While the Federal Government boosted the first home buyer market back in 2009 by doubling the FHOG grant as part of its GFC stimulus package, there is still assistance out there to help get on the property ladder.
The figures from the Australian Bureau of Statistics show the number of FHB’s dropped as a percentage of total owner-occupied housing finance to just 14.9 per cent of the market, down from 20.5 per cent this time last year and 26.1 per cent in September 2009.
But with a softer property market, stable interest rates and higher levels of saving, FHB’s may be ready to get back into the market.
According to research carried out by mortgage insurer QBE LMI, 22 per cent of FHB respondents said they were considering buying a property in the next 6 months, while 50 per cent are considering a property purchase in the next 12 months.
For those looking to make the leap into property ownership, we’ve trawled the web for the FHB entitlements across the country.
New South Wales
- Total grants: up to $24,990.
- Grants include: $7000 FHOG for homes worth less than $835,000 and stamp duty exemption worth up to $17,990 under the First Home Plus Scheme (FHPS). The FHPS can also be used to buy vacant land on which to build.
- Total grants: up to $15,750.
- Grants include: $7000 FHOG for homes worth less than $750,000 and $8750 concession on stamp duty for homes valued at less than $504,000.
- Total grants: up to $13,000.
- Grants include: $7000 FHOG for homes worth less than $575,000 and $8000 for building homes in 2011 valued at less than $450,000.
- Total grants: up to $26,500.
- Grants include: $7000 FHOG for homes worth less than $750,000 and $13,000 First Home Bonus for properties valued at less than $600,000 if you sign your contract for a newly built home by June 30, 2011. If you’re building in a regional area, you might be eligible for another $6500 bonus.
- Total grants: up to $24,765.
- Grants include: $7000 FHOG for homes under $750,000 unless you’re located north of the 26th parallel, where eligible homes can be valued up to $1 million. And $17,765 saving on duty for homes worth less than $500,000.
- Total grants: up to $11,000.
- Grants include: $7000 FHOG with no cap on property value; $4000 duty concession for homes valued up to $350,000.
Australian Capital Territory and Northern Territory
- Total grants: up to $7000 FHOG for homes worth less than $750,000 in both territories.
Check out www.firsthome.gov.au for more information about eligibility criteria and how to claim your cash.