TIMBER WINDOWS & DOORS ALUMINIUM WINDOWS & DOORS DOORS & FIXINGS TIMBER WINDOWS & DOORS

First Home Owners Grant Changes

[30/03/2017]

The First Home Owners Grant has changed since first being introduced 16 years ago. The national scheme is funded by the states and territories and administered under their own legislation, with the concept of making funds available to first home buyers, and is often coupled with savings on stamp duty for first-timers to assist them.

Originally established to offset the impact of GST, the grant has evolved, with changes to amounts available and eligibility criteria; the latest of which was just announced.

From July 1st 2017, there will be amendments made to the FHOG: 

Vic

$10,000 - $20,000 (location dependant)

For new builds only, valued up to $750,000.

In regional Victoria, the amount available for a FHBG will double from $10,000 to $20,000 from 1 July 2017 for new homes up to the value of $750,000.

Victoria will no longer charge stamp duty to first-home buyers for any new or established property purchased for up to $600,000.

Stamp duty concessions will also be available on a sliding scale for homes valued from $600,000-$750,000.

New South Wales

$10,000

For new builds only, valued up to $750,000.

NSW also offers stamp duty concessions for first-time buyers on new homes; full exemption up to $550,000 and concessional rates for new homes valued between $550,000 and $650,000.

South Australia

$15,000

For new builds only, valued up to $575,000.

South Australia also offers stamp duty concessions for the purchase of off-the-plan apartments in specified areas.

Queensland

$20,000 (until June 30, 2017)

What for? New builds only, valued up to $750,000

Queensland also offers stamp duty concessions for first-time buyers; full exemption up to $500,000 and a sliding scale from between $500,000 and $549,000.

Western Australia

$10,000

For new builds or “substantially renovated” homes, valued between $750,000 and $1 million, depending on location.

Western Australia also offers stamp duty concessions for first-time buyers on all properties; full exemption up to $430,000 and a sliding scale from between $431,000 and $530,000.

Tasmania

$20,000 (until June 30, 2017) $10,000 (from July 1, 2017)

For new builds only, with no value limit.

Northern Territory

$26,000

For new builds only, with no value limit.

The Northern Territory also offers up to $2000 for First Home Owners Grant recipients to buy household goods and up to $23,000 in stamp duty relief for first home buyers purchasing an established home valued up to $650,000.

ACT

$10,000

For new builds or “substantially renovated” homes, valued up to $750,000.

The ACT also offers stamp duty concessions for first-time buyers buying new homes; full concession up to $455,000 and a sliding scale to $585,000. Gross income thresholds apply in the ACT.

Visit http://www.firsthome.gov.au/ for more information on first home owner grants.

    
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