First home buyer eligibility in Paddington (2021)

First home buyer assistance in NSW is structured around price thresholds that have not kept pace with Sydney property prices in many postcodes. In Paddington (2021), understanding whether the suburb's typical sale prices fall inside or outside the concession range is a practical starting point for budget planning. The card below also covers the First Home Guarantee (federal) and the NSW Shared Equity Home Buyer Helper scheme where relevant.

Can I afford Paddington?

First-home buyer eligibility

At $955,000, here’s which schemes you can use in Paddington. Drag to test other budgets.

Purchase price

$955k

$500k$2M

These thresholds are for FY2025-26. Caps refresh each July - verify before signing.

Stamp duty discount (FHBAS)

Partial

$28,588 saved

Concessional duty of $8,916 instead of $37,504. Saving: ~$28,588.

Revenue NSW →See all NSW suburbs that fit this scheme →

$10,000 grant for new builds (FHOG)

Not eligible

FHOG covers new homes up to $750,000. This price is above the cap.

Revenue NSW →See all NSW suburbs that fit this scheme →

5% deposit, no LMI (First Home Guarantee)

Eligible

5% deposit

Under the $1,500,000 NSW price cap.

Housing Australia →See all NSW suburbs that fit this scheme →

2% deposit, shared equity (Help to Buy)

Partial

Up to 40% equity

Potentially eligible. Under the $1,500,000 NSW price cap. Subject to income caps ($100,000 single, $160,000 joint) and Australian citizenship.

Treasury →See all NSW suburbs that fit this scheme →

If no scheme applies

$37,504standard duty

Sources: Revenue NSW (FHBAS, FHOG, standard duty), Housing Australia (First Home Guarantee),Treasury (Help to Buy). FYApr 2026 thresholds. Caps refresh each July; verify before signing. Not financial advice.

The NSW Government's First Home Buyer Choice scheme (now the property tax option) allows eligible first home buyers to opt for an annual property tax instead of upfront stamp duty on properties up to $1,500,000. This can significantly improve cash-flow at settlement for buyers in the Paddington price bracket, but it involves long-term tax commitments that depend on your ownership horizon. Run the numbers with a mortgage broker before choosing between stamp duty and property tax.

First home buyer eligibility in nearby suburbs

Alexandria 2015 Camperdown 2050 Chippendale 2008 Darlinghurst 2010 Elizabeth Bay 2011 Erskineville 2043

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