Are you an aspiring property owner struggling to figure out how to afford your first home in Australia? With average mortgage rates more expensive than ever before across the majority of states, it’s little wonder. But there’s plenty of assistance for first home buyers in Australia thanks to government schemes.
To help you out, here is a summary of first home buyer concessions and grants available in each of the Australian states (as of 17/7/17).
Australian Capital Territory
- First Home Owner Grant: $7,000 available for first home buyers of property valued under $750,000.
- Duty deferment: If you’re eligible for the First Home Owners Grant, you can also defer your duty payment for up to five years after signing your contract.
New South Wales
- First Home Owners Grant: $10,000 available to build a new home worth up to $750,000, or to buy a new home valued up to $600,000.
- First Home Buyers Assistance scheme: Abolition of stamp duty for properties valued under $650,000, reductions for homes valued between $650,000 and $800,000.
- First Home Owner Grant: $26,000 for buyers of new homes, can be combined with a $2,000 household goods grant.
- Stamp duty discount: $23,928.60 reduction on stamp duty for buyers of established homes.
- Home renovation grant: $10,000 to renovate or improve an established home.
- First Home Owners’ Grant: $20,000 for eligible buyers or builders of new homes valued up to $750,000.
- First home concession: Reduction on transfer duty for homes valued up to $550,000.
- First Home vacant land concession: Concession on transfer duty for the purchase of vacant land valued up to $400,000.
- First Home Owner Grant: $15,000 available to buyers or builders of new homes valued up to $750,000.
- Off-the-plan stamp duty concession: Available for off-the-plan apartment purchases, the concession amount depends upon the stage of completion of the apartment.
- First Home Owner Grant: $10,000 available for eligible first home buyers and builders, $20,000 is available if you meet an additional list of requirements.
- First Home Owner Grant: $10,000 available for buyers of property valued up to $750,000, $20,000 is available if the home purchased is in regional Victoria.
- Stamp duty concessions: Stamp duty has been abolished for first home buyers of homes valued up to $600,000, concessions apply to homes valued between $600,000 and $750,000.
- Off-the-plan concessions: Stamp duty reductions for first home buyers purchasing property off-the-plan.
- First Home Owner Grant: Eligible first home buyers or builders of new homes will receive $10,000. If you signed your contract between 1 January and 30 June 2017, you could be eligible for an additional $5,000 ‘boost’.
Note: Certain restrictions apply to these schemes, and it’s important to check eligibility requirements before factoring any concessions into your budget planning.
There’s plenty of assistance available out there if you need it. Owning your own Australian home is not impossible if you take advantage of government schemes such as these and land yourself a competitive home loan. Contact your local Smartline adviser today!