Who doesn’t love a financial helping hand? And the good news is that as a first home buyer you may be eligible for the first home owner grant (FHOG) plus possible savings on stamp duty.
Let’s take a look at what’s on offer to help you into your first home sooner.
Am I eligible for the first home owner grant?
A good starting point on your home buying journey is to know if you are eligible for the First Home Owner Grant.
This can depend on where you plan to buy as the First Home Owner Grant is administered by each state and territory, and the eligibility conditions vary, especially in terms of how much you spend on your first home.
However, there are some common threads.
Broadly speaking, to be eligible for the First Home Owner Grant you typically need to be aged over 18 and a permanent resident or Australian citizen. You must be planning to live in the property as your home for at least six months, and you won’t be eligible if you have previously owned your own home in Australia.
There’s only one bite at the First Home Owner Grant cherry. If you, or a person you are buying a home with, have previously received the First Home Owner Grant , you won’t be eligible to claim the it.
What is a new home?
In a number of states/territories, the First Home Owner Grant is most generous when you buy or build a ‘new’ home, which means a property that hasn’t previously been lived in or sold as a home.
Interestingly though, a home may be regarded as ‘new’ if it has been substantially renovated. In case you’re wondering, to be regarded as ‘substantially renovated’ the entire building – or most of the rooms – must have been renovated. Alternatively, most or all of the original building needs to have been replaced.
Can I still get the first home owner grant if I purchase an investment?
No, the First Home Owner Grant is only available when you buy a home to live in yourself. You will need to live in the property as an owner occupier for at least six months.
Downloadable first home owner grant guide by state
Saving for your first home may not be easy but with plenty of financial support on offer it’s worth knowing what’s available in your patch. The FHOG and savings on stamp duty could be the extra boost you need to get into your first home earlier than expected.
New South Wales
The First Home Owner Grant (New Homes) is worth $10,000 for first home buyers who:
- build a new home under a home building contract where the contract price, when added with the land value, does not exceed $750,000
- buy a new home being built by an owner builder where the value of the land and building does not exceed $750,000, or
- purchase a new home worth up to $600,000.
Under the NSW Government’s Affordability Package first home buyers pay zero stamp duty for new or established first homes priced up to $650,000, with discounts on stamp duty for homes priced between $650,000 and $800,000.
Find the latest NSW FHOG information here.
The First Home Owner Grant in Queensland is worth $15,000 when you buy or build a new home costing less than $750,000. Stamp duty discounts are available on both new and established homes. The maximum concession of $8,750 applies to homes valued up to $504,999, falling to $875 for a home costing $549,999. First home buyers planning to buy land now and build later pay no duty on vacant land costing $250,000 or less, with the stamp duty saving dropping to $525 on land priced up to $399,999.
Find the latest QLD FHOG information here.
The First Home Owner Grant in Victoria is worth $10,000 when you buy or build a new home, rising to $20,000 for new homes valued up to $750,000 in regional Victoria. Stamp duty is waived for first home buyers on homes worth up to $600,000. Discounts on duty are available on a sliding scale on first homes costing between $600,001 and $750,000.
Find out more about Victoria’s FHOG here.
Tasmanian first home buyers can access a $20,000 First Home Owner Grant to 30 June 2019. To be eligible, first home buyers must buy or build a new home.
Read more about Tasmania’s FHOG here.
The First Home Owner Grant in South Australia is valued up to $15,000 for new homes for properties valued up to $575,000.
Find out if you’re eligible for South Australia’s FHOG here.
The First Home Owner Grant in WA is worth $10,000 for the purchase or construction of a new home. In addition, WA first home buyers are exempt from stamp duty when they buy a new or established home worth up to $430,000 or vacant land costing up to $300,000. A discount on duty applies to vacant land or a home costing up to $400,000 and $530,000 respectively.
Find out more about WA’s FHOG here.
Australian Capital Territory
The First Home Owner Grant in ACT gives eligible people buying their first new or substantially renovated home $7,000, up to 30 June 2019.
Find out if you’re eligible for the ACT FHOG here.
The First Home Owner Grant in the NT is a $26,000 cash payment for eligible first home buyers of a new home. Stamp duty concessions of up to $23,928 may be available to eligible first home buyers of an established home, as well as a $10,000 home renovation grant.
Find out more about the NT’s FHOG here.
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- Chapter One : Getting started
- Chapter Two : Your dream home
- Chapter Three : Money matters
- Chapter Four : Ways to purchase
- Chapter Five : Understanding interest rates
- Chapter Six : Understanding home loans
- Chapter Seven : Lending sources
- Chapter Eight : Getting your loan
- Chapter Nine : Choosing a home
- Chapter Ten : Steps to settlement