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First Home Buyer

Every state and territory have an incentive program to assist first home owners get into or build their first home. For details of each program please see below, your state or territories Office of revenues website, or ask one of our Lending experts for more information. We will work with you and your bank to ensure you obtain whatever your entitled too.

New South Wales

The First Home – New Home scheme commenced from 1 January 2012 and provides eligible purchasers with exemptions from transfer duty on new homes valued up to $550,000 and concessions for new homes valued between $550,000 and $650,000. Eligible purchaser buying a vacant block of residential land to build their home will pay no duty on vacant land valued up to $350,000, and will receive concessions for vacant land valued between $350,000 and $450, 000. These rates apply from 1 July 2012.

Am I Eligible?

To be eligible for the duty concession or exemption:

  • at least one buyer must be an Australian citizen or permanent resident
  • the agreement must be for the purchase of the whole property
  • you must be a natural person (not a company or trust)
  • you must be over 18
  • you or your partner have not previously owned property in any form in any State or Territory at least one purchaser must occupy the home within 12 months and needs to live in the home for a continuous period of at least 6 months.

If your partner has previously owned a home or received a benefit from us under the First Home -New Home Scheme, you will not be entitled to receive a concession or exemption.

How Can I Apply?

Apply for the exemption or concession through your financial institution or directly through the NSW Office of state revenue, by completing an First Home – New Home Exemption or Concession from Duty form (ODA 066) (PDF).Applications must be accompanied by all supporting documentation. You must have already exchanged contracts to purchase the new home.

New Home Grant Scheme

The New South Wales New Home Grant scheme was introduced on 1 July 2012 to stimulate the construction of new homes. The scheme provides a grant of $5,000 towards the purchase of new homes, homes off the plan and vacant land on which a new home will be built.

Queensland

A Great Start To Get Into Your New First Home

The Great Start Grant is a Queensland Government initiative to help first home owners to get their new first home sooner. You’ll get $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself. It’s a great opportunity to buy or build a new home in our great state.

How A $15,000 Great Start Grant Can Help You

  • If you’re thinking of buying or building a new home, this could be what gets you started
  • It could get you something more than you were expecting
  • It can get you into your first home sooner Note: The Great Start Grant is administered under the First Home Owner Grant Act 2000.

To get you off to a great start you will need to confirm both your eligibility as a first home owner and whether the property you are buying is eligible too. Check your eligibility now.

Quick Eligibility Check

Tick the statements that apply to you.

  • You’re at least 18 years of age
  • You’re an Australian citizen or permanent resident(or you’re applying with someone who is an Australian citizen or permanent resident) You or your spouse has not previously owned property in Australia
  • You’re building or buying a new home The value of the home is under $750,000

Victoria

Overview

The First Home Owner Grant (the Grant) scheme was established to encourage and assist home ownership and to offset the effect of the GST on home ownership. The Grant is not means-tested nor is it restricted by the price of the property for contracts entered into prior to 1 January 2010.

For contracts entered into on or after 1 January 2010, the Grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land.

The SRO administers the Grant with the help of a number of banks and lending institutions that are approved agents.

For contracts entered into on or after 1 July 2013, eligibility for the Grant will be limited to buyers of new homes.

How Much Is The Grant?

For contracts entered into on or after 1 July 2013 to build or purchase a new home, a payment of up to $10,000 is available for eligible first home buyers.

For contracts entered into prior to 1 July 2013, a payment of up to $7000 is available for eligible first home buyers.

When Does The Grant End?

The scheme is on-going with no end date yet specified.

Are You Eligible To Receive The Grant?

In order to receive the Grant you must satisfy various eligibility requirements. Furthermore, only certain types of transactions are eligible to receive the grant.

Which Homes Qualify?

To qualify, the home must be used as a place of residence. Furthermore, the home must be, in the Commissioner’s opinion, suitable for use as a place of residence.
This includes:

  • Houses
  • Flats
  • Units
  • Townhouses or apartments located anywhere in Victoria, and
  • Moveable homes relocated onto land owned by the applicant.

Eligibility To Receive The Grant

To be eligible to receive the grant, the SRO must be satisfied that:

  • You and your spouse/partner have not received a grant in any State or Territory of Australia.
  • You and your spouse/partner must not have owned residential property, either jointly, separately or with some other person prior to 1 July 2000, in any State or Territory of Australia.
  • You and your spouse/partner must not have occupied for a continuous period of at least 6 months, a residential property in which either of you acquired a relevant interest on or after 1 July 2000 in any State or Territory of Australia.
  • You must be a natural person (not a company) and at least 18 years of age at the time of settlement or completion of construction.

