Buying your first home is a major milestone, and fortunately, each state and territory in Australia offers a range of schemes and incentives to support new home buyers. Here’s a fresh look at the latest programs available across the country:
1. New South Wales (NSW)
First Home Buyer Assistance Scheme (FHBAS): In NSW, first home buyers may benefit from a stamp duty exemption or concession. For existing homes up to $800,000, buyers can receive substantial savings on stamp duty costs.
First Home Owner Grant (FHOG): This grant provides $10,000 for new homes up to $750,000. The grant helps cover some of the costs associated with purchasing or building a new property.
First Home Loan Deposit Scheme (FHLDS): Under this federal scheme, eligible buyers can secure a mortgage with a deposit as low as 5% without needing to pay Lenders Mortgage Insurance (LMI). NSW participants can access this program as well.
2. Victoria (VIC)
First Home Owner Grant (FHOG): Victoria offers a grant of $10,000 for new homes, and up to $20,000 for homes in regional areas, with the new value limits applying to homes valued up to $750,000.
First Home Buyer Duty Exemption or Concession: First home buyers may be eligible for a stamp duty exemption for new or existing homes up to $600,000, with a concession for properties valued between $600,000 and $750,000.
3. Queensland (QLD)
First Home Owner Grant (FHOG): Queensland provides a grant of $15,000 for new homes valued up to $750,000. This grant is available for new constructions or newly built homes.
First Home Concession: Eligible first home buyers can receive a concession on stamp duty for existing homes valued up to $550,000.
First Home Loan Deposit Scheme (FHLDS): Queensland residents can also access the federal scheme for a lower deposit requirement.
4. South Australia (SA)
First Home Owner Grant (FHOG): South Australia offers a $15,000 grant for new homes or substantially renovated properties valued up to $575,000.
First Home Buyer Discount: A stamp duty discount is available for properties valued up to $500,000.
First Home Loan Deposit Scheme (FHLDS):Eligible buyers in South Australia can utilise the federal scheme to reduce the upfront deposit needed.
5. Western Australia (WA)
First Home Owner Grant (FHOG): In WA, first home buyers can access a $10,000 grant for new homes or homes built on vacant land, with no upper limit on the value of the home.
First Home Owner Rate of Duty (FHORD): A full or partial concession on stamp duty is available for properties up to $430,000, with a sliding scale for properties valued up to $530,000.
First Home Loan Deposit Scheme (FHLDS): Western Australians can benefit from this federal initiative for lower deposit requirements.
6. Tasmania (TAS)
First Home Owner Grant (FHOG): Tasmania offers a generous $30,000 grant for new homes or homes under construction, applicable to properties valued up to $750,000.
First Home Buyer Duty Concession: A stamp duty concession is available for properties valued up to $500,000.
First Home Loan Deposit Scheme (FHLDS): Tasmanian first home buyers can also take advantage of the federal scheme to lower their deposit.
7. Northern Territory (NT)
First Home Owner Grant (FHOG): The NT provides a $10,000 grant for new homes valued up to $750,000.
Home Owner Assistance Scheme: This scheme includes various grants and assistance options, although primarily geared towards existing home buyers, it may still offer benefits to new buyers.
First Home Loan Deposit Scheme (FHLDS):Northern Territory residents can access the federal scheme to make home ownership more affordable with a smaller deposit.
8. Australian Capital Territory (ACT)
First Home Owner Grant (FHOG): The ACT offers a $7,000 grant for new homes, with eligibility dependent on the value and type of the property.
First Home Buyer Duty Concession: A full stamp duty concession is available for properties valued up to $500,000, with a sliding scale for properties valued between $500,000 and $650,000.
First Home Loan Deposit Scheme (FHLDS): ACT buyers can benefit from the federal scheme for lower deposit requirements.
Conclusion
Australia’s first home buyer schemes offer vital support for those entering the property market. By taking advantage of grants, stamp duty concessions, and deposit assistance programs, you can ease the financial burden and make your first home purchase more manageable. Always check the latest eligibility criteria and application deadlines to ensure you make the most of these opportunities. Consult with us today to confirm if you meet the criteria with lenders.
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