First Home Buyer

 

First home buyer benefits are only available on newly built homes only, benefits vary in each state:

First Home – New Home scheme

Am I eligible for the First Home Owners Grant?

The eligibility criteria for first home buyers differs slightly between the states and territories but generally, eligibility criteria includes:

  • You must be a first home buyer as a person, not as a company or trust.
  • At least one applicant must be a permanent resident or Australian citizen.
  • Each applicant must be at least 18 years old.
  • You or your spouse, partner or co-purchaser must not have previously owned an interest in land in Australia which had a residence on it, before 1 July 2000.
  • You or your spouse or partner cannot have lived in a residential property which you owned from 1 July 2000.
  • You or your spouse, partner or co-purchaser may not have claimed the grant previously.
  • You must occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home and the minimum period of occupancy is six continuous months.

There are other state specific conditions as well, which will depend on the state you’re buying in.

STATE Changes 1 July 2017

NSW-

First Home Owner Grant (New Homes) scheme offers a $10,000 grant for the purchase or construction of new homes. The value of the property of a purchased property must not exceed $600,000 and the value of a constructed home must not exceed $750,000.

Are stamp duty concessions available?

Yes, the First Home Buyers Assistance scheme provides first home buyers with exemptions from transfer duty on new homes valued up to $650,000 and concessions for new homes valued between $650,000 and $800,000. No duty is payable by eligible purchasers buying a vacant block of residential land valued at up to $350,000, while concessions are available for vacant land purchased for between $350,000 and $450,000.

 Victoria-

$10,000 First Home Owner Grant is available to eligible applicants buying or building a new home valued at up to $750,000. From 1 July, a $20,000 First Home Owner Grant will be available to applicants buying or building a new home in regional Victoria valued up to $750,000.

Are duty concessions available?

Yes, if you are buying your first home and it is valued at less than $600,000, you may be eligible for a duty reduction of up to 50%. This concession applies to new and established homes.

From 1 July, first home buyers purchasing a new or established home valued below $600,000 will be exempt from stamp duty, while buyers purchasing a new or established home valued between $600,000 and $750,000 will be eligible for a stamp duty concession, applied on a sliding scale.ictoria

$10,000 First Home Owner Grant is available to eligible applicants buying or building a new home valued at up to $750,000. From 1 July, a $20,000 First Home Owner Grant will be available to applicants buying or building a new home in regional Victoria valued up to $750,000.

Are duty concessions available?

Yes, if you are buying your first home and it is valued at less than $600,000, you may be eligible for a duty reduction of up to 50%. This concession applies to new and established homes.

From 1 July, first home buyers purchasing a new or established home valued below $600,000 will be exempt from stamp duty, while buyers purchasing a new or established home valued between $600,000 and $750,000 will be eligible for a stamp duty concession, applied on a sliding scale.

Queensland – First home owners grant will revert back to $15,000 for the purchase of new or construction of a property.

Tasmania – First home owners grant will decrease to $10,000 for the purchase of a new home, an off-the-plan property or construction of a new home.

WA- FHOG of $10,000 is available if you are buying or building a new home. Eligible properties located south of the 26th parallel of south latitude are limited to $750,000, while properties north of the 26th parallel of south latitude are limited to $1 million.

Current boost of $5,000 available for first home buyers who purchase new or construct a property and enter into a contract between 1 January and 30 June 2017. Owner builders who lay foundations between the same dates will also receive the additional $5,000.