State and Territory Benefits for First Home Buyers

Doug Daniell Knowledge Centre Leave a Comment

First Home Owner GrantsThe first home benefits have changed dramatically this year with more changes due from 1 July 2017. All of the grants and stamp duty concessions are state administered so vary in each state and Territory.

Most concessions for first home buyers have only been available for new properties. Now there are several states with concessions that include established properties.

The federal government has also introduced First Home Savings account linked to superannuation funds. First home buyers can salary sacrifice into their superannuation fund to later use as home deposit (to a maximum of the current contributions limits). Salary sacrificing into the fund is designed to reduce tax payable, leaving more to contribute to the deposit savings. Interest received on the deposit will also be taxed at concessional superannuation rates.

NSW

A $10,000 grant for new builds valued up to $750,000; stamp duty exemptions for new homes up to $550,000 in value and concessions for homes valued from $550,000 to $650,000.

VIC

A grant of $10,000 to $20,000 for new homes up to $750,000. Full stamp duty exemption from July 1, 2017 for new and established properties worth up to $600,000; plus concessions on $600,000 to $750,000 properties.

QLD

Grant of $20,000 for new builds valued to $750,000, up until June 30, 2017; plus stamp duty exemptions up to $500,000 and concessions up to $549,000.

WA

Grant of $10,000 for new builds or substantially renovated homes worth $750,000- $1 million. Full stamp duty exemption for homes up to $430,000 and concessions between $431,000 and $530,000.

SA

A $15,000 grant for new builds valued up to $575,000

TAS

A $20,000 grant for new builds of any value, reducing to $10,000 on July 1, 2017.

NT

A $26,000 grant for new builds of any value; plus up to $2000 to buy furniture and appliances. First time buyers also get up to $23,000 off stamp duty for established homes worth up to $650,000.

ACT

A $10,000 grant for new builds or substantially renovated homes valued up to $750,000; plus stamp duty exemptions for homes up to $455,000 and concessions for those worth up to $585,000, depending on income levels.

Leave a Reply

Your email address will not be published. Required fields are marked *