 Are you a first home owner looking to build or buy a house or land?
Are you wondering what grants might be available to you? Look no further than our state by state (and territory by territory!) guide below. Here you’ll find information regarding grants, concessions and discounts… all set to help YOU achieve your property dreams! ***This article was posted on the 26th June 2020 and all active grants were below, please check with your broker, or your relevant State Revenue Office to determine these grants still apply*** ALL STATES AND TERRITORIES (NOT REQUIRED TO BE FIRST BUILD) In response to the deepening financial crisis stemming from the Covid19 pandemic, the Australian Government has announced a time limited, tax-free grant program to help boost the residential construction market. A $25,000 grant will be available to eligible owner-occupiers (including first home buyers) who wish to build a new home or substantially renovate an existing one. Home Builder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme. More information is available here. AUSTRALIAN CAPITAL TERRITORY Home Buyer Concessions The ACT Government has a concession scheme to help people buy a home or residential land. All properties in the ACT are eligible for this scheme which will lower the duty payable. Unlike the previous concession scheme, it applies to vacant residential land and both new and established homes, anywhere in the ACT and at any price. More information can be found here. NEW SOUTH WALES First Home Owner Grant (New Homes) A $10,000 grant for first home buyers buying or building a new home under the First Home Owner Grant (New Homes) scheme. Purchase date must be on or after 1 January 2016. More information and eligibility criteria is available here. First Home Buyer Assistance Scheme Unlike the First Home Buyers Grant (New Homes), the First Home Buyer Assistance Scheme applies to buying an existing home, buying a new home and buying vacant land on which you intend to build a home. This scheme relates to stamp duty exemptions. If you’re a first home buyer, you may be entitled to a concessional rate of stamp duty or even an exemption from paying it altogether under the First Home Buyers Assistance scheme (FHBAS). If you are buying land… Under this scheme you won’t pay any transfer duty if your land is valued at less than $350,000. For land valued between $350,000 and $450,000, you’ll receive a concessional rate. If you are buying a new or existing home… If your home is valued at less than $650,000, you can apply for a full exemption so that you don’t have to pay transfer duty. If the value of your home is between $650,000 and $800,000, you can apply for a concessional rate of transfer duty. The amount you’ll have to pay will be based on the value of your home. More information and eligibility criteria is available here. NORTHERN TERRITORY Possibly the best state to build in when you include all of these grants, discounts, and the builder bonus you can get some serious help! First Home Owner Grant From 7 May 2019, if you are buying or building a new home, you can apply for a First Home Owner Grant of $10,000. From 1 January 2020, you can apply for the First Home Loan Deposit Scheme. To find out if you are eligible or for more information, go to the Australian Government National Housing Finance and Investment Corporation website. More information and eligibility criteria are available here. BuildBonus Grant BuildBonus was introduced in February 2019 to help Territorians fulfil their dream of building their new home. If you are buying or building a new home you can apply for a grant of $20,000. The BuildBonus grant is available to Territorians regardless of prior ownership. More information and eligibility criteria are available here. Territory Home Owner Discount If you are buying an established home, a new home or land to build a new home in the Northern Territory (NT), you may be able to get up to $18,601 off stamp duty. The home must be your principal place of residence. More information and eligibility criteria are available here. QUEENSLAND First Home Owner Grant A $15,000 grant to help first home owners get their new first home sooner. Purchase date must be 1 July 2018 or later (The grant amount has varied since it was first introduced in 2000. Contracts dated earlier than 1 July 2018 may still be eligible for a grant). More information and eligibility criteria is available here. Regional Home Building Boost Grant The regional home building boost grant is a State government initiative to help home owners in regional Queensland into their new home sooner. It will give you $5,000 towards the purchase or construction of a brand-new house, unit or townhouse valued at less than $750,000. More information and eligibility criteria is available here. Transfer Duty Concessions And Exemptions You will not pay any transfer duty if you are eligible to claim a first home concession and the value of the home is less than $500,000. More information and eligibility criteria is available here. SOUTH AUSTRALIA First Home Owner Grant A first home owner grant applies to the purchase or construction of a new residential property, including a house, flat, unit, townhouse or apartment that meets local planning standards anywhere in South Australia. FHOG ceased for established homes from 1 July 2014. The amount of FHOG payable is determined by the date the contract to purchase or build a home is entered into, or the date on which construction commenced for owner builders. Eligibility criteria and other information can be found here. TASMANIA First Home Owner Grant A $20 000 first home owner grant is available to eligible applicants who purchase or build a new home in Tasmania between 1 July 2016 and 30 June 2022 (inclusive). More information and eligibility criteria are available here. Duty Concession If buying an existing home as a first home buyer you may be eligible for duty concessions. The concession provides a 50 per cent discount on property transfer duty for first home buyers of established homes, which have a dutiable value of $400 000 or less. More information is available here. VICTORIA First Home Owners Grant A $10,000 First Home Owner Grant (FHOG) is available when you buy or build your first new home. The FHOG is $20,000 for new homes built in regional Victoria, for contracts signed from 1 July 2017 to 30 June 2021. More information and eligibility criteria are available here. FHOG For Regional Victoria The regional First Home Owner Grant (FHOG) is a $20,000 payment for first-home buyers who sign a contract to buy or build their new home, where the contract price (or cost of construction for an owner builder) is $750,000 or less, in regional Victoria. More information and eligibility criteria are available here. First Home Buyer Duty Exemption, Concession or Reduction When you buy your first home and the contract date is on or after 1 July 2017, you may be eligible for a duty exemption or concession. If your contract is dated before 1 July 2017, you may be eligible for a 50% duty reduction. More information and eligibility criteria are available here. WESTERN AUSTRALIA First Home Owner Grant The grant is $10,000 or the consideration paid to buy or build the house if less than that amount. If you are a first home owner, you may qualify for the grant if you are purchasing or building a new home. A home that has been substantially renovated may be considered a new home. The grant is not available for the purchase of an established home or for renovations to an existing home. More information and eligibility criteria are available here. Concessional Transfer Duty If you receive the first home owners grant, or would be eligible except that you are purchasing an established home, you may be eligible for concessional transfer duty. Eligibility criteria and other information can be found here. As the eligibility criteria are extensive, with slight differentiations for each type of grant/subsidy, we would encourage you to discuss these with your broker and conveyancing solicitor. Many lenders want the applicant to complete the GRANT forms with their broker and submit them with their application, so we can assist with this. It would be our pleasure to help you break through the paperwork overwhelm and get into that new home sooner! You can contact us here.
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 In response to the deepening financial crisis stemming from the Covid19 pandemic, the Australian Government has announced a time limited, tax-free grant program to help boost the residential construction market.
A $25,000 grant will be available to eligible owner-occupiers (including first home buyers) who wish to build a new home or substantially renovate an existing one. Home Builder will complement existing State and Territory First Home Owner Grant programs, stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme. In order to determine your eligibility for the grant, please carefully review the eligibility criteria as follows; Eligibility Criteria
How To Apply
More information Home Builder Fact Sheet Home Builder FAQs If, like us, you are in New South Wales, you can also contact [email protected] or call 1300 130 624. If you are in other states of Australia, please contact the Office of State Revenue (or relevant authority) in your state for more information. Please note: At the time of publication of this article, the Office of State Revenue for each state has not yet generated application forms. If you are interested in applying, please get in touch with your broker and they will assist once the forms are released. |
AuthorLiz Wilson has been working in finance for twenty two years now. She regularly blogs on industry topics and here you will find over a hundred personally written blog topics and case studies... 
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