So we've previously covered the HomeBuilder grant and explained who best benefits from the $25,000 for extensive renovations or new home builds, it's important to note that there are many other grants available to give people a leg up when it comes to getting on the property ladder.
The plan is to help first home buyers make that massive leap to own their first home, with property prices looking the way they are, they need all the help they can get...and it's working. Research from the REA Group suggests the current property market is dominated by those people who are purchasing a home for the first time. A lot of this has to do with the grants on offer, but also due to tighter regulations around investment and overseas buyers that are helping open up avenues to those Aussies who want to quit renting, and start their very own investment in their future.
As always you must do your due diligence, have a solid deposit (and enough left over for moving costs, insurance and unexpected repairs or purchases), know the market in the area you want to buy inside and out, and factor in how a change in your financial circumstances or an interest rate increase might influence your ability to make repayments. You also need to be sure that you are eligible for any of the grants you are expecting to come through, as filling in these costs yourself might just make that purchase impossible.
Here's a look around the country to see what's currently available in 2020 in terms of grants and homeownership funding. To get the low down on all the details and criteria you'll need to check in with the official state or territory government page.
First Home Loan Deposit Scheme allows voluntary Super payments to be used towards a home deposit. See our previous articles for the details.
The previous ACT first home owner's grant ended in July 2019 and they now have in place the Home Buyer Concession scheme.
This waives the transfer duty fees for first home buyers on all types of property, and pleasingly, there is no cap on property value. There is an upper-income threshold in place so you will need to double-check this if you are a high-income earner.
For more information, you can contact the ACT Revenue Office.
The First Home Buyers Assistance Scheme gives eligible Australians exemptions on stamp duty. A full concession is given on stamp duty for any purchase up to $650,000 with partial concessions given on properties valued from $650,000 to $800,000.
In addition to the stamp duty exemptions, there is also help available for new home purchases.
First home buyers who are moving into a home that has previously not been lived in (i.e. it's brand new) can receive a grant of up to $10,000 for properties valued to $750,000. This is especially helpful for those who are looking in the outer regions and rural areas.
You can find out more at the NSW Revenue Office
If your first home is newly built you can apply for a for the $10,000 newly constructed home grant.
There is also the BuildBonus Grant that can be up to $20,000, as well as the Territory homeowner discount which has a limited stamp duty waiver of up to $18,601.
You can visit nt.gov.au for more information.
As in other states, transfer duty is waved under the first home concession on homes valued up to $500,000. Partial concessions are available for those properties above this cap.
Added to this, if you are buying a brand new home in the sunshine state you can apply for a $15,000 for properties valued to $750,000.
More information can be found at qld.gov.au
New builds in SA can offer up to $15,000 for eligible applicants, as long as the property value is under $575,000.
For those first home buyers with new homes under construction on the date land tax calculations are taken (June 30) payments can be exempt if they will be the primary occupiers and fully moved in within the next 365 days.
You can contact RevenueSA for the details.
If you are buying or building a new home as a first home buyer in Tasmania you may be eligible to receive $20,000 (until 2022).
As well as this first home buyers of existing properties may be eligible for a 50% transfer duty concession, for properties valued below $400,000.
More information can be found at the State Revenue Office of Tasmania
Stamp duty tax is paid for eligible first home buyers on properties valued under $600,000. There are part concessions on duty for properties over this limit, up to a value of $750,000.
As well as this, a building grant for new homes (buying or building) exists that allows metro first homeowners up to $10,000 and regional up to $20,000 for properties valued to $750,000.
More information and additional grants can be found at the State Venue Office Victoria
There is a $10,000 grant available for those buying or building a new home in WA. There is also a concession rate for first home-buyers transfer duty.
The WA Department of Finance has more information.
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