, though the NSW Treasury's Office of State Revenue, administer a First Home Owner Grants Scheme for first home buyers.

Put simply, the scheme offers eligible NSW first home buyers a grant of $7,000.00.

To find out if you are eligible, visit the Office of State Revenue's website:

http://www.osr.nsw.gov.au/portal/page?_pageid=33,63384&_dad=portal&_schema=OSRPTLT

Exemption on stamp duty

Eligible first home buyers will receive exemption on transfer duty and mortgage duty on purchasing a home (not an investment property), which can be either a house, an apartment or a townhouse, up to $500,000, and will receive a concession on these duties for a home purchased between $500,000 and $600,000.

Vacant land can also be purchased, on which to build a home, and no duty is payable with a purchase price up to $300,000. Similarly, there is a concession for vacant land purchased between $300,000 and $450,000.

For full details, visit the Office of State Revenue's website:

http://www.osr.nsw.gov.au/portal/page?_pageid=33,63519&_dad=portal&_schema=OSRPTLT