Two schemes currently exist for First Home Buyers. One is a grant of $10,000 and the other is a Stamp Duty Exemption.
First Home Buyers Assistance Scheme – (Stamp Duty exemption)
For both new and existing homes – you will not pay stamp duty up to a purchase price of $650,000, and you will get a concession from stamp duty if your purchase price is between $650,000 and $800,000.
The usual stamp duty on $650,000 is $24,760 – a huge saving!
Vacant land – you will not pay stamp duty up to a purchase price of $350,000, and you will get a concession from stamp duty if the purchase price is between $350,000 and $450,000.
The usual stamp duty on $350,000 is $11,260.
First Home Owner Grant (New Homes) Scheme – (Grant)
A grant of $10,000 is available for the purchase of new homes with a purchase price up to $600,000. For Contracts to build or owner builders the price can be up to $750,000. A new home is a home that has not been previously occupied.
Am I eligible?
You must satisfy the following requirements in order to receive the Grant or Exemption:
- The purchase must be for the whole property
- All purchasers must be ‘eligible purchasers’ – a person (not a company), over 18 who has not (and whose spouse/de facto has not) previously owned residential property or received an exemption or concession under the old First Home—New Home Scheme.
- At least 1 eligible purchaser must occupy the home as their principal place of residence for a continuous period of 6 months, within the first 12 months after completion. The residence rule however may not apply for those in the armed forces
Note: If not all purchasers are first home buyers you may still qualify for a concession under the shared equity arrangements. Provided that the eligible first home buyer buys at least 50% of the property then you can get a pro-rata concession.
Thinking of buying your first home? Contact the Property Team at Everingham Solomons because Helping You is Our Business.
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