Note: the Commissioner of State Revenue (the Commissioner) has a discretion under the First Home Owner Grant Act 2000 to exempt an applicant from the age requirement where the home will be occupied as the applicant’s principal place of residence.

  • You (or at least one applicant) must be a permanent resident or Australian citizen at the time of settlement or completion of construction of the home.

Note: A permanent resident includes the holder of a permanent visa under section 30(1) of theMigration Act 1958. New Zealand citizens holding a special category visa under section 32 of theMigration Act 1958 also satisfy this requirement.

  • You (or at least one applicant) must occupy the home as your/their principal place of residence for a continuous period of at least 12 months, commencing within 12 months of either settlement or completion of construction (the residency requirement). The residency requirement has been extended from 6 months to 12 months for eligible transactions that are completed on or after 1 July 2013.

The Commissioner may approve a lesser period if he is satisfied that there are good reasons why you cannot comply with the residency requirement. The Commissioner also has discretion to extend the 12 month period if satisfied that you cannot begin occupying the home within 12 months of settlement or completion of construction due to circumstances that were unforeseen or beyond your control. You should contact the SRO and provide written reasons as soon as you are aware that you may not be able to satisfy the residency requirement. Please note that the Commissioner does not have the discretion to waive the residency requirement.

What Types Of Transactions Are Eligible?

Each applicant must have (on or after 1 July 2000):

  • entered into a contract of sale or agreement for the purchase of a new, established*, or off the plan home in Victoria; or
  • entered into a contract to build a home on their land in Victoria; or
  • in the case of owner builders, commenced construction (laying of foundations) of a home on their land in Victoria.

*Established homes will not be eligible for contracts entered into on or after 1 July 2013. Please note that for contracts entered into on or after 1 January 2010 the grant will only be payable where the price of the property or construction of the home does not exceed $750,000, except where the contract relates to a home that is on, or to be built on, primary production land

ACT

Changes For Transactions Dated On Or After 1 September 2013

The First Home Owner Grant has been retargeted to new and substantially renovated properties, with the value of the grant being increased from $7,000 to $12,500. From 1 September 2013, the First Home Owner Grant is no longer available for contracts entered into for the purchase of established properties.

In addition, the residency requirement for the First Home Owner Grant has been increased from 6 months to 12 months, commencing within 12 months of completion of the eligible transaction.

Applications for transactions dated on or after 1 September 2013 must be completed on the corresponding 1 September 2013 First Home Owner Grant application form. Applications completed on earlier forms will not be accepted.

Description

The First Home Owner Grant (FHOG) Scheme was introduced on 1 July 2000 and provided a $7,000 grant to first home buyers to purchase their first home. The FHOG scheme is fully funded by the ACT Government and administered by the ACT Revenue Office.

A first home owner grant cap applies for eligible transactions that commence on or after 1 January 2011. The cap limits the total value of eligible properties (i.e. total value of home and land) to $750,000 or less. This cap does not apply to eligible transactions that commenced before 1 January 2011.

An applicant may be eligible for a further first home owner grant if a grant for an eligible transaction that commenced on or after 1 January 2011 has been repaid, including any penalties and interest. For details see Revenue Circular FHOG004. However, if an applicant has been convicted of an offence under the Act in the ACT or a corresponding First Home Owner Grant Act in another jurisdiction an applicant is ineligible for a further grant in the ACT.

More detailed information regarding the FHOG can be found in the First Home Owner Grant – Lodgment Guide and Application Form (see link below).

New Or Substantially Renovated Properties

The First Home Owner Grant of $12,500 applies to new or substantially renovated properties for transactions dated on or after 1 September 2013, this includes:

a home that has not been previously occupied or sold as a place of residence; or

a substantially renovated home that, as renovated, has not been previously occupied or sold as a place of residence; or

a property which is subject to an “off the plan” purchase agreement.

Limited Time To Lodge An Application

An application for the FHOG must be lodged within the required timeframe.

For transactions entered into on or after 1 September 2013:

An application lodged with your approved agent may only be made within the period beginning on the commencement date of the eligible transaction to which the application relates (e.g. the date of exchange of contract) and ending one year after the completion of the eligible transaction to which the application relates (e.g. settlement or date of issue of the Certificate of Occupancy and Use).

