BITEPROPERTY: PROPERTY INVESTORS AND FIRST HOME BUYERS
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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 - 29 NOV 2020 UPDATE

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home, substantially renovate an existing home or buy an off the plan home/new home.

On 29 November 2020, the Australian Government announced an extension to the HomeBuilder program to 31 March 2021, with a number of changes to the grant amount and eligibility criteria.

Key Dates:
  • 4 June 2020 – 31 December 2020 – enter into a contract between these dates to build a new home, substantially renovate an existing home or buy an off the plan home/new home to be eligible for the $25,000 grant. Contract price does not exceed $750,000 (inclusive of GST) and construction had not commenced prior to 4 June 2020.
  • 1 January 2021 – 31 March 2021 – enter into a contract between these dates to build a new home, substantially renovate an existing home or buy and off the plan home/new home to be eligible for the $15,000 grant. Contract price does not exceed $950,000 (inclusive of GST) and construction had not commenced prior to 4 June 2020.
  • 14 April 2021 – all applications, irrespective of when the eligible contract was signed, ​must be submitted within the HomeBuilder application portal by this date.

Key changes from 29 November 2020 update:
  • An extension to the construction commencement timeframe from 3 months to 6 months for all HomeBuilder applicants. This will apply to all eligible contracts signed on or after 1 January 2021, but will also be available backdated and apply to all contracts entered into on or after 4 June 2020
  • An increase to the property price cap for new build contracts to $950,000 where the contract is signed between 1 January 2021 and 31 March 2021, inclusive

For more information:
https://www.revenue.nsw.gov.au/grants-schemes/homebuilder​
https://treasury.gov.au/coronavirus/homebuilder



FIRST HOME BUYER ASSISTANCE SCHEME - 1 AUG 2020 UPDATE

The NSW Government recently announced increased thresholds for purchases of new homes and vacant land to build a new home from 1 August 2020.  The threshold for existing home purchases remains unchanged.

First Home Buyer Assistance Scheme: 1 August 2020 - 31 July 2021
  • Buy a new home valued at less than $800,000, apply for a full exemption, and pay no transfer duty.
  • Buy a new home valued between $800,000 and $1 million, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.
  • Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty.
  • Buy an existing home valued between $650,000 and $800,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.

First Home Buyer Assistance Scheme: 1 July 2017 - 31 July 2020
  • Buy a new home valued at less than $650,000, apply for a full exemption, and pay no transfer duty.
  • Buy a new home valued between $650,000 and $800,000, and apply for a concessional transfer duty rate. The amount will be based on the value of your home.
  • Buy an existing home valued at less than $650,000, apply for a full exemption and pay no transfer duty.
  • Buy an existing home valued between $650,000 and $800,000, apply for a concessional transfer duty rate. The amount will be based on the value of   your home.
​
For more information:
https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

​
​
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/new-homes

VICtoria (vic)

HOMEBUILDER GRANT - 29 NOV 2020 UPDATE

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home, substantially renovate an existing home or buy an off the plan home/new home.

On 29 November 2020, the Australian Government announced an extension to the HomeBuilder program to 31 March 2021, with a number of changes to the grant amount and eligibility criteria.

Key Dates:
  • 4 June 2020 – 31 December 2020 – enter into a contract between these dates to build a new home, substantially renovate an existing home or buy an off the plan home/new home to be eligible for the $25,000 grant. Contract price does not exceed $750,000 (inclusive of GST) and construction had not commenced before 4 June 2020.
  • 1 January 2021 – 31 March 2021 – enter into a contract between these dates to build a new home, substantially renovate an existing home or buy and off the plan home/new home to be eligible for the $15,000 grant. Contract price does not exceed $850,000 (inclusive of GST) and construction had not commenced before 4 June 2020.
  • 14 April 2021 – all applications, irrespective of when the eligible contract was signed, ​must be submitted within the HomeBuilder application portal by this date.

For more information:
www.sro.vic.gov.au/homebuilder-grant-guidelines
https://treasury.gov.au/coronavirus/homebuilder
​

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

Queensland (qld)

HOMEBUILDER GRANT - 29 NOV 2020 UPDATE

HomeBuilder provides eligible owner-occupiers (including first home buyers) with a grant to build a new home, substantially renovate an existing home or buy an off the plan home/new home.

On 29 November 2020, the Australian Government announced an extension to the HomeBuilder program to 31 March 2021, with a number of changes to the grant amount and eligibility criteria.

Key Dates:
  • 4 June 2020 – 31 December 2020 – enter into a contract between these dates to build a new home, substantially renovate an existing home or buy an off the plan home/new home to be eligible for the $25,000 grant.
  • 1 January 2021 – 31 March 2021 – enter into a contract between these dates to build a new home, substantially renovate an existing home or buy and off the plan home/new home to be eligible for the $15,000 grant.
  • 14 April 2021 – all applications, irrespective of when the eligible contract was signed, ​must be submitted within the HomeBuilder application portal by this date.
  • Contract signed between 4 June 2020 - 31 March 2021 to buy an off-the plan or new home does not exceed $750,000  (including GST) and construction had not started before 4 June 2020.

For more information:
https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/homebuilder/apply
https://treasury.gov.au/coronavirus/homebuilder


​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
Last updated 4 Feb 2021

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  • Home
  • About Us
  • Featured Listings
    • Sheffield Quarter Navali, Penrith NSW
    • Treacys Place, Hurstville NSW
    • Kogarah Grand, Kogarah NSW
    • Arcadia, Lane Cove NSW
    • Origin, Epping NSW
    • Dreamscape, Gregory Hills NSW
    • Oros, Oakleigh VIC
    • Regalia, Baulkham Hills NSW
  • Property Investors
    • First Time Investors
    • Our Selection Process
    • Common Mistakes to Avoid
  • First Home Buyers
  • Contact Us