Up to date with the First Home Owners Grant in 2016
First Home Owners Grant in 2016. Let’s face it, buying your first property can be an overwhelming experience with many big decisions, hidden costs and processes you didn’t know about and to be honest trying to figure out what Government help you are entitled to receive just adds to the confusion. In this article I hope to untangle the cobwebs of confusion when it comes to the Government First Home Owners Grants and make it a little easier for you.
TIP: Government websites can be a little hard to navigate and extremely confusing so just pick up the phone and give them a call. Everyone I spoke to from each state was very knowledgeable and there was pretty much no hold time.
First of all what exactly is the First Home Owners grant and why do my parents give me grief that they never received it? The First Home Owners Grant Scheme is a national scheme funded by the Australian Government and was introduced in July 2000 to offset the effect of the GST on Home ownership. This is a one-off grant that is payable to eligible First Home Owners who meet specific criteria. If you are thinking of building or buying a new Home this could be what gets you motivated and may see yourself purchasing your own Home sooner! If you are applying for a Home Loan with your spouse or someone who has already received a First Home Owner Grant, be aware that you will not be eligible to receive this again. The grants and criteria vary from state to state so below is an up to date guide about each state and territory and what criteria you need to meet as of 1 January 2016.
Quick note about Stamp Duty: Stamp Duty is a type of tax which is applied to large transactions such as property purchases. It is charged at settlement and the amount varies from State to State and also depends on the purchase price of the property. Stamp Duty is quite expensive so be prepared, however First Home Owners are eligible for concessions or exemptions depending on your situation and location.
| State | Eligibility | Grant |
| Queensland | New Homes up to the value of $750,000. Stamp Duty is payable over $500,000
Stamp Duty Calculator |
$15,000 |
| New South Wales | New homes up to the value of $750,000. Stamp Duty is payable over $550,000 | $10,000 |
| Victoria | New homes up to the value of $750,000. 50% Stamp Duty concession up to $600,000
First Home buyer and purchase established Homes and pay no Stamp Duty however you will not receive the $10,000 Grant. Stamp Duty Calculator |
$10,000 |
| South Australia | New homes up to the value of $575,000
No exemption on Stamp Duty |
$10,000 |
| Western Australia | New Homes up to the value of $750,000. Stamp Duty exemption up to $300,000. Stamp Duty concession $300,000 to $500,000
First Home buyer and purchase established discount on stamp duty only up to 430,000 however you will not receive the $10,000 Grant. |
$10,000 |
| Tasmania | No cap on the price and must be a new home
No exemption from Stamp Duty
|
$10,000 |
| Northern Territory | New homes to any value
No exemption on Stamp Duty |
$26,000 |
Contacts:
QLD: Website
1300 300 734
NSW: Website
1300 130 624
VIC: Website
13 21 61
WA: Website
08 9262 1400
WA Callers: 1300 368 364
SA: Website
(08) 8226 3750
Tas: Website
03 6166 4400
NT: Website
08 8999 7406