An application lodged with the ACT Revenue Office may only be made within one year after completion of the eligible transaction to which the application relates. Owner Builder’s can only lodge their application with approved agents and the ACT Revenue Office after the home has been completed. For transactions entered into on or before 31 August 2013:

An application lodged, with either an approved agent or the ACT Revenue Office, may only be made within the period beginning on the commencement date of the eligible transaction to which the application relates (e.g. the date of exchange of contract) and ending one year after the completion of the eligible transaction to which the application relates (e.g. settlement or date of issue of the Certificate of Occupancy and Use).

The Commissioner has discretion to allow an application before or after the application period, if satisfied there are reasons or exceptional circumstances in which to do so.

When Will The Grant Be Paid

For transactions entered into on or after 1 September 2013:

For payment to be available at settlement or first draw down/progress payment you must lodge your application with an approved agent.

For applications lodged with the ACT Revenue Office, payment of the grant will be made within 10 working days of lodging a complete application, after completion of the eligible transaction.

For transactions entered into on or before 31 August 2013:

For complete applications lodged with an approved agent, payment will be made available at settlement or first draw down/progress payment.

Payment of the grant will be made within 10 working days of lodging a complete application with the ACT Revenue Office.

Application Processing Time

The standard timeframe for processing applications is 10 working days from the provision of all required documentation. If you lodge an application, please wait 10 working days before contacting this office to check on the status of your application.

If you have lodged your application with an approved agent please contact them for status update in the first instance.

South Australia

What Am I Entitled To?

Revenue SA administers the first home owner grant along with a number of other grants and concessions for new home buyers. You may be eligible for:

  • First Home Owner Grant
  • Housing Construction Grant
  • Off-the-plan Stamp Duty Concession

First Home Owner Grant (FHOG)

You may be eligible for the FHOG. The FHOG is a one-off grant payable to eligible first home owners on the:

purchase or construction of a new home; or

purchase of an established home (up to 30 June 2014).

Varying amounts of the FHOG are available, depending on the time the contract was entered into, or in the case of owner builders when construction commenced. The First Home Buyers Grants Table outlines the maximum grant payment available.

There are a number of criteria that must be met in order to be paid the grant, such as it must be your first residential property purchased, you must be an Australian citizen or permanent resident and the property value must not exceed $575 000.

You can complete the eligibility checklist and completing the questions asked.

A First Home Owner Grant Application must be lodged with RevenueSA or your mortgage provider, assuming they are an Approved Agent. For more information on the first home owner grant please see the FHOG pages or contact our first home owner call centre on 08 8226 3750 or by email. Housing Construction Grant (HCG)

If you are purchasing or building a new home*, you may be eligible for a HCG of up to $8500. This grant is in addition to the FHOG (if applicable).

The HCG applies a contract (eligible transaction) entered into between 15 October 2012 and 31 December 2013, or in the case of a owner builder, where construction commenced between 15 October 2012 and 31 December 2013. A property value cap of $450 000 applies.

Applications must be received within 12 months of the completion of the eligible transaction. A separate application is required for each eligible transaction.

You can submit your Housing Construction Grant Application to RevenueSA or an Approved Agent together with supporting documentation.

You can complete and lodge the application form with the financial institution providing your finance as part of buying or building your home, if they are an Approved Agent.

Ex gratia relief may be available for a new home in a retirement village or residential park. For ex gratia relief for a new home located in a retirement village (Housing Construction Grant Ex Gratia Application – Retirement Village) or residential park (Housing Construction Grant Ex Gratia Application – Residential Park), submit your application to RevenueSA (only) together with required supporting documentation.

For more information on the HCG please see the HCG pages or contact RevenueSA on 08 8226 3750 or by email.

Western Australia

Introduction

If you are buying or building your first home, you may be eligible to apply for the First Home Owner Grant (FHOG). The FHOG Scheme is fully funded by the Western Australian Government and administered by the Office of State Revenue. The scheme was established to offset the higher housing costs associated with the introduction of the Goods and Services Tax (GST) on 1 July 2000 and offers a one-off payment for eligible applications.

General Information

From 25 September 2013, first home owners purchasing or building a new home may be eligible to receive a grant of $10,000. First home owners purchasing an