Bank of Queensland : A Guide To The First Home Owner Grants In Each Australian State And Territory

If you're thinking about buying your first home, you could be eligible for financial assistance using government programs that support first home buyers (FHBs). Depending on where you buy, you're going to face very different requirements and receive very different amounts. Your lender can assist you with comparing costs and available grants or concessions and this helpful guide can help you with understanding how to get one step closer to home ownership:

First home owner grant in Queensland

With the Queensland First Home Owners' Grant, FHBs can get a grant of $15,000 towards buying or building a new home.

To be eligible for the grant you must be buying or building a new house, unit or townhouse, valued under $750,000. You must move into your new home within one year of purchase, and reside there as your principal place of residence for a minimum continuous six month period. If you have to move out during this time, the government may request that you pay back the grant. You aren't eligible for the QLD FHOG if you or your spouse have previously owned property in Australia.

Additional eligibility criteria apply, read more here.

First home owner grant in New South Wales

Maximum amount: $10,000

FHBs in New South Wales face some of the highest property prices in the country - something the State government has taken positive steps to mitigating. The NSW first home owners grant (FHOG) gives consumers a maximum of $10,000, as long as:

• They are buying a new home valued at $600,000 or less, or
• Building a new home valued up to $750,000.

There are also additional concessions on stamp duty for properties under $1,000,000, while buyers are not required to pay any stamp duty at all on homes under $800,000. Depending on the initial property value, this can save FHBs an additional $30,000.

First Home Buyer Scheme

FHBs may also be entitled to a concessional rate of transfer duty or exempt from paying it under the First Home Buyers Assistance scheme. Under this scheme, you may be eligible for:

• A full transfer duty exemption on existing or new homes up to $650k or a partial exemption for homes valued up to $800k.
• Zero transfer duty on vacant land purchase up to $350k or a concessional duty rate for land between $350k and $450k.

Additional eligibility criteria apply, read more here.

First home owner grant in Victoria

Maximum amount: $10,000

If you are buying or building a new home in Victoria, you may be able to receive $10,000 for a new home valued up to $750k with the Victorian FHOG.

There are further concessions available if the home is your principal place of residence (PPR), or if you are a pensioner, off-the-plan buyer or a first home buyer with a family.

Additional eligibility criteria apply, read more here.

First home owner grant in Tasmania

Maximum amount: $30,000

In Tasmania, the first home buyer scheme has been extended and is now available until 30 June 2022.

The First Home Owner Grant is a one-off payment for eligible applicants who buy or build a new home - this refers to a comprehensive building contract, owner-builder construction, or purchase of an off-the-plan or new dwelling. For those seeking to build and claim the FHOG, construction must be completed within 24 months of the start date to remain eligible.

Under the First Home Owner Duty Concession, first home buyers who purchase an established property may be eligible for a duty concession of 50 per cent for homes with a value up to $500,000.

Additional eligibility criteria apply, read more here.

First home owner grant in South Australia

Maximum amount: $15,000

In South Australia, the standard first home owners grant is $15,000 for the construction or purchase of a brand new property (i.e. a property that has not previously been occupied).

The market value ceiling for claiming the FHOG in South Australia is $575,000 - a figure that applies to the value of a construction after it is completed.

Additional eligibility criteria apply, read more here.

First home owners grant in Western Australia

Maximum amount: $10,000

In Western Australia, the FHOG will vary depending on the location of your new purchase or build. An initial grant of $10,000 applies when you buy or build a new home, with value thresholds of $750,000 south of latitude 26 (including Perth), and $1,000,000 north of this level. A home that has been substantially renovated may be considered a new home.

Those buying an established home (i.e. a home that has previously been occupied) are not eligible for the FHOG, however they may be eligible for the First Home Owner Rate of duty (FHOR).

Additional eligibility criteria apply, read more here.

First home owner grant in Northern Territory

Maximum amount: $10,000

If you are buying or building a new home in the Northern Territory, you can apply for Northern Territory's first home owner grant of $10,000. To be eligible, the home must be defined as new i.e. it has not been previously occupied or sold as a place of residence.

Additional eligibility criteria apply, read more here.

First home owner grant in ACT

Stamp Duty Concessions: Varies

In the ACT, the First Home Owner Grant has been replaced by the Home Buyer Concession Scheme, which offers concessions on stamp duty. Eligible home owners under a certain income threshold who have not owned any other property in the last two years and plan on living in the home continuously for at least one year within 12 months of the settlement date may be eligible to pay no duty or reduced duty on their home purchase.

Additional eligibility criteria apply, read more here.

Finding the right grant for your needs

Right across Australia, there are grants and concessions to make purchasing property easier for first home buyers.

If you're currently looking to buy your first home, then get in touch with your local BOQ branch.