If you are a first home buyer, then you are probably aware of your eligibility for government assistance. This is known commonly, as first home owner grants. However, not everyone is aware of how this process works or how much one can get.
All across Australia, the first home buyer grant process is similar. However, there are certain differences between different jurisdictions. Regardless of the mainland territory or state from which you are applying for a grant, all first home buyers are given two options: buyers can lodge their applications through a financial institution or bank which was used to obtain their mortgage or to lodge the application on their own once the sales transaction is complete. Either way, the buyer will have to provide supporting paperwork to prove their eligibility. These documents include proof of identity, contract to build and the contract of sale. If you are applying with the assistance of a lender, the grant payments will usually be available for the first payment of construction progress or for settlement. If you apply for the grant on your own, the government agency will make the payment directly into your bank account once the purchase is complete.
As mentioned earlier, the process differs from state to state. Let’s take a look at each state:
New South Wales
New South Wales offers a $15,000 grant for new homes priced at $650,000 or less. New South Wales also offers a Regional Relocation Grant of $7000 if you move into a regional area from a metropolitan area. The grant is paid as a credit against the transfer duty payable in New South Wales. If the grant is greater than the duty, then the difference will be paid to you via a cheque.
Queensland First Home Buyers
The first home buyer grant is known as The Great Start Grant. For homes up to the price of $750,000 The Great Start Grant is $15,000. Apply today at Capital Wealth Property to buy your new home today- Low Deposit, Quick Approvals.
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How to Apply for a First Home Owner Grant for
new homes in Loganholme
The first home owner grant is $25,000 in the Northern Territory regardless of whether the purchase is made in an urban or regional area. First time buyers, who are purchasing an established home in an area for up to $600, 000 will also receive $12,000.
First home buyers in Western Australia receive $10,000 for the purchase of a new home and a $3000 grant for the purchase of an established home. Grants are offered for purchases up to $750,000 or up to $1, 000, 000 if the house is located to the north from the 26th parallel. First home buyers are exempt from stamp duty for homes under $500, 000 or land purchases under $300, 000.
The first home owner grant in South Australia is $15,000 for new homes costing up to $575, 000.
The first home owner grant for new home purchases up to $750, 000 is at $10,000 in Victoria. First home buyers can also claim a stamp duty reduction of 50% for homes priced up to $600,000.
Australian Capital Territory
Australian Capital Territory offers $12,500 for first home buyers who purchase sustainably renovated, off the plan or new properties.
The Tasmanian first home buyer grant is set at $7000. This grant is offered without a price cap.
Be sure to check what options you can obtain within your state or territory before you buy a home. These grants and concessions are subject to change and most often, without much notice. Be sure to check with your local authority or property investment partner to obtain up-to-date information.