Australian First home buyers looking to purchase their first home typically face a challenging housing market with rising prices, interest rates and saving a deposit. Rising rentals across the country is also not helping the first home buyers in recent climate.
To assist first home buyers, there are few schemes, grants and concession that may help First home buyers to get on the property ladder.
The First home assistance differs depending upon the state and territory you are looking to purchase. We have put together a list of assistance that are available in each locations. As the scheme, grants may change periodically we suggest you check with the appropriate state revenue office to ensure it is current.
Australian Capital Territory (ACT)
• No stamp duty on properties under $1,000,000, subject to income thresholds.
• Concessional stamp duty on properties under $1,455,000, subject to income thresholds.
• Concessional stamp duty on properties over $1,455,000 up to $34,270, subject to income thresholds.
New South Wales (NSW)
• No stamp duty on properties under $800,000 or vacant land under $350,000.
• Concessional stamp duty on properties between $800,000 and $1,000,000 or vacant land between $350,000-$450,000.
• $10,000 grant when purchasing new properties under $600,000 or building a new home with contracts under $750,000.
Northern Territory (NT)
• No stamp duty for those who buy a house and land package from a building contractor.
• $10,000 grant for buying or building a new home.
Queensland (QLD)
• No stamp duty on property under $700,000, or vacant land under $350,000.
• Concessional stamp duty on properties under $800,000, or vacant land under $500,000.
• $30,000 grant for new properties under $750,000 until end of June 2025.
South Australia (SA)
• No stamp duty on new properties or vacant land.
• $15,000 grant on the purchase or construction of a new residential property.
Tasmania (TAS)
• No stamp duty on established homes under $750,000.
• $10,000 grant for buying or building a new home.
Victoria (VIC)
• No stamp duty on properties under $600,000.
• Concessional stamp duty on properties between $600,001-$750,000.
• $10,000 grant for new properties under $750,000.
Western Australia (WA)
• No stamp duty on properties under $450,000, or vacant land under $300,000.
• Concessional stamp duty on properties between $450,000-$600,000, or vacant land between $300,000-$400,000.
• $10,000 grant for buying or building a new home. WA’s north and south are also treated differently. To receive the grant, those in the Perth metropolitan must have combined cost of land and building to be below $750,000. North of the 26th parallel (from Shark Bay onwards) can have value upto $1 million.
In addition to above exemptions and grants, First home buyers can also take benefit from other schemes subject to eligibility.
First home super saver scheme
This scheme allows first home buyers to make up to $50,000 in voluntary contribution to their superannuation to save a deposit for a home with a limit of $15000 per financial year.
Home guarantee scheme
Under this scheme eligible first home buyers with at least 5% or 2% for single parent with at least one dependent can avoid paying LMI (Lenders mortgage insurance). This scheme will assist eligible borrowers to borrow 95% – 98% of the purchase price. Key eligibility criteria includes income thresholds, property price caps and residential status.
If you would like to discuss more about First Home Buyers options including loans and benefits please click here to contact us.
** Please note that this information is general advice only and has not been prepared considering your specific financial situation, objectives, or needs. Before acting on any information, consider seeking professional financial advice to determine if it’s appropriate for you.**
