If you are thinking about buying land, buying property, building a home or renovating it is worth researching what Federal and State Government assistance you may be eligible for. Here is a quick guide:
New South Wales
• First Home Owners Grant: $10K
• Stamp/Transfer Duty: Concessions
• HomeBuilder Grant: $25K
Basic Conditions
• FHOG: Buying new home $600K limit. Building new home $750K limit.
• Stamp/Transfer Duty: Home value up to $650K.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
Victoria
• First Home Owners Grant: $10K
• Stamp/Transfer Duty: Concessions
• HomeBuilder Grant: $25K
• Regional VIC: $10 – $20K
Basic Conditions
• FHOG: For homes valued at less than $750K
• Stamp/Transfer Duty: Up to $600K value, discounted rate applies up to $750K.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
• Regional VIC: $20K, Metro VIC: $10K
Queensland
• First Home Owners Grant: $15K
• Stamp/Transfer Duty: Concessions
• HomeBuilder Grant: $25K
Basic Conditions
• FHOG: $15,000 towards buying or building your new home (valued at less than $750,000).
• Stamp/Transfer Duty: No transfer duty for eligible FOHs, value of home less than $500,000.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
Northern Territory
• First Home Owners Grant: $10K
• Stamp/Transfer Duty: Concessions
• New Home BuildBonus Grant: $20K
• HomeBuilder Grant: $25K
Basic Conditions
• Stamp/Transfer Duty: Up to $18,601 off Stamp Duty depending on your circumstances. Must be your PPR.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
Western Australia
• First Home Owners Grant: $10K
• Stamp/Transfer Duty: Concessions
• HomeBuilder Grant: $25K
• Building Bonus Package Grant: $20K
• 75% Off-the-plan Stamp Duty Concession: up to $50k
Basic Conditions
• FHOG: Maximum house value $750K (Perth Metro) or $1M (Regional)
• Stamp/Transfer Duty: nil for properties valued $430K or less, discounted up to $530K.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
• BBPG: Enter into contract to build a new home on vacant land or enter into off-the-plan contract to purchase new home as part of a single-tier strata scheme.
• 75% Stamp Duty Concession: Up to $25k under construction, up to $50k pre-construction
South Australian
• First Home Owners Grant: $15K
• HomeBuilder Grant: $25K Basic Conditions
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent. SA Grants Australian Capital Territory
• Stamp/Transfer Duty: Concessions
• HomeBuilder Grant: $25K
Basic Conditions
• Stamp/Transfer Duty: Income assessed, household lower than $160K. Off-the-plan builds, new land.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
Tasmania
• First Home Owners Grant: $10 – $20K
• Stamp/Transfer Duty: 50% Discount
• HomeBuilder Grant: $25K
Basic Conditions
• FHOG: New homes until 30 June 2021, $10K thereafter and for existing homes.
• Stamp/Transfer Duty: First home buyers of established homes, dutiable value of $400K or less OR Pensioners downsizing.
• HBG: New home up to $750K. Renovations with total value $150K to $750K. Income and property value dependent.
