1 July 2017: State government first home buyer incentives changes

 In Grants & Incentives, Latest news, Other, Tips

A number of state government changes are coming for first homebuyers from today, 1 July 2017, including changes to state-based first homeowner grants and stamp duty discounts/exemptions. Today, we summarise each state’s current (effective 1 July 2017) First Home Owner Grant (FHOG) and stamp duty assistance measures for aspiring first home buyers.

Click here to see all the government changes effective from 01 Jul 2018.

ACT

FHOGRemains at $7,000 and is only applicable for purchases or construction of new homes
Stamp Duty
Exemption
Only $20 duty is payable for purchases of new homes under $470,000
Stamp Duty
Concession
Duty discounts apply for purchases of new homes between $470,000 and $607,000
Eligibility
Criteria
Click here to check if you are eligible

NSW

FHOGRemains at $10,000 for builders of new homes up to $750,000 and purchasers of new homes up to $600,000
Stamp Duty ExemptionNo stamp duty for eligible first home buyers who purchase a new or existing dwelling under $650,000
Stamp Duty ConcessionDiscounted stamp duty for eligible first home buyers who purchase a new or existing dwelling between the value of $650,000 and $800,000
Eligibility CriteriaClick here to check if you are eligible

NT

FHOGRemains at $26,000 and is only applicable for purchases or construction of new homes (no threshold applies)
Stamp Duty ExemptionNo stamp duty for eligible first home buyers who purchase an existing dwelling under $500,000
Stamp Duty ConcessionDiscounted stamp duty for eligible first home buyers who purchase a new or existing dwelling between the value of $500,000 and $650,000
Eligibility CriteriaClick here to check if you are eligible

QLD

FHOGRemains at $20,000 (until 31 Dec 2017) for builders or purchasers of new homes up to $750,000
Stamp Duty ExemptionNo stamp duty for eligible first home buyers who purchase a new or existing dwelling under $505,000
Stamp Duty ConcessionDiscounted stamp duty for eligible first home buyers who purchase a new or existing dwelling between the value of $505,000 and $550,000
Eligibility CriteriaClick here to check if you are eligible

First home buyers in some states are set to benefit by having greater purchasing power

SA

FHOGRemains at $15,000 for builders or purchasers of new homes up to $575,000.  Pre-Construction Grant for Off-the-Plan Apartment Puchasers of $10 000 may also be available for contracts entered into between 22 June 2017 and 30 September 2017.
Stamp Duty ExemptionThere are currently no stamp duty exemptions for SA first home buyers
Stamp Duty ConcessionA partial stamp duty concession will be available for off-the-plan apartments purchased in a defined area within the Adelaide CBD, with a market value $500 000 or less
Eligibility CriteriaClick here to check if you are eligible

TAS

FHOGRemains at $20,000 after the Tasmanian Government extended the boosted FHOG for one year, from 1 July 2017 to 30 June 2018.
Stamp Duty ExemptionThere are currently no stamp duty exemptions for TAS first home buyers
Stamp Duty ConcessionThere are currently no stamp duty concessions for TAS first home buyers
Eligibility CriteriaClick here to check if you are eligible

VIC

FHOGMetropolitian Victoria: $10,000 grant for building or purchasing a new house/townhouse/apartment up to $750,000
Regional Victoria: First home owner grant doubled to $20,000 for new homes only, up to $750,000
Stamp Duty ExemptionNo stamp duty for eligible first home buyers who purchase a new or existing dwelling under $600,000
Stamp Duty ConcessionDiscounted stamp duty for eligible first home buyers who purchase a new or existing dwelling between the value of $600,000 and $750,000
Eligibility CriteriaClick here to check if you are eligible

Metropolitian (Melbourne) FHB’s

Regional VIC FHB’s

WA

FHOGReduced to $10,000 from 01 July 2017 for purchases up to $750,000 or $1,000,000 depending on which part of WA you are purchasing your first home
Stamp Duty ExemptionNo stamp duty for eligible first home buyers who purchase a new or existing dwelling under $430,000
Stamp Duty ConcessionDiscounted stamp duty for eligible first home buyers who purchase a new or existing dwelling between the value of $430,001 and $530,000
Eligibility CriteriaClick here to check if you are eligible

Who can answer my questions?

Got a question on the First Home Owners Grant in your state, or perhaps another question in relation to buying your first home? Get your questions answered by an FHBA Coach!

Written By,

First Home Buyers Australia

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