The First Home Owner Grant has changed and evolved since it was introduced 16 years ago.
The national scheme, funded by the states and territories and administered under their own legislation, makes funds available to first home buyers. It is often coupled with savings on stamp duty for first-timers, too.
The FHOG was established to offset the impact of the then-new GST, but it has become an important economic stimulus tool.
Successive state and territory governments have tweaked the amounts available, as well as eligibility criteria. It is now aimed squarely at newly-built houses.
Here’s the lowdown on what’s available to first home buyers across the country.
How much? $10,000
What for? New builds only, valued up to $750,000.
NSW also offers stamp duty concessions for first-time buyers on new homes; full exemption up to $550,000 and concessional rates for new homes valued between $550,000 and $650,000.
More information: NSW Office of State Revenue
How much? $10,000
What for? New builds only, valued up to $750,000.
Victoria also offers up to 50% discount on stamp duty for all properties valued up to $600,000, purchased by first home buyers. Stamp duty concessions are also available for off-the-plan purchases.
More information: Victorian State Revenue Office
How much? $20,000, until June 30, 2017
What for? New builds only, valued up to $750,000
Queensland also offers stamp duty concessions for first-time buyers; full exemption up to $500,000 and a sliding scale from between $500,000 and $549,000.
More information: Queensland State Revenue Office
How much? $10,000
What for? New builds or “substantially renovated” homes, valued between $750,000 and $1 million, depending on location.
Western Australia also offers stamp duty concessions for first-time buyers on all properties; full exemption up to $430,000 and a sliding scale from between $431,000 and $530,000.
More information: West Australian Government – Department of Finance
How much? $15,000
What for? New builds only, valued up to $575,000.
South Australia also offers stamp duty concessions for the purchase of off-the-plan apartments in specified areas.
More information: Revenue SA
How much? $20,000, until June 30, 2017, then $10,000
What for? New builds only, with no threshold.
More information: Tasmanian State Revenue Office
How much? $26,000
What for? New builds only, with no threshold.
The Northern Territory also offers up to $2000 for First Home Owners Grant recipients to buy household goods and up to $23,000 in stamp duty relief for first home buyers purchasing an established home valued up to $650,000.
More information: Northern Territory Government – Department of Finance
How much? $10,000
What for? New builds or “substantially renovated” homes, valued up to $750,000.
The ACT also offers stamp duty concessions for first-time buyers buying new homes; full concession up to $455,000 and a sliding scale to $585,000. Gross income thresholds apply in the ACT.
More information: ACT Revenue Office
(Credit: http://www.realestate.com.au/advice/state-by-state-guide-to-first-home-buyers-grants/)
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