Assistance for First Home Buyers

August 28, 2024

Introduction

There are two main types of assistance for First Home Buyers.

First Home Buyers Assistance Scheme

First Home Owner (New Home) Grant

To be eligible for either assistance you must be:

18 years or over:

An Australian citizen or permanent resident of Australia:

Be purchasing your first home:

Planning to live in the home for 12 months.

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First Home Buyers Assistance Scheme - FHBAS

The First Home Buyers Assistance Scheme provides first home buyers with a full or reduced rate of transfer duty. The FHBAS applies to existing properties and vacant land.

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Existing properties

Where the purchase price is under $800,000 no stamp duty will be payable saving you $

Where the purchase price is up to $1,000,000 you will pay a reduced rate of stamp duty.

Where the purchase price is $1,000,000 and above the FHBAS will not apply and you will pay normal stamp duty rates.

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Vacant Land

Where the purchase price is under $350,000 no stamp duty will be payable saving you $

Where the purchase price is up to $450,000 you will pay a reduced rate of stamp duty.

Where the purchase price is $1,000,000 and above the FHBAS will not apply and you will pay normal stamp duty rates.

Further information can be found here.

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First Home Owner (New Home) Grant

First Home buyers who are building or buying a brand new home (never lived in) may be eligible for a $10,000 grant. The property types and limits applicable to receive the grant are:

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Home and Land Package

Purchase price must be less than $750,000

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Newly built residence

Purchase price must be less than $600,000

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New renovated (criteria applies)

Purchase price must be less than $600,000

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Further information can be found here.

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Conclusion

If you are a first home buyer, we are happy to help you work through the various assistance programs available.

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