State-by-state guide to First Home Buyers grants
While many have heard of the federal government’s plans to assist first home buyers, some aren’t aware of the help available from their state government.
In fact, a recent survey found 16 per cent or respondents don’t know what first home buyer grants are on offer.
Here’s a state-by-state rundown of the first home buyer grants available in Australia.
As part of the 2017 Federal Budget, it was announced that first homeowners would be given a helping hand with saving their deposit.
The First Home Super Saver Scheme allows entry-level buyers to make extra contributions to their super fund, up to $15,000 a year and $30,000 in total.
Contributions can be made from July 2017 and withdrawals allowed from July 2018, which will be taxed at a lower rate.
New South Wales
A $10,000 grant is available to first home buyers spending up to $600,000 on a new home and up to $750,000 for builders of new homes. In addition, stamp duty will be exempt on new and existing homes valued up to $650,000 and stamp duty relief for homes up to $800,000.
A grant of $10,000 to $20,000 for new homes up to $750,000, depending on where the home is situated. First-home buyers are exempt from stamp duty on properties valued up to $600,000, and will pay less stamp duty on properties up to $750,000.
Available until December 31, 2017, the Queensland First Home Owners’ Grant gives first home buyers $20,000 when buying or building a new house, unit or townhouse up to 750,000. Stamp duty exemptions apply for homes valued less than $550,000.
First home owners buying or building a new home may apply for a grant of up to $10,000. They are also exempt from stamp duty for homes up to $430,000. A concessionary rate of $19.19 per $100 above $430,000 up to $530,000 also applies.
You may be entitled to a $15,000 grant with the purchase or construction of a new residential property, house, flat, unit, townhouse or apartment. If you are purchasing an off-the-plan apartment, you may be eligible for a stamp duty concession.
As part of the 2017-18 state budget, the Tasmanian Government has extended the $20,000 First Home Owner Grant for one year, from 1 July 2017 to 30 June 2018.
A $26,000 grant for new builds of any value.You may also be eligible for a $2,000 grant to purchase furniture. When it comes to stamp duty, first home buyers can get a discount up to $23,928.60 for homes valued up to $650,000.
More information here
Australian Capital Territory
A $10,000 grant is on offer for new builds or “substantially renovated” homes, valued up to $750,000. A full stamp duty concession applies to first home buyers purchasing a home up to $455,000. A sliding concession applies to homes valued up to $585,000.
Successful Ways has been educating first home buyers since 2003. Check out our course for first home buyers.
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