First Home Buyer Grants and Stamp Duty Exemption or Concession
Is owning your own home one of your big goals? Purchasing a home is a major investment whether it’s to live-in or have as a property investment generating passive income.
For first home buyers, getting a property can be challenging in many ways, especially when faced with rising housing unaffordability. To give first home owners a fairer go, the Australian government provides them with stamp duty exemption or concession and a one-off grant that is payable to eligible first home buyers.
The grant amount and stamp duty exemption or concession for first home buyers varies from state to state and is delivered through Australian state and territory governments. Below outlines the available support as of 1 July 2017 in NSW, QLD and VIC.
(An idea is to have something similar to this link and REA: First Home Buyers – Developers , but maybe have the text over the shape of the east coast states.)
New South Wales
- No stamp duty on all homes up to $650,000 and stamp duty concessions for all homes between $650,000 – $800,000
First Home Owner Grant
- $10,000 grant for building a new home valued up to $750,000 and new homes valued up to $600,000
- No stamp duty for homes up to $600,000 and stamp duty concessions for homes between $650,000 – $750,000
- $10,000 grant for new homes valued up to $750,000 in metro areas, and the grant is increased to $20,000 for new homes in regional areas also valued up to $750,000
- Stamp duty concessions for homes up to $550,000 or vacant land up to $400,000
- $20,000 grant for new homes or building a new home valued up to $750,000
Who is an eligible first home buyer?
The eligibility criteria varies between states and territories and the following conditions are general requirements in NSW, VIC and QLD:
- The minimum age requirement is met as stipulated by the state or territory the grant is being applied in
- At least one applicant is an Australian citizen or permanent resident in Australia
- None of the applicants have previously received an Australian first home owner grant or stamp duty concession
To find out if you meet the eligibility criteria, it’s important to talk with your legal advisor. For more information about grants visit here and for information about stamp duty concessions visit here.