FIRST HOME buyers
grants
If you are buying your very first property you may be eligible for different grants. These are established by the Australian government to help first home buyers purchase a brand new home. These grants vary from state to state and so do the eligibility requirements.
New south wales (nsw)
HomeBuilder Grant
HomeBuilder is a time-limited, tax-free grant program to help the residential construction market to get through the Coronavirus pandemic. HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
HomeBuilder will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date. You build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000.
For more information:
https://www.revenue.nsw.gov.au/news-media-releases/covid-19-tax-relief-measures/homebuilder-program
https://treasury.gov.au/coronavirus/homebuilder
First Home Buyer Assistance Scheme
As a first home buyer, you may be eligible for a transfer duty concession or exemption.
First Home Owner's Grant (New Homes) Scheme
If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme.
To qualify, the purchase price of your new home must be no more than $600,000 (where the commencement of the eligible transaction is on or after 1 July 2017).
For more information:
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
HomeBuilder is a time-limited, tax-free grant program to help the residential construction market to get through the Coronavirus pandemic. HomeBuilder will provide eligible owner-occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing home.
HomeBuilder will be available for building contracts signed between 4 June 2020 and 31 December 2020, where construction or renovation commences within three months of the contract date. You build a new home as a principal place of residence, where the property value (house and land) does not exceed $750,000.
For more information:
https://www.revenue.nsw.gov.au/news-media-releases/covid-19-tax-relief-measures/homebuilder-program
https://treasury.gov.au/coronavirus/homebuilder
First Home Buyer Assistance Scheme
As a first home buyer, you may be eligible for a transfer duty concession or exemption.
- If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty.
- If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home.
First Home Owner's Grant (New Homes) Scheme
If you’re a first home buyer and you’re buying or building a new home, you may qualify for a $10,000 grant under the First Home Owner Grant (New Homes) scheme.
To qualify, the purchase price of your new home must be no more than $600,000 (where the commencement of the eligible transaction is on or after 1 July 2017).
For more information:
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer
Queensland (qld)
First Home Owner's Grant
If your contract is dated 1 July 2018 or later, you can get the Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).
For more information:
https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant
First Home Concession
You can claim a first home concession for transfer duty when acquiring your first residence if you meet certain requirements.
The first home concession only applies to a home valued under $550,000 and can save you up to $15,925. The home concession may still apply for a home valued over $550,000.
For more information:
https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes/first-home-concession
If your contract is dated 1 July 2018 or later, you can get the Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).
For more information:
https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant
First Home Concession
You can claim a first home concession for transfer duty when acquiring your first residence if you meet certain requirements.
The first home concession only applies to a home valued under $550,000 and can save you up to $15,925. The home concession may still apply for a home valued over $550,000.
For more information:
https://www.qld.gov.au/housing/buying-owning-home/advice-buying-home/transfer-duty/how-much-you-will-pay/concessions-on-transfer-duty/concessions-for-homes/first-home-concession
VICtoria (vic)
First Home Owner Grant
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021.
Your first home can be a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as residential premises and the home must be less than five years old.
First Home Buyer Duty Exemption, Concession or Reduction
When you buy your first home and the contract date is on or after 1 July 2017, you may be eligible for a duty exemption or concession. If your contract is dated before 1 July 2017, you may be eligible for a 50% duty reduction.
Both the duty exemption and the 50% duty reduction are available to first home buyers when they purchase a new or established property in Victoria with a dutiable value up to $600,000. The duty concession applies where the dutiable value is more than $600,000 but not more than $750,000.
For more information:
https://www.sro.vic.gov.au/first-home-owner
A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home.
The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021.
Your first home can be a house, townhouse, apartment, unit or similar but it must be valued at $750,000 or less, be the first sale of the property as residential premises and the home must be less than five years old.
First Home Buyer Duty Exemption, Concession or Reduction
When you buy your first home and the contract date is on or after 1 July 2017, you may be eligible for a duty exemption or concession. If your contract is dated before 1 July 2017, you may be eligible for a 50% duty reduction.
Both the duty exemption and the 50% duty reduction are available to first home buyers when they purchase a new or established property in Victoria with a dutiable value up to $600,000. The duty concession applies where the dutiable value is more than $600,000 but not more than $750,000.
For more information:
https://www.sro.vic.gov.au/first-home-owner
Last updated 6 July 2020