The First Home Owner Grant (FHOG) may have changed but there are still plenty of cash incentives that first home buyers can tap into.
Let’s take a look at what’s available in your area.
The $15,000 Great Start Grant is up for grabs to first home buyers who buy or build a new home costing below $750,000. Stamp duty concessions are available on properties valued at up to $550,000.
New South Wales
First timers who purchase or build a new home worth up to $650,000 may be eligible for the $15,000 First Home Owner Grant (New Homes) Scheme. Exemptions/discounts also apply to stamp duty on new homes valued up to $650,000 or vacant land costing up to $450,000.
First home buyers may be eligible for the FHOG of $7,000 on properties valued up to $750,000. Check out the Home Buyer Concession Scheme (HBCS) too, it offers stamp duty concessions on new or substantially renovated properties purchased before 31 August 2013. An income test applies.
Receive the $10,000 FHOG when you build or purchase a new home worth up to $750,000. Stamp duty savings are also available when the home is valued below $600,000.
First home buyers have until 30 June 2014 to receive a $7,000 FHOG – available for both new and established homes. Buy or build a new home and you could be eligible for the $8,000 first home builder’s boost.
First home buyers in SA who buy or build a new home can apply for a FHOG of $15,000, or $5,000 if you opt for an established dwelling. Properties must be valued below $575,000. A Housing Construction Grant (HCG) worth up to $8,500 may also be available (in addition to the FHOG) if you start building before December 2013 – with the Grant amount phasing out between the values of $400,000 and the cap of $450,000. Stamp duty concessions are available to buyers in certain areas.
Receive a $7,000 FHOG for properties valued up to $750,000 – or up to $1 million if you buy in a location north of the 26th parallel. You could also be eligible for $2,000 to help cover your purchase costs.