The pandemic storm has placed many Australians in financial hardship this year.

However, for the fortunate ones with secure employment that remain unaffected, this may be their unique opportunity to finally make home ownership a reality.

As expected, home loan rates are at historically low levels. If the first home buyers are comfortable enough to take the leap, they can leverage the government’s help to get their new home sooner.

What is the First Home Owner Grant?

The First Home Owner Grant (FHOG) scheme is a state government initiative designed to make it easier for first-time buyers to purchase a home. These are one-off cash grants that are payable to first home owners that satisfy all the eligibility criteria.

If you’re wondering how you can use the grant with the recently announced HomeBuilder scheme to make a nice contribution to your savings, then visit the link.

Buying or building your first property can be a daunting experience, and small errors could sometimes end up costing you thousands of dollars.

Before you apply for these grants, it’s a great idea to speak with your local conveyancing experts that are licenced and knowledgeable in real estate law. They will help you navigate through this complex task and assist in the process of buying your first property.

Want to find a licensed conveyancer in Sydney, Melbourne, Brisbane, Adelaide or Perth?

In this article, we’ll find out which first home owner grants and stamp duty concessions may be available to you so you can get on the road to buying your first home.

Am I eligible for the First Home Owner Grant?

To qualify as a first home buyer, the criteria vary from states to states. Generally, they include the following:

You must be at least 18 years old
You must be an individual, not a company or trust
You, or at least one applicant you’re buying with, must be an Australian citizen or permanent resident
You or the person you’re buying with, must not have owned or co-owned a property in Australia or received a first home owner grant in Australia
You or one of the first home buyers must move into the property within 12 months, and live there for at least 12 continuous months
For full FHOG eligibility criteria, check the lodgement guide in the State Revenue Office of the state or territory in which you intend to buy your home.

What are the grants and concessions available for each state?

New South Wales

Is the first home owner grant available?

Yes, the First Home Owner Grant (New Homes) offers $10,000 to the purchase or build of a new home that no one has lived in before.

If purchasing off the plan, the property value must be less than $600,000; if you’re building, the total price of your land and home must not exceed $750,000.

Are there any stamp duty exemptions?

Yes, the First Home Buyers Assistance scheme allows first home buyers to apply for a full exemption if your property is valued at less than $650,000; partial exemption if it is valued between $650,000 and $800,000. This scheme also applies to the purchase of vacant land as well – full concession if your land is valued at less than $350,000; partial concession if it is valued between $350,000 and $450,000.

Victoria

Is the first home owner grant available?

Yes, first home owners can receive $20,000 in regional Victoria or $10,000 in metropolitan Melbourne with the First Home Owner Grant. To qualify for the scheme, your purchase needs to be less than 5 years old and valued at less than $750,000. It must be a newly built home or an existing property being sold for the first time as a residence, or a land and building package.

Are there any stamp duty exemptions?

Yes, if you’re a first home owner purchasing a new or existing home valued below $600,000, you don’t have to pay stamp duty; if your new or existing home is valued between 601,000 to $750,000, you’ll be eligible for partial stamp duty concession.

Queensland

Is the first home owner grant available?

Yes, eligible first home owners can receive the Queensland First Home Owners’ Grant of $15,000 towards the purchase or build of a new property valued at less than $750,000.

What is the regional home building boost grant?

The Queensland government launched this $5,000 grant to help home buyers in regional Queensland into their new home sooner. This time-sensitive scheme will only be available for building contracts signed between June 4th and December 31st 2020, and will be granted after the purchase or construction of a brand-new property valued at less than $750,000.

Are there any transfer duty exemptions?

Yes, you can claim first home concession for stamp duty if you purchase a home valued under $550,000 and vacant land valued under $250,000. The concession doesn’t apply if the value of the vacant land is over $400,000 and partial duty applies between $250,001 and $399,999.

Western Australia

Is the first home owner grant available?

Yes, first home owners receive the $10,000 grant towards buying or building a new or substantially renovated home. The limit on the total property and land value varies depending on the location of the new home – south of the 26th parallel capped at $750,000; north of the 26th parallel capped at $1,000,000.

Are there any stamp duty concessions?

Yes, the First Home Owner Rate of Duty applies to eligible properties valued up to $530,000 or $400,000 for vacant lands.

South Australia

Is the first home owner grant available?

Yes, first home owners will benefit from a grant of up to $15,000 when purchasing and building new homes valued at $575,000 or less.

Are there any stamp duty concessions?

Unlike other starts and territories, there are currently no concessions available specifically for first home buyers in South Australia.

Tasmania

Is the first home owner grant available?

Yes, first home owners will benefit from a grant of up to $20,000 when building or buying a new property.

Are there any stamp duty concessions?

Yes, first home buyers receive a concession rate of 50% on property transfer duty of established homes valued at $400 000 or less.

Australian Capital Territory

Is the first home owner grant available?

Yes, the ACT government issues a grant of $7,000 to first home buyers for the purchase of a new or substantially renovated property valued at $750,000 or less.

Are there any stamp duty concessions?

Yes, the home buyer concession scheme from 1st July 2019 onwards allows buyers to pay zero duty if they are over 18, earn a combined income within the threshold, live in the home for 12 months and must not have owned a property in the past 2 years.

Northern Territory

Is the first home owner grant available?

Yes, eligible Territorians can now receive the $10,000 grant when buying or building a new home.

Are there any stamp duty concessions?

Yes, you may be able to receive up to $18,601 off stamp duty if you are buying a new or established property or land to build a new home in the Northern Territory.

How do I apply for the First Home Owner grant?

Visit the State Revenue Office (SRO) website for full details, eligibility and calculator
Find the right conveyancer to help you navigate through the lengthy process of property settlement
Read the lodgement guide and complete the application form
Gather and supply all supporting evidence
Lodge your application with the approved bank, broker or directly with the SRO

Sources:
http://www.firsthome.gov.au/
http://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant
http://www.osr.nsw.gov.au/benefits/first_home/
http://www.revenue.nt.gov.au/
https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant
http://www.revenuesa.sa.gov.au/
http://www.sro.tas.gov.au/
http://www.sro.vic.gov.au/
http://www.finance.wa.gov.au/cms/State_Revenue/FHOG/First_Home_Owner_Grant.aspx

Are there any conveyancers near me?

What is the First Home Owner Grant?

Want to find a licensed conveyancer in Sydney, Melbourne, Brisbane, Adelaide or Perth?

Am I eligible for the First Home Owner Grant?

What are the grants and concessions available for each state?

New South Wales

Is the first home owner grant available?

Are there any stamp duty exemptions?

Victoria

Is the first home owner grant available?

Are there any stamp duty exemptions?

Queensland

Is the first home owner grant available?

What is the regional home building boost grant?

Are there any transfer duty exemptions?

Western Australia

Is the first home owner grant available?

Are there any stamp duty concessions?

South Australia

Is the first home owner grant available?

Are there any stamp duty concessions?

Tasmania

Is the first home owner grant available?

Are there any stamp duty concessions?

Australian Capital Territory

Is the first home owner grant available?

Are there any stamp duty concessions?

Northern Territory

Is the first home owner grant available?

Are there any stamp duty concessions?

How do I apply for the First Home Owner grant?

Are there any conveyancers near me?

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