Despite the large increase in property prices over the last few years, unfortunately first home buyers have seen a significant reduction in assistance in the form of Grants & Stamp Duty concessions. However First Home Owner Grants (FHOG) and Stamp Duty concessions still exist for some eligible first home buyers. In fact, our most frequently asked questions are in regards to what are the Grants & concessions available and am I eligible to receive them?
What is the First Home Owners Grant (FHOG)?
FHOG is a lump sum of funds first home buyers receive from the State or Territory government they purchase their first home in (if they meet the eligibility criteria). Each State & Territory has different rules, different eligibility criteria and different grant sizes. However, one of the most common rules relates to the fact, you must buy a new property.
Stamp Duty Concessions/Exemptions
Stamp Duty is an frustrating State based tax you pay when acquiring and/or selling certain items. It is a legal requirement that Stamp Duty is paid within 30 days of the property transaction (settlement date). Fortunately, if you are a first home buyer purchasing new property, Stamp Duty Concessions/Exemptions/Reductions can reduce the amount of duty you have to pay. As Stamp Duty is often the largest expense directly associated with purchasing a property, assistance in this area can be of great assistance to first home buyers.
With the launch of our “Brand New Properties on www.fhba.com.au” feature (18th March 2016), which focuses on properties where Government assistance is available for first home buyers, we thought it would be appropriate to provide a quick guide to the benefits first home buyers may be eligible for.
Every listing in our Brand New Properties section has a starting price of below the relevant State governments FHOG threshold, because we know how important this is to first home buyers. However, we strongly recommend that you review your State’s guide to assist you determine your eligibility for any grants and/or stamp duty concessions:
Important Tip: Grants and Concessions tend to change at short notice, therefore please double check with your State government what is available in your area before buying your first home!
It’s Ok if you still have questions in regards to first home buyer government assistance, or other finance related questions. If this is you, we recommend you speak with a Mortgage Broker.
If you want to learn more about FHOG & Stamp Duty concessions, please click here.
If your looking for a new property that is eligible for FHOG for your first home, try our new Brand New Properties section where there you will find a large range of new houses, apartments, townhouses, terraces & more.