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)

  • NSW has a First Home Owners Grant of $15 000 which will soon reduce to $10 000 on 1 January 2016 for purchasing brand new homes. Eligibility requirements for this grant includes the property value not exceeding $750 000, if your contract dates on or after 1 July 2014. 
  • You may also be eligible for a New Home Grant of $5000 for purchasing new homes, off the plan homes, and vacant land which a home will be built. To be eligible, the value of the property cannot exceed $650 000 and the value of the vacant land cannot exceed $450 000, if your agreement dates on or after 1 July 2014.
  • There is also a First Home - New Home Scheme that provides exemptions from transfer duty for new homes up to $550 000 and vacant land up to $350 000. There are also concessions for new homes valued between $550 000 - $650 000 and vacant land valued between $350 000 - $450 000.
  • These grants are paid to you as credit deducted from the transfer duty you pay. If the grant amount exceeds the duty, you will get the difference in the form of a cheque.

Queensland (qld)

QLD has the Great Start Grant of $15 000 for first home buyers to buy or build a new house, unit or townhouse valued at less than $750 000.

VICtoria (vic)

  • VIC has a First Home Owner Grant of $10 000 for first home buyers to buy or build a new house, townhouse, unit or apartment up the the value of $750 000 or less.
  • First home buyers may be eligible for a duty reduction of 50% if the house and land combined value is $600 000 or less.
  • A Principal Place of Residence duty concession may also be applicable if you buy a new home valued up to $550 000.
  • There is an off-the-plan concession available for eligible buyers, not restricted to just first home buyers, for house and land packages or refurbished lots.
Last updated 5 August 2015

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