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First Home Buyer Grants and Subsidies

Following is a summary of the various Federal and State Government grants and subsidies available to first home buyers.

Note that some states also off discounts on stamp duty for first home buyers, the simplest way to check the discounts you may be eligible for is via the HOME Mortgage Stamp Duty calculator.

 

Victoria

Transaction Type	First Home Owner Grant	First Home Bonus	First Home Owner Regional Bonus	Maximum Amount
	Federal Grant	State Subsidy	State Subsidy
	$	$	$	$
Established Home	$7,000 #	0	$0	$7,000
Newly Constructed Home in Metro Victoria	$7,000 #	$13,000 *	$0	$20,000
Newly Constructed Home in Regional Victoria	$7,000 #	$13,000 *	$6,500*	$26,500

 

# Value of property must not exceed $750,000
*To be eligible must qualify for the First Home Owner Grant

 

New South Wales

Transaction Type	First Home Owner Grant	Maximum Amount
	Federal Grant
	$	$
New & Existing Home	$7,000 #	$7,000

 

# Value of property must not exceed $750,000

If you are buying or building your first home in NSW, you may be eligible for state based concessions under the First Home Plus or the First Home Plus One scheme.

Under the First Home Plus Scheme, eligible first home buyers receive stamp duty exemptions on homes valued up to $500,000 and stamp duty concessions on homes valued between $500,000 and $600,000.

Eligible purchasers buying a vacant block to build their first home on will pay no duty on vacant land up to $300,000, and will receive stamp duty concessions on vacant land valued between $300,000 and $450,000.

These schemes can equate to stamp duty savings of up to $17,990.

 

South Australian First Home Buyer Grants and Subsidies

Transaction Type	First Home Owner Grant	First Home Bonus Grant	Maximum Amount
	Federal Grant	State Subsidy
	$	$	$
New & Existing Homes	$7,000 #	4,000 *	$11,000

 

# Value of property must not exceed $750,000

* Available for established or constructed property with a maximum value of $400,000
* Reduced by $8 per $100 for established or constructed property with a market value between $401,000 and $450,000.

 

Queensland

Transaction Type	First Home Owner Grant	Regional First Home Owner Grant	Maximum Amount
	Federal Grant	State Subsidy
	$	$	$
New & Existing Homes in Metro areas	$7,000 #	$0	$7,000
Existing Homes in Regional areas	$7,000 #	$0	$7,000
New Homes in Regional areas	$7,000 #	$4,000 *	$11,000

 

# Value of property must not exceed $750,000

Queensland first home buyers can also benefit from transfer stamp duty concessions that could save them up to $8,750 on transfer stamp duty costs.

 

Western Australian

Transaction Type	First Home Owner Grant	Maximum Amount
	Federal Grant
	$	$
New & Existing Homes	$7,000 #	$7,000

 

# Value of property must not exceed $750,000

In WA when a home buyer is eligible for the First Home Owner Grant a concessional rate of transfer duty will apply if the value of the dutiable property is below $600,000 for a house or $400,000 for vacant land.

For a house the first $500,000 will not attract any duty and $500,000 to $600,000 will be at a reduced rate. For a land the first $300,000 will not attract any duty and $300,000 to $400,000 will be at a reduced rate.

 

ACT

Transaction Type	First Home Owner Grant	Maximum Amount
	Federal Grant
	$	$
New & Existing Homes	$7,000 #	$7,000

 

# Value of property must not exceed $750,000

The ACT Government operates a Home Buyer Concession Scheme providing reduced stamp duty to eligible applicants on residential property up to $445,000 with the first $360,000 only attracting duty of $20. Land up to $246,100 attracts concessional duty with the first $200,500 only attracting duty of $20. Note that these concessions are means tested and start cutting out at family income of $120,000, increasing up to $136,650 depending upon on the number of dependant children.

 

Tasmania

Transaction Type	First Home Owner Grant	Maximum Amount
	Federal Grant
	$	$
New & Existing Homes	$7,000 #	$7,000

 

# Value of property must not exceed $750,000

The Tasmanian Government provides eligible first home buyer with a duty concession. A concession of up to a maximum of $4,000 will be applied to the purchase of established dwellings up to a dutiable value of $350,000. The maximum concession available in relation to the purchase of vacant land is $2,400, providing the dutiable value of the vacant land does not exceed $175,000.

 

Northern Territory

Transaction Type	First Home Owner Grant	Maximum Amount
	Federal Grant
	$	$
New & Existing Homes	$7,000 #	$7,000

 

# Value of property must not exceed $750,000

 

 

 

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