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Blue Moon Property real estate agents Nambour. (07) 5441 1749
The First Home Owner Grant is the nation’s largest scheme, and was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is funded and administered by the states and territories but typically involves a one-off grant of up to $7000 for eligible first home owners.
So what you get depends on where you are in Australia, and also the date of the property transaction as the entitlements have changed over time and will continue to do so.
The main shift in the First Home Owner Grant’s focus right now is a gradual move towards the grant being for new builds, rather than existing houses.
Tasmania, NSW, Victoria, Queensland and South Australia have all already announced they will stop the $7,000 First Home Owner Grant for established homes and focus any schemes on new dwellings in order to stimulate the building industry, create jobs and make some savings, as reported in publications such as PropertyObserver.com.com.au and BRW.com.au. The ACT and WA have so far left the grant relatively the same, while NT has extended the scheme.
So what’s on offer where you live?
The $7,000 First Home Owner Grant. Queensland ceased to be available in Queensland to first home owners who purchased an established home on or after 11 October 2012.
Instead, The Great Start Grant offers $20,000 towards buying or building your new house, unit or townhouse, capped at $750,000.
The First Home Owner Boost was discontinued in the ACT in December 2009, but there remains a $7000 First Home Owners Grant capped at $750,000 from 1 January 2011.
The Home Buyer Concession and Pensioner Duty Concession last changed in January 2012, while the affordable House and Land Packages last changed in June 2010.
The First Home Owner Grant of $7,000 has been capped at $750,000, except where the contract relates to a home that is on, or to be built on, primary production land for contracts entered into from 1 January 2010.
However, subject to new legislation being passed, from 1 July 2013 the grant will be limited to those buying or building new homes, and will increase to $10,000 for eligible first home owners.
The First Home Owner Boost ceased 1 January 2010. And the First Home Bonus and the Regional Bonus stopped for contracts entered into from 1 July 2012.
From 1 October 2012, the $7,000 First Home Owner Grant has been replaced by the $15,000 First Home Owner Grant (New Homes) Scheme, for those purchasing or building a new home.
The grant is capped at $650,000 and will reduce to $10,000 on 1 January 2014 for eligible transactions.
The old $7,000 First Home Owner Grant for established properties is capped at $835,000 and applies for properties purchased between 1 January 2011 and 30 September 2012 only.
The Regional Relocation Grant which offers eligible applicants $7,000 to assist them with the cost of relocating from their metropolitan home to a regional home is still in operation and has also been extended to cover new homes.
From 4 December 2012 the Northern Territory First Home Owner Grant rises to: $25,000 for first home owners purchasing a new or established home in regional Northern Territory; $25,000 for first home owners purchasing or building a new home located in the urban area; and $12,000 for first home owners purchasing an established home located in the urban area. It is capped at $600,000.
Also from 4 December 2012, the stamp duty First Home Owner Concession will no longer be available. However the increased First Home Owner Grant, the $8500 Senior, Pensioner and Carer Concession or the Principal Place of Residence Rebate are still available for those eligible.
Last year the Government announced an extension of the $10,000 BuildBonus to cover contracts and owner-builder housing commencements up to 31 December 2012. BuildBonus is available to first home buyers in addition to the First Home Owner Grant. This means that eligible first home buyers will receive grants of up to $17,000.
The $5,000 First Home Owner Grant, SA for established homes will end on 30 June 2014, and is being replaced by the $15,000 First Home Owner Grant for new homes, capped at $575,000.
Those purchasing or building a new home before 30 June 2013 may be eligible for an additional Housing Construction Grant of up to $8,500, capped at $450,000.
Off-the-plan Stamp Duty Concession of up to $21,330, capped at $500,000, is available to eligible applicants for transactions between 31 May 2012 and 30 June 2014 in addition to the First Home Owner Grant.
The First Home Bonus Grant ended on 14 October 2012.
In the 2013-14 State Budget the State Government announced that subject to legislation being passed, from 1 July 2014 contracts for established properties will no longer be eligible for the $7,000 Tasmanian First Home Owner Grant . Instead, the grant will only apply to those building or purchasing a new build home.
The additional First Home Builder Boost of $8,000 still applies for eligible owner-builders or those purchasing a newly built home between 1 January 2013 and 30 June 2014.
Did you know…
If you’re saving for your first property you may be entitled to a first home saver account – a special purpose account where the government contributes to the balance and you don’t pay tax on the interest if you qualify. Rules apply.
Our Nambour Real Estate agents are ready to help you find your first home and guide you through the entire process.