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First home owner grants: a state-by-state update

First home buyers are faced with grants that change quite frequently, and since Property Observer last did a state-by-state roundup, a number of the grants have changed – most notably in Tasmania last week.

Here are the latest updates to be aware of.

(Click on the state names for links to the relevant state revenue office pages).

Queensland

The Queensland government offers a $15,000 Great Start Grant for first home buyers buying or building a new home valued under $750,000, or for a substantially renovated home, brought in on September 12, 2012.

Western Australia

The WA government offers the $10,000 first home owner grant for new homes and a $3,000 grant for those purchasing established dwellings as of September 25 (previously $7,000 for both). A cap limits the total value of properties to $750,000 or less, or if the home is located north of the 26th parallel to $1,000,000 or less.

NSW

The NSW state government offers a $15,000 grant for first home owners who purchase or build a new home valued at up to $650,000. The grant was available until December 31, 2013, reducing to $10,000 from January 1, 2014, but the 2013 state budget extended the availability of the $15,000 until January 2016.

South Australia

The South Australian government offers a FHOG of $15,000 for new homes not exceeding $575,000. There is also an $8,500 grant until the December 31, 2013 for new properties under the Housing Construction Grant for properties up to $450,000.

Read over page for Victoria, ACT, Tasmania and Northern Territory

 


Victoria

From July 1, 2013 a $10,000 grant for newly constructed homes under $750,000 has been in place (previously $7,000).

See this table for a comprehensive breakdown.

ACT

First home buyers in the ACT receive $12,500 if they buy or build a new home or buy one that has been substantially renovated (this increased from $7,000 prior to September 1, 2013). No grant available for established properties.

Residency requirement has also been increased from six months to 12 months of completion.

Tasmania

The Tasmanian government currently offers a one-off FHOG payment of up to $7,000. The grant is not means tested and there is no cap on the value an eligible home.

There is also a First Home Builder Boost (FHBB), a payment, in addition to the FHOG, of up to $23,000 (since November 7, previously $7,000), which will be available until December 2014.

Northern Territory

The Northern Territory offers a first-home owner grant for both new and established homes that remains ongoing.

FHOG is not means tested however, from January 1, 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than the transaction eligibility threshold. This includes the unencumbered value of the land on which a home is to be built. $12,000 is on offer for properties in urban areas, otherwise $25,000 – what constitutes as urban is outlined on the NT Treasury website.

 

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