First Home Owners Grant – Australia wide
The First Home Owner Grant is a $7,000 tax free one off payment made to all eligible first home buyers in Australia to help them buy their first home. It is mainly limited to homes with a value not exceeding $750,000, although there are exceptions. The scheme is funded by the Australian Government and is administered by the state and territory governments. Because of this the benefits of being a first home buyer can differ between the various states and territories as these governments add their own incentives to the package.
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Some of these additional benefit differences are outlined here:
Northern Territory
The Northern Territory Government waives the $26,730 stamp duty payable on homes up to a value of $540,000. Concessions are given off stamp duty up to the first home owner grant cut off value of $750,000, but not beyond.
Australian Capital Territory
The ACT has its own program known as the Home Buyer Concession Scheme. This scheme offers stamp duty concessions on all properties valued under $421,000. The minimum duty payable on any one property is $20 to a value up to $333,000. Stamp duty is then payable at a rate of $19.80 per $100, or part of, on values from $333,000 to $421,000.
NSW
In NSW a first home buyer can access the First Home Plus Scheme on properties up to a value of $600,000. This particular program gives exemptions or concessions on stamp duty such there is no stamp duty to pay at all on properties valued up to $500,000. From $500,000 to $600,000 there is only a concessional stamp duty fee to be paid.
Victoria
Victoria offers first home buyers the further benefits of their First Home Bonus Scheme. This scheme gives a grant over and above that of the First Home Owner grant of $13,000 when buying an established home and $19,500 if buying a brand new home on all homes up to a value of $600,000. Victoria also offers generous stamp duty concessions to first home buyers who have families with dependent children. You must make a choice however, you can only claim either the First Home Bonus or the stamp duty concession. Not both.
Queensland
The Queensland government offers a $4,000 grant to assist first home buyers to buy a new home or to build their own first home in regional areas. All first home buyers eligible for the first home owner grant are exempt from having to pay stamp duty on properties up to a value of $500,000 with a partial rebate up to $600,000.
Western Australia
In Western Australia all eligible first home buyers can access the first home owner grant of $7,000 on properties up to a value of $750,000 as do first home buyers in the rest of the country but those buying north of the 26th parallel can access the grant money on properties up to a value of $1,000,000. There is also a program known as the first Home Owner Rate which offers concessions on stamp duty costs. Western Australian first home buyers do not have to pay any stamp duty on properties to a value of $500,000. Properties from there to a value of $600,000 attract a concessional rate.
South Australia
South Australian first home buyers can benefit from the state governments First Home Bonus Grant. This grant is worth $8,000 for first home buyers who are purchasing properties below $575,000 as long as the home being purchased is a new home or for the construction of a new home.
Tasmania
There is a stamp Duty Concession plan in place in Tasmania for first home buyers. A concession of $4,000 is made available for properties being purchased up to a value of $350,000. If you wish to buy vacant land on which to build your first home there is a concession maximum of $2,400 for land valued up to $175,000.
The first home owner grant along with the various grants and concessions off stamp duty by the various state governments mean great savings for first home buyers throughout Australia. These first home buyer incentives are all administered by the relevant state or territory Revenue Office’s. You can find out more details by visiting the appropriate state government web site that covers the area in which the property you are interested in is located.
Although it may appear that the buying of your first home is becoming more and more confusing it need not be so. A mortgage broker is an expert in this field and will be able to help you make application for these grants and concessions as well as help you choose the right home loan.
Related posts:
- Federal Government First Home Owners Grant
- First Home Buyers Grant Tasmania (TAS)
- The NSW First Home Plus Grant Scheme
- First Home Buyers Grant New South Wales (NSW)
- First Home Buyers Grant Northern Territory (NT)
- Eligibility for first home buyers grant
- First Home Owners Grant
- First Home Owners Grant New South Wales
- First Home Owners Grant FAQ
- Stamp Duty Concession
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