If you’re a first home buyer and managed to find your way amongst all the information out there on grants, schemes and incentives available, then you deserve a pat on the back. On the other hand, if you’re struggling to understand what’s on offer for you and what exactly they all mean, we don’t blame you! So, we’ve put together a bit of a national guide on the first home-buyer schemes available and some resources to help you through it all.

 

Something for everyone

HomeBuilder Grant – Australia-wide

Thinking of building your own home? The Federal Government offers a grant of $25,000 across all states. The proposed home must be owner-occupied. The contract must be signed and your application lodged prior to December 31st 2020. You must also begin construction within 3 months.

This program has an income cap of $125,000 per person or $200,000 for a couple (as per FY19 or FY20 Tax Returns). The home can be valued at up to $750,000 (house and land). The program also covers substantial renovation contracts, valued between $150,000 and $750,000 (if the value of the existing home does not exceed $1.5 million). Find out more here.

 

New South Wales

First-Home Owner’s Grant (New Homes)

Grant total is $10,000 for those purchasing new properties costing less than $600,000. If you’re buying land to build a new home, the total price, including the land and home, must not exceed $750,000. See here for eligibility.

HomeBuilder program

See ‘Something for everyone’ above, or for information specific to NSW take a look here.

First-Home Buyer Assistance Scheme

First home buyers will pay no stamp duty on property worth $650,000 or less, or vacant land worth $350,000 or less. See further details here.

 

Victoria

First Home Owner Grant

The $10,000 First Home Owner Grant is available when you buy or build your first new home or $20,000 for new homes built in regional Victoria, valued at $750,000 or less. This is only eligible for contracts signed before 30 June 2021. See here if you’re eligible for the First Home Owner Grant.

New Stamp Duty Measures

First-Home buyers will pay no stamp duty on property with a dutiable value up to $600,000 and may be eligible to receive the first home buyer duty concession for property valued between $600,001 to $750,000. Understand more here.

HomeBuilder Grant

Victoria recently announced a three month extension for construction commencement due to the Stage 4 restrictions previously in place. See ‘Something for everyone’ above, or for information specific to VIC take a look here.

Queensland

First Home Owner Grant

As a first home owner you could be eligible for a grant of $15,000 from the Queensland Government to buy or build your first new home, unit or townhouse up to the value of $750,000. To see if you’re eligible for the First Home Owner Grant, click here .

Regional Home Building Boost Grant

Providing assistance to regional Queensland home owners, if eligible, with this grant you’ll receive $5,000 on the completion of your purchase or the construction of your brand-new house, unit or townhouse valued less than $750,000. See here for details.

HomeBuilder Grant

See ‘Something for everyone’ above, or for information specific to QLD take a look here.

 

Western Australia

First Home Owners Grant

This is a grant of $10,000 for WA first-time owner-occupiers to purchase a brand new home with the total value of the home not exceeding $750,000. Find out more and whether you’re eligible here.

First Home Buyers Rate of Duty

First home buyers may be exempt from or pay reduced stamp duty on new homes in WA. If the value of the home is less than $430,000 then no duty is payable. Where the value of the home is between $430,000-$530,000, duty is payable at a rate of $19.19 for every $100 over $430,000. There is no waiver or reduction for homes valued at more than $530,000.

For Vacant Land only, the value of the land must not exceed $400,000. Where the land is valued at less than $300,000, no duty is payable. Between $300,000-$400,000 duty is payable at $13.01 for every $100 over $300,000. The First Home Buyers Rate of Dutyhas the same application form as the First Home Owners Grant, and if you are eligible for this program another form will be sent to you to be completed. Find out more here.

HomeBuilder Grant

See ‘Something for everyone’ above, or for information specific to WA take a look here.

WA Building Bonus Grant

The WA government offers a grant of $20,000 for both owner-occupied and investment properties where applicants enter into a contract to build a new home (renovations are not eligible). There is no cap on income or purchase price. The contract must be signed prior to 31 December 2020 and construction must start within 6 months.

You can apply for the grant once foundations have been laid, and no later than 30 June 2021. Find out more here.

 

South Australia

HomeBuilder Grant

See ‘Something for everyone’ above, for information specific to SA take a look here.

First Home Owner Grant

This is a grant of up to $15,000 for South Australian first-time owner-occupiers to purchase a brand new home if it’s market value is below $575,000. There is no grant for purchasing established homes. Find out if you’re eligible here.

 

Tasmania

First Home Owner Grant

The Tasmanian government offers a $20,000 First Home Owner Grant to those who purchase owner-occupied new homes (the home cannot have been previously occupied or sold) in Tasmania until 30 June 2022. Find out if you’re eligible for it here.

HomeBuilder Grant

See ‘Something for everyone’ above, for information specific to TAS take a look here.

Duty concession for first home buyers of established homes

You could be eligible for a 50% discount on property transfer duty if you’re a first home buyer of an established property (one that’s been occupied or sold before) and if the property is valued at less than $400,000.  Find out more here.

 

Northern Territory

BuildBonus Grant

You could be eligible for the BuildBonus Grant of $20,000 if you’ve entered into a contract to build or buy a home, or have begun constructing a home on land you own. Find out more about BuildBonus here.

Territory home owner discount

If you are planning on buying an established home (one that’s been occupied or sold before) or land to build on, you could be eligible for a discount of up to $18,601 off stamp duty. Find out if you’re eligible and apply by visiting this page.

First Home Owner Grant

A grant of up to $10,000 for NT first-time owner-occupiers to purchase a brand new home (one that hasn’t been occupied or sold before) regardless of the market value. Find out if you’re eligible here.

HomeBuilder Grant 

See ‘Something for everyone’ above, for information specific to NT take a look here.

 

Not sure what to apply for?

The Credabl team is here to help! Get in touch and we can help you to coordinate your home loan with the right grants or schemes to save you money on your new home! Visit our home loan page here or call us on 1300 CREDABL (1300 27 33 22).

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This article is a guide only and does not constitute any recommendation on behalf of Credabl Pty Ltd (ACN 615 968 100) or any of its related bodies corporate (Credabl).  The information in this article is general in nature and we have not taken into account your personal objectives or financial circumstances or needs when preparing it. Before acting on this information you should consider if it is suitable for your personal circumstances.  Credabl is not offering financial, tax or legal advice. You should obtain independent financial, tax and legal advice as appropriate.  This information is current as at time of publishing (14 October 2020). Many of these Grants and Schemes change subject to Government arrangements.