Buying your first home is a huge challenge thanks to sky-high prices in Australian markets. Luckily, state governments have acknowledged this and offer assistance to eligible buyers in the form of first home owner’s grants.
These grants range from $7,000 to $20,000 so it’s well worth your time to check your eligibility before you buy.
HOW DO I APPLY?
To learn how to apply, visit your state office’s website, each of which include a guide to submitting your application and an eligibility test.
In some cases, you’ll be able to simply fill out an online form. In other cases, you’ll have to send a physical form and copies of supporting documentation to the state office. Supporting documents might include:
Certain approved agents, usually banks and lenders, will be able to help you submit your application if you need assistance.
AM I ELIGIBLE?
Eligibility criteria differ slightly depending on where you are, so check your state government’s website to confirm. Generally the criteria are that:
HOW MUCH CAN I GET?
NSW offers a First Home Owner Grant for the purchase or construction of new homes. The value of the property must be under $600,000. If you’re buying land and building a home, their combined value must be under $750,000.
Stamp duty concessions are also available in NSW if you’re an eligible first home buyer and the property you’re purchasing is worth under $800,000.
VIC: $10,000 or $20,000 in regional Victoria
Victoria offers a First Home Owner Grant for new properties valued under $750,000.
The state also offers full stamp duty exemptions to first home buyers of all properties valued under $600,001 and discounts for those valued between $600,001 and $750,000.
QLD offers a First Home Owner Grant for new builds valued up to $750,000. The state also offers full stamp duty exemption for first-time-buyers on properties valued up to $500,000.
New builds or substantially renovated homes up to the value of $750,000 or $1 million (depending on location) qualify for the First Home Owners Grant in WA.
First-time-buyers may also be eligible for a full stamp duty exemption on homes to the value of $430,000 and discounts on those valued between $431,000 and $530,000.
Unfortunately, as of June 1 2019 there is no longer a First Home Owners Grant in ACT. Instead, first home buyers can apply for stamp duty exemptions or discounts for all properties in the ACT with there being no value limit in place.
If you buy a new build of any value, you may qualify for the NT’s massive First Home Owner Grant. You may also be eligible to receive a stamp duty discount as large as $23,928 if the property you purchase is valued under $650,000.
New builds valued up to $575,000 qualify for the SA First Home Owner Grant. There are no stamp duty exemptions for first home buyers,
If you enter into a contract to purchase a new or substantially renovated home in TAS before 30 June 2020, you could be eligible for the First Home Owner Grant. As a first home buyer, you may also be able to claim a 50% discount on stamp duty, provided the home you’re buying is worth less than $400,000.