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Looking to buy your first home, but are confused about what assistance may be available to you?
First home buyer benefits vary considerably across states and territories and change year to year, so to help you figure out what is available we have made a quick cheat sheet of what is available as of July 2018.
NSW – First home buyers can take advantage of the First Home Owner Grant (New Homes) scheme that offers $10,000 for builders of new homes up to $750,000 and purchasers of new homes up to $600,000. No transfer duty needs to be paid on new or established homes valued up to $650,000 and vacant land up to $350,000. Transfer concessions are available for new and existing homes valued between $650,000 and $800,000 and vacant land valued between $350,000 and $450,000.
VIC – Victorian’s first home buyers can apply for a grant of up to $10,000 if they purchase a new home up to the value of $750,000. A $20,000 grant is also available for those purchasing new homes in regional Victoria. Exemptions from transfer duty are available on new or established homes valued up to $600,000. Transfer concessions are available for new and existing homes valued between $600,000 and $700,000.
QLD – The First Home Owner Grant in Queensland was reduced from $20,000 to $15,000 as of 30 June 2018.A transfer duty exemption is available on new or established homes valued up to $505,000. Transfer concessions are available for new and existing homes valued between $505,000 and $550,000.
WA – First time buyers in Western Australia can apply for a $10,000 grant for a home valued up to $750,000 or $1,000,000 depending on which part of WA the property is purchased in.A transfer duty exemption is available on new or established homes valued up to $430,000. Transfer concessions are available for new and existing homes valued between $430,001 and $530,000.
SA – In South Australia there is a First Home Owner Grant of $15,000 available for new homes up to the value of $575,000.No stamp duty exemptions or concessions are available as of June 30 2018.
NT – Up north, the First Home Owner Grant offers $26,000 for first timers who buy or build a new home. The Household Goods Grant of up to $2,000 is also available to first time buyers, along with the Home Renovation Grant of up to $10,000. Exemptions from transfer duty are available on established homes valued up to $500,000, with a maximum discount of $23,928.60. Transfer concessions are available for new and existing homes valued between $500,000 and $650,000.
ACT – There is a $7,000 First Home Owner Grant for the purchase or construction of a new home in the ACT. The current grant will finish for transactions entered into after 30 June 2019. No duty needs to be paid on new homes valued up to $470,000. A concession is available for new homes valued between $470,000 and $607,000.
TAS – The $20,000 Tasmanian First Home Owner Grant is available for new homes only and has recently been extended until 30 June 2019. A 50% concession on transfer duty is available for first home buyers buying established homes with a property value of $400,000 or lower. This applies to properties settled between 07 February 2018 and 07 February 2019.
For the latest information on first home owner incentives in your state head to www.firsthome.gov.au.
