Government schemes to help you buy your first home

Government schemes to help you buy your first home

Are you an aspiring property owner struggling to figure out how to afford a 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 help for first home buyers in Australia thanks to government schemes.

Here are the first home buyer concessions and grants available in Australian states that can help you out (as of 17/7/17).

Home loans in Australia won’t seem so expensive when you’ve got government grants and concessions to give you a boost. 

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 Owner Grant, you can also defer your duty payment for up to 5 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.

Northern Territory

• 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.

Queensland

• 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.

From first home owner grants to stamp duty concessions, there’s a lot of help out there for first home buyers.

South Australia

• 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.

Tasmania

• 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.

Victoria

• 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.

Western Australia

• First Home Owner Grant: Eligible first home buyers or builders of new homes will receive $10,000. If you signed your contract between January 1 and June 30 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 a lot 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. Talk to your Smartline adviser today!