Yahoo Finance UP TO $70k: What first home buyers can claim in each state
The government’s $25,000 HomeBuilder scheme will see home owners and first home-buyers who choose to build get a leg up.
And, if you’re a first home buyer, it’s especially good, as the grant is complementary to existing state and territory first home owner grants and stamp duty concessions.
Here’s a complete breakdown of all the subsidies available to first home buyers in every state:
Sydney: $35,000 + stamp duty exemptions
In Sydney, first home buyers who purchase new homes will receive a grant of $10,000, in addition to certain stamp duty concessions.
The First Home Buyers Assistance Scheme provides that if your home is valued at $650,000 or less, you can apply for a full exemption of stamp duty.
If the home is valued between $650,000 and $800,000, you can apply for a concessional rate of transfer duty, and the amount you pay will be based on the value of your home.
This, combined with the $25,000 HomeBuilder scheme will see those who construct new homes receive $35,000 from the government, plus any stamp duty concessions.
To apply: You can apply for the First Home Owner Grant scheme through your bank or financial institution when you arrange finance to buy your home.
Melbourne: $45,000 + stamp duty concessions
Melbournians purchasing or building a new home valued up to $750,000, they may be up for $20,000 from the government if the home is in regional Victoria, or $10,000 if it’s not.
The home must be less than five years old to be eligible for the grant.
You’ll also be up for a stamp duty exemption if your home is valued at less than $600,000, and a concession if it’s valued between $600,001 and $750,000.
Home buyers purchasing off-the-plan properties are also eligible for a concession.
To apply: Eligible applicants can complete and lodge an application form with the Victorian State Revenue Office, or the bank or credit union providing their finance can lodge it for them.
Adelaide: $40,000
The First home Owner Grant (FHOG) in South Australia applies to the purchase or construction of a new residential property, including a house, flat, unit, townhouse or apartment.
From new homes purchased or constructed after 15 October 2012, the FHOG is up to $15,000.
The residential property must be occupied by the applicant for at least six months, commencing within 12 months of the date of settlement for contracts to purchase, or the date construction is completed.
That means those who purchase a new home are eligible for up to $15,000 in concessions.
This, combined with the $25,000 HomeBuilder scheme will see those who construct new homes reap $40,000.
To apply: Eligible applicants can complete and lodge an application form with Revenue SA or an ‘approved agent’, like their bank.
Brisbane: Up to $55,925
First home buyers in Brisbane are eligible for a $15,000 grant, if the property they purchase or construct is valued at less than $750,000.
To be eligible for the grant, home buyers must move into the new home as their principal place of residence within one year of the completed transaction and live there continuously for 6 months.
First home buyers purchasing a home valued under $550,000 are also eligible for a first home stamp duty concession valued at up to $15,925. For amounts of $550,000, other concessions apply.
This, combined with the $25,000, could save first home buyers around $55,925.
To apply: Eligible applicants can complete and lodge an application form with the Queensland Office of State Revenue, or through their bank.
Perth: Up to $70k
First home buyers in Perth are the big winners.
The state government introduced a $20,000 Building Bonus Package earlier this month - on top of the government’s $25,000 HomeBuilder scheme.
It’s also combined with the state’s existing $10,000 first home owner grant and stamp duty concessions, which means some first home buyers will pocket nearly $70,000.
The concessions apply if the property value does not exceed $750,000 south of the 26th parallel, or $1,000,000 for properties north of the 26th parallel.
To apply: Eligible applicants can complete and lodge an application form with the WA Office of State Revenue, or through their bank.
Canberra: $25,000 + stamp duty axed for some
Currently, first home buyers in Canberra are eligible for a $7,000 grant for building a new home or purchasing a substantially renovated or off-the-plan home until 30 June 2019.
But Canberrans won’t receive any First Home Owners Grants from July 1 this year.
Instead, the scheme has been replaced by the Home Buyer Concession, which means first home buyers in the ACT won’t need to pay stamp duty if their annual household income is under $160,000.
To apply: The Revenue ACT site will ask you to take a quiz to see if you are eligible for a stamp duty exemption. You will receive a code when the quiz is completed.
Then, you or your lawyer will need to record this code on your transfer instrument as part of your paperwork to purchase a home. The state will then issue you with a Notice of Assessment for duty with the concession applied.
Darwin: $55,000
If you are purchasing or building a new home, you can apply for the $10,000 First Home Owners Grant.
Like WA, the Northern Territory also introduced a BuildBonus scheme, which would see Territorians eligible for a further $20,000 grant for the first 600 applicants.
This, combined with the $25,000 HomeBuilder could see eligible applicants receive $55,000 from the government.
To apply: You’ll need to visit the NT Government website and fill out the application form, and attach any supporting documents. You’ll need to lodge your application with your financial institution, or mail it to the government’s revenue office address.
Tasmania: $45,000 + stamp duty concessions
First home buyers in Tasmania can apply for the $20,000 First Home Owner Grant, if they purchase or build a new home.
They may also be up for a stamp duty concession of 50 per cent, if the value of the home is less than $400,000.
Eligible home buyers must occupy the home as their principal place of residence for a continuous period of 6 months commencing within 12 months of purchasing the property to qualify.
To apply: To apply for the concession, and to seek a duty refund, you’ll need to complete the Duty Concession for First Home Buyers application form and lodge it with the State Revenue Office.
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