The original First Home Owner Grant was an Australian government initiative to help offset property price rises caused by the introduction of the Goods and Services Tax. More recently governments and banking regulators have been concerned that first home buyers are being pushed out of the property market by investors as well as high prices.
Now each Australian state has different assistance measures for first home buyers. What does your state government offer you? Find out below.
First home buyer assistance in New South Wales
NSW offers a $10,000 First Home Owner Grant for new or substantially renovated homes worth $750,000 or less. NSW also has a “First Home – New Home” stamp duty concession program to assist first home buyers with lower rates of duty.
First home buyer assistance in Victoria
There is a $10,000 first home buyers grant in Victoria and a number of recent changes to assistance. From 1 July 2017, the first home buyers grant will be doubled for regional new homes, from $10,000 to $20,000.
And about 25,000 Victorian first home buyers will soon save an average of $8,000 after Victoria abolished stamp duty for first home buyers on properties worth up to $600,000, from 1 July 2017.
Victoria has also just announced a new “HomesVic” subsidy program which will begin in January 2018. Eligible buyers (couples earning less than $95,000 per year or singles earning less than $75,000) can co-purchase a property with the government, which takes a 25 per cent stake. This reduces the deposit (down to minimum of 5 per cent) and the repayments required from the buyer.
First home buyer assistance in Queensland
Queensland’s First Home Owners' Grant is $20,000 for new homes valued at less than $750,000. Queensland also has stamp duty concessions for first home buyers of up to $8,750 for homes worth up to $550,000 and big concessions for land buyers on blocks worth less than $400,000.
First home buyer assistance in Western Australia
Western Australia’s first home owner’s grant is $10,000 for new homes worth up to $750,000, or $1 million in the north of the state.
Western Australia also has stamp duty concessions for homes valued under $530,000 and land worth less than $400,000.
First home buyer assistance in South Australia
South Australia’s first home owner’s grant is up to $15,000 for new homes valued up to $575,000.
First home buyer assistance in Tasmania
Tasmania’s $20,000 first home owners grant for new homes will be cut to $10,000 from 1 July 2017.
First home buyer assistance in the Northern Territory
Northern Territory’s $26,000 First Home Owners Grant is for new homes. There is no limit on the value of the property. Northern Territory also offers a First Home Owner Discount on stamp duty of up to $10,000 for established homes.
You can research and compare all the home loans offered by all the significant lenders in Australia here.