The First Home Owners Grant and governance of it’s legislation varies from state to state. Below you will find information relevant to grants available from each state, however since the information is constantly evolving be sure to visit www.firsthome.gov.au to find the latest information.
As of the 11 September 2018 the state government in Queensland offers grants of up to $15,000 for owners buying their first home or building a new home, where the total property value is less than $750,000. (Queensland Treasury)
New South Wales
New South Wales State Government offers the First Home Owners Grant (New Homes) Scheme for NEW HOMEs only. Since 1 July 2017 you may receive a grant amount up to $10,000 where the property value for a new home does not exceed the cap amount of $600,000; for a property where you enter a contract to build, or are an owner builder the total value cannot exceed $750,000. (NSW Office of State Revenue)
Australian Capital City (ACT) – from the 1 January 2017 if you are planning to buy a new or substantially renovated property, you could qualify for a grant of up to $7,000, where the value of the property is less than $750,000. The exact amount of the grant you could be awarded will depend on the value of the property and eligibility criteria being met. Payment of the First Home Owner Grant will end for transactions entered into after 30 June 2019. (ACT Revenue Office)
In Victoria a grant of up to $20,000 in Regional Victoria and up to $10,000 in non regional Victoria is available for those who are buying or building a new home with a property value up to $750,000, assuming you meet all the criteria. (VIC State Revenue Office)
In Tasmania, grants of up to $20,000 are available to first-time owners who enter into a contract from 1 July 2018 up until 30 June 2019. Duty Concessions are available for first home buyers of established homes. (TAS Department of Treasury and Finance)
In South Australia you can only apply for a First Home Owners Grant of up to $15,000 for the purchase and construction of new homes. (SA Revenue Office)
Residents of Western Australia who are planning to buy a new or established home may qualify for a grant of up to $10,000. First Home Buyers who enter into a contract between 1 January 2017 and 31 December 2017 to purchase or construct a new home may be eligible to receive an additional boost payment of $5,000. There is a cap on the value of properties you can buy when applying for this grant, of either $750,000 or $1,000,000, depending on where in the state the property is located. (WA Department of Finance)
If you live in Northern Territory you may qualify for a First Home owners Grant up to $26,000 to assist with the purchase or construction of a new home. There is no cap limit to the value of the property in the Northern Territory. (NT Department of Treasury and Finance)
In many of the above states and territories, buyers who qualify for a first home owner grant may also receive stamp duty exemptions and concessions.
First Home Owner Grant – Frequently Asked Questions
What is the First home Owner Grant?
The First Home Owner Grant (FHOG) scheme was introduced by the Australian Government on 1 July 2000 to offset the effect of the GST on home ownership. To this affect the First Home Owner Grant is not taxed. The total amount and the legislation of the FHOG scheme varies for each state.
Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.
Am I eligible for the First Home Owners Grant?
As a general of thumb you must be an individual, age 18 years or over, at least one applicant must be a permanent resident or Australian Citizen, buying or building your first home in Australia, and will occupy the home as your principal place of residence for a minimum of 6 continuous months within 12 months of settlement.
Eligibility criteria vary from state to state and we advise that you check the First Home Owner Grant eligibility criteria with your state government.
What can the First Home Owner Grant be used for ?
The First Home Owner Grant can be used to purchase an existing home or build your first home, which will be your principal place of residence for a minimum of 6 months within 12 months of settlement.
The First Home Owner Grant cannot be used to purchase a vacant block of land unless you have a contract with a builder to build a home on the land. Owning Vacant Land does not affect your eligibility for First Home Owner Grant.
Grant conditions vary from state to states and you may be eligible as an owner builder or you may be restricted to an existing home with major renovation completed. Contact your ACA mortgage broker and they will be able to advise you in more detail.
Does my income affect my eligibility for the First home Buyers Grant?
The First Home Owner Grant is not means tested and is not conditional upon receiving financial assistance.
Can I use the First Home Buyers Grant as part of my deposit ?
No. The First Home Buyers Grant is not paid until the settlement date.
When is the First Home Buyers Grant paid?
If you have lodged your First Home Buyers Grant though your financial institution, the grant will be available for settlement or the first draw down in contracts to build.
How do I apply for the First Home Owner Grant?
To apply for the First Home Owner Grant, talk to your ACA Mortgage Broker. We can assess your eligibility and submit your application with your loan application. You can also lodge your application within 12 months after completion or settlement of your home.
When does the First Home Owners Grant end?
Currently there is no end date for the First Home Owner Grant Scheme.
A More In-Depth Explanation
If you would like to discuss the government grants in more detail, please feel free to call us during business hours and we will be delighted to talk you through the ins and outs of any finance packages or grants that may be relevant to you.
We pride ourselves on our ability to explain everything in easy-to-understand terms and on our record of helping property buyers in all parts of Australia to obtain the finance they need, at highly competitive rates.
Do not take a chance with your next property purchase call ACA today on 1300 222 667 and speak to the experts.