The First Home Owner Grant (FHOG) scheme was first introduced in Australia on 1 July 2000, to help first-time buyers get a foothold in the property market. Although the scheme is accessible nation-wide, each state and territory government is responsible for the funding and administration of their local program. As such, eligibility requirements and grant amounts vary from state to state.
New-builds or “substantially renovated” homes, up to the value of $750,000.
ACT also offers stamp duty concessions to first-time buyers purchasing new homes. The state offers full concessions on homes up to the value of $470,000 and a sliding scale of concessions on properties valued between $470,000 and $585,000. However, gross income is also taken into consideration for these thresholds.
Further information: ACT Revenue Office
New South Wales
New homes up to $600,000, or up to $750,000 if you’re an owner-builder or entering into a contract to build.
NSW doesn’t offer a FHOG for established properties but offers first-home buyers full stamp duty exemption on new and existing properties valued up to $650,000 and concessional rates for new and existing homes valued between $650,000 and $850,000.
Further information: NSW Office of State Revenue
FHOG: $10,000 or $20,000 in regional Victoria.
New builds, valued up to $750,000.
Victoria doesn’t offer a FHOG for existing properties. On new and existing properties valued up to $600,000, Victoria also offers full stamp duty exemptions to first-home buyers, and concessions on a sliding scale for homes valued between $600,001 and $750,000.
Further information: Victorian State Revenue Office
FHOG: $20,000, for contracts dated from 1 July 2016 to 30 June 2018.
New builds up to $750,000. Queensland doesn’t offer a FHOG for existing properties.
In addition to the FHOG, the state offers first-time buyers of new properties full stamp duty exemption on dwellings valued up to $500,000.
Further information: Queensland State Revenue Office
New builds or “substantially renovated” homes, up to the value of $750,000 or $1 million, depending on the property’s location.
West Australia doesn’t offer a FHOG for established properties but offers full stamp duty exemption to first-time buyers on all properties valued up to $430,000 and concessionary rates on all properties valued between $431,000 and $530,000.
Further information: West Australian Government – Department of Finance
New builds, valued up to $575,000.
South Australia doesn’t offer a FHOG for existing properties.
Further information: Revenue SA
FHOG: $20,000, between 1 July 2018 and 30 June 2019 (inclusive).
All new builds, up to any value.
Further information: Tasmanian State Revenue Office
All new builds, up to any value.
Northern Territory doesn’t offer a FHOG for established properties but offers first-home buyers up to $23,928.60 in stamp duty relief on existing properties valued up to $650,000, as well as a home renovation grant of up to $10,000.
To be eligible for the home renovation grant, first home buyers must use a Northern Territory-based company that employs Territorians.
Further information: Northern Territory Government – Department of Finance
Nectar brokers love helping customers into their first home. We’ll help you complete your FHOG application and work tirelessly to find the best loan product for your requirements. Whether you’ve just started thinking about buying or already have a pre-approved loan from your bank, it’s never too late to talk to us.
When you’re a first-time buyer it’s natural to feel a little anxious when faced with so many major decisions at once. We can take some of that stress (but not the excitement!) out of buying your home.
Get in touch with your local broker today to get started.
This article was originally published on realestate.com.au