Changes to first home buyers grants from July 2017
There are 3 services preferred by our FHB clientele:
First home buyers of new homes in NSW have a full exemption from stamp duty up to $550,000 and concessions for new homes valued between $550,000 and $650,000.
From 1 January 2016, the NSW grant is now a $10,000 First Home Buyers Grant for new homes purchased for up to $750,000.
More information: NSW Office of State Revenue
In Victoria, stamp duty on any new or established property purchased up to $600,000 will be waived. Regional Victoria will see the FHB Grants double for new homes sold up to the value of $750,000.
Concessions for stamp duty will be applied on a sliding scale for homes valued from between $600,000 and $750,000.
More information: Victorian State Revenue Office
QLD’s $20,000 First Home Buyers Grant is a one off payment available until midnight on 30 June 2017 for people building or buying a new home in Queensland.
In July the grant reverts back to $15,000. Stamp duty concessions are also available for first home buyers; full exemption up to $500,000 and a sliding scale from between $500,000 and $549,000.
More information: Queensland State Revenue Office
A temporary $5,000 boost to the First Home Buyers grants is available for eligible first home buyers who enter into a contract between 1 January and 31 December 2017 to purchase or construct a new home.
Owner builders who commence laying foundations of their home between those dates, will receive a boost of $5,000 in addition to the $10,000 FHOG.
First home buyers may qualify for the grant and/or the first home buyers rate of duty if they are either purchasing an established home or if they are building or purchasing a new home.
Western Australia also offers stamp duty concessions for first home buyers on all properties; full exemption up to $430,000 and a sliding scale from between $431,000 and $530,000.
More information: West Australian Government – Department of Finance
Full stamp duty concessions are available on transfer of a new apartment or substantially refurbished apartment for a contract entered into from 31 May 2012 to 30 June 2014 (capped at stamp duty payable on a $500 000 apartment) and a partial concession from 1 July 2014 to 30 June 2017.
For contracts entered into between 20 June 2016 and 30 June 2017 (inclusive), the concession applies to purchases of off-the-plan apartments located anywhere in South Australia.
South Australia also offers stamp duty concessions for the purchase of off-the-plan apartments in specified areas.
More information: Revenue SA
The FHB Grant is a one-off payment for eligible first home buyers/builders.
From 1 January 2016, the FHOG payment is set at $20,000 for eligible purchasers of new homes, homes off the plan and owner/builder homes.
The payment drops to $10,000 for transactions entered into after 1 July 2017.
More information: Tasmanian State Revenue Office
The Territory Revenue Office can confirm that there are no plans to change or abolish the $26 000 first home buyers grants currently available on the purchase or construction of a new home.
More information: Northern Territory State Government
The FHB Grants will reduce to $7,000 on 1 January 2017.
The ACT also offers stamp duty concessions for first home buyers buying new homes; full concession up to $455,000 and a sliding scale to $585,000. Gross income thresholds apply in the first home buyers grants cap applies to eligible transactions.
The cap limits the total value of eligible properties (i.e. total value of home and land) to $750,000 or less.
More information: ACT Revenue Office