Are you a first-time homeowner looking to enter the property market? Many programs and initiatives are available to assist first-time homebuyers in purchasing property, helping you get into your first home sooner.
Each state and territory have First Home buyer schemes with eligibility requirements differing between areas. However, some general criteria include:
- You must have never purchased property before
- You cannot be purchasing property as a company or a trust
- You must be at least 18 years old
- If you have a spouse, partner, or co-purchaser, they cannot have previously owned property
- If you have a spouse or partner, you cannot have lived in a residential property which they owned from 1 July 2000
- If you have a spouse or partner, they cannot have claimed a first home buyers grant previously
- You must occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home
- You must occupy your first home for at least twelve continuous months.
As well as grants to assist first home buyers, many states and territories also offer concessions on stamp duty.
First Home Owners Grants in Victoria
For first homeowners, the Victorian government offers the First Home Owners Grant of $10,000 for eligible applicants. Homeowners can buy or build a new home worth up to $750,000. Stamp duty is calculated on a sliding scale, with no stamp duty payable when purchasing a new or established home valued below $600,000.
First Home Owners Grants in New South Wales
New Homes is the New South Wales government grant program for first homeowners. It offers a $10,000 grant for the purchase or construction of new homes, for properties valued at under $600,000. When buying land to build a property, the combined value of the land and dwelling must be less than $750,000. First home buyers can also pay no stamp duty for homes worth less than $650,000, and for vacant land valued at under $350,000.
First Home Owners Grants in Queensland
The Queensland government’s First Home Owners' Grant offers $15,000 to first-time homeowners. All properties worth less than $750,000 are eligible for the program. In some cases, homeowners renovating an established home would also qualify for financial assistance. Stamp duty concessions are available for homes valued less than $550,000 or vacant land less than $400,000.
First Home Owners Grants in Western Australia
The Western Australian grants program differs according to where the property is located within the state. $10,000 is available for first homeowners, with properties located south of the 26th parallel of south latitude only eligible if they are valued at less than $750,000, while properties north of the 26th parallel can be valued up to $1 million. Properties of less than $430,000 are exempt from stamp duty, with a sliding scale for more expensive homes.
First Home Owners Grants in South Australia
For the purchase and construction of new homes valued up to $575,000, the First Home Owners Grant of up to $15,000 is available. In South Australia, there are no stamp duty exemptions.
First Home Owners Grants in Northern Territory
All first homeowners in the Northern Territory are eligible for a $10,000 grant, regardless of the value of the property being bought or built. There is currently no stamp duty assistance available.
First Home Owners Grants in Tasmania
The Tasmanian government offers the most generous grant program, with the $30,000 First Home Owners Grant available for first-time buyers who are buying a new home, buying a new home off the plan or building a new home. If a property is valued at $500,000 or less, first home buyers receive a fifty percent discount on stamp duty.