In the market for your first home? Find out if the first home owner grant could be available for you.
Saving for a first home may not be easy but state governments offer a financial helping hand to help some first time buyers make a start on the property ladder. The key is to know what’s available in your patch as it could be the boost to your finances that gets you over the line and into your first home. Check out our state-by-state recap.
New South Wales
The NSW Government’s Affordability Package abolishes stamp duty for new or established first homes priced up to $650,000, with discounts on stamp duty for homes between $650,000 and $800,000. More good news. The NSW First Home Owner Grant (FHOG) of $10,000 is available for first timers who build a new home worth up to $750,000 or buy a newly constructed property valued at up to $600,000.
Queenslanders can enjoy a $15,000 grant towards buying or building a new house, townhouse or unit. The Grant is available on purchases priced below $750,000. First timers in Queensland can also tap into handy stamp duty discounts 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.
First home buyers in Victoria can celebrate with the introduction of new measures that see stamp duty scrapped altogether 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. It’s even better for country Victorians, with the FHOG beefed up to $20,000 for new homes valued up to $750,000 in regional Victoria. If you’re buying or building a new home outside of regional Victoria, you may be eligible for a $10,000 grant.
Tasmanian first home buyers can also celebrate a boost of support. The State Government has extended the $20,000 FHOG for another year to 30 June 2019. To be eligible, first home buyers must buy or build a new home.
First home buyers in WA can enjoy a $10,000 FHOG 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. Discount duty applies to vacant land or a home costing up to $400,000 and $530,000 respectively.
The First Home Owner Grant in South Australia is valued up to $15,000 for new homes for properties valued up to $575,000.
Making the most of grants and concessions
Free money from the government is never something to sneeze at, and taking advantage of what’s available in your patch can be an important strategy to on the property ladder sooner.
It also makes sense to speak with your Aussie Broker to know your borrowing power. This will go a long way to shaping your first home budget. Your Aussie Broker can crunch the numbers to explain exactly what you’re entitled to in the way of grants and concessions. Taking advantage of what’s on offer can take you a step closer to owning your first home.
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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