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State First Homeowner Schemes Explained

13th Aug, 2020 | First Home Buyer

In this article:
Access this list for state level first home buyer schemes

In addition to some fantastic federal government incentives, applying for grants at the state level can significantly boost the much-needed financial respite you may require as a first home buyer. Here’s a quick state-wise list of what’s available. But before delving into the list take a look at the eligibility criteria common to most state level grants.

Eligibility Criteria

  • Need to be a Permanent resident or Australian Citizen.
  • Should be over 18 years of age.
  • Should not have owned property in Australia before.
  • You must be a first-time applicant for the scheme.
  • You should live in the purchased property (in case of property) for a period of at least six months within the first 12 months of purchase.

STATE WISE INCENTIVES

Most state level incentives are of two types:

  • Grants for First homeowners and
  • Stamp Duty Concessions

Victoria

  1. $10,000 grant for new properties worth less than or equal to $750,000.
  2. Zero stamp duty for properties valued less than or equal to $650,000
  3. 50% stamp duty exemption for properties with a value of less than or equal to $750,000.

New South Wales

  • $10,000 grant for
    • New properties worth less than or less than or equal to $600,000
    • Owner-builder/building contracts with a value that is equal to or less than  $700,000.
    • New construction on land where the land and construction cost amount to less than or equal to $750,000
  • No stamp duty for
    • For first home buyers for new properties costing less than $800,000
    • Properties costing up to $650,000
    • Land costing valued at $350,000 or less
  • Reduced stamp duty for
    • Property valued at $450,000 or less
    • And land costing up to $800,000

Queensland

  • $15,000 grant for new properties valued at less than or equal to $750,000.
  • Zero stamp duty for properties valued at $500,00 or less

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South Australia

  • $15,000 grant for new properties costing up to $575,000.

Western Australia

  • $10,000 grant for any first home buyer
  • No stamp duty for properties costing up to $430,000
  • Reduced stamp duty for properties costing up to $530,00

ACT

  • No stamp duty for certain low-income households that haven’t owned property in the past two years

Tasmania

  • $10,000 grant for any first home buyer
  • 50% stamp duty exemption for properties costing up to $400,000

Northern Territory

  • $10,000 grant for first home buyers
  • Stamp duty reduction of up to $18,601 for homeowners who haven’t owned property for the past two years

Some Common Misconceptions

While the eligibility criteria are fairly clear, it’s worth looking at a few common queries first home buyers have

  • If you are purchasing your property with a partner both you and your partner can’t apply for a grant twice. One grant is applicable for one property purchase
  • The grant amount can be used for a first home purchase only. It can’t be used in case of an inherited property (for e.g. buying out/ buying back someone’s share from an inherited property isn’t allowed)

Reach out to us to understand what scheme works best for you as per your region and circumstances.