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First Home Buyer’s Guide

November 11, 2020

What grants and incentives can first home buyers get?

As a first home buyer, you may be eligible to take advantage of various incentives and grants offered by the government.  But how do you know what’s relevant to you?  We’ve summarised what is available state by state below.

Nationally
    • Practising solicitors are eligible to borrow with a 10% deposit. This can be used in conjunction with government grants and incentives. Current practising certificate is required. 
New South Wales
    • Stamp duty exemptions apply for properties under $650,000 or vacant land under $350,000.
    •  Discounted stamp duty rate for properties between $650,000 -$800,000, or vacant land between $350,000 – $450,000.
    • $10,000 grant if you enter a contract to build a property or purchase a new property worth up to $750,000.
Australian Capital Territory
    • Stamp duty exemptions apply for newly built properties under $470,000, or vacant land under $281,200.
    • Discounted stamp duty rates on newly built properties between $470,001-$607,000, or vacant land between $281,201-$329,500.
    • $7,500 grant for new properties of any value.
Victoria
    •  Stamp duty exemptions apply for properties under $600,000.
    •  Reduced stamp duty on properties between $600,000-$750,000.
    •  $10,000 grant for new properties under $750,000.
    •  $20,000 grant for new properties under $750,000 in regional Victoria.
Queensland
    • Stamp duty exemptions apply for properties under $500,000, or vacant land under $250,000.
    • Discounted stamp duty on properties under $549,999, or vacant land under $399,999.
    • $15,000 grant for new properties under $750,000.
Northern Territory
    •   Stamp duty exemptions apply for properties under $500,000.
    •   Discounted stamp duty on properties between $500,000-$650,000
    •   Household Goods Grant of up to $2000 available for new property purchases to assist with setting up your household.
    • $10,000 grant for new properties of any value.
South Australia
    • All first-home buyers must pay stamp duty.
    • Off-the-plan stamp duty concession available of up to $21,330 on properties under $500,000.
    • For new or off the plan properties, varying amounts of grants are available depending on when the property was built. 
    • $15,000 grant for new properties under $575,000.
Western Australia
    • Stamp duty exemptions apply for properties under $430,000 or vacant land under $300,000.
    • Discounted stamp duty on property between $430,000-$530,000, or vacant land between $300,000-$400,000.
    • $10,000 grant for new and existing properties of any value.
Tasmania
    •   Full stamp duty applies.
    •    $20,000 grant for new properties of any value.

The process of purchasing a home can be complex, especially as a first home buyer. Exact entitlements will vary depending on each state’s laws. For more information,  chat to our team or click on your relevant state’s link below.

Want to borrow with a 5% deposit? Read our guide to the First Home Deposit Scheme here. 

Sources:

https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme

https://www.sro.vic.gov.au/first-home-owner

https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant

https://www.revenue.act.gov.au/home-buyer-assistance/first-home-owner-grant

https://www.revenuesa.sa.gov.au/grants-and-concessions/first-home-owners

https://www.wa.gov.au/organisation/department-of-finance/fhog?utm_source=redirect&utm_medium=finance_wa_fhog

https://www.sro.tas.gov.au/first-home-owner

https://nt.gov.au/property/home-owner-assistance/first-home-owners

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