Everything You Need To Know About First Home Owner Grants
A state-by-state guide to the grants and concessions available to first home buyers.
Ready to buy or build your first home? Across the country there are a number of one-off grants and assistance with stamp duty for eligible first home buyers. Each state and territory are different – so read on to find out what’s available to help you purchase your first property.
In NSW, first home buyers can apply for a grant of $10,000 if buying or building a new home. A newly constructed home must have a value less than $600,000, which increases to $750,000 if you are building from scratch. If your contract is signed before 31 July 2021, you can also apply for an exemption or reduction in stamp duty regardless of whether you are buying a new or established home. New homes valued less than $800,000 and existing homes valued less than $650,000 can receive a full exemption. You can apply for a stamp duty reduction if the value of your new home is between $800,000 and $1 million, or the value of your existing home is between $650,000 and $800,000.
If you are buying or building a new home in Victoria, you can apply for a $10,000 First Home Owner Grant, which increases to $20,000 if the home is in regional Victoria. Those who quality for the grant can also apply for a first home buyer duty exemption or concession. If the property has a dutiable value of $600,000 or less you will receive a full exemption, or a concession if the home has a value between $600,000 and $750,000. The Victorian Government is also offering a land transfer duty waiver for homes valued up to $1 million if the contract is signed before 1 July 2021.
In South Australia, first home buyers can apply for a grant of up to $15,000 on the purchase or construction of a new home. The property must be valued up to $575,000 and applicants must live in the home for at least six months within the first year of owning it in order to be eligible.
In the Sunshine State, eligible first home buyers can receive a grant of $15,000 for purchasing or building a brand new home up to value of $750,000. The grant may also apply to established homes that have undergone a substantial renovation prior to you buying the property. Home owners in regional Queensland can also apply for a regional home building boost grant until 31 March 2021, which will give you $5,000 after the purchase or construction of a brand new home valued at less than $750,000.
The ACT does not offer first home owner grants, however it does offer a means-tested full stamp duty concession to all first home buyers. All properties in the nation’s capital are eligible for this scheme, including new and established homes and vacant residential land.
In the top end, first home buyers can claim a $10,000 First Home Owner Grant if they are buying an established home or building a new home. In the Northern Territory residents may also qualify for a $12,000 BuildBonus grant (extended until 31 March 2021), for buying or building a new home. If your new home is valued under $650,000, you can also apply for the Territory’s First Home Owner Discount, allowing you to save up to $18,601 on the cost of stamp duty.
On the west coast, first home buyers can receive a grant of up to $10,000 for buying or building a new home. A stamp duty exemption is also available to eligible first home buyers in Western Australia, where the property value is less than $430,000, and a concessional rate if the property is valued up to $530,000. First home buyers purchasing a home worth more than $530,0000 must pay the full rate.
I'd love to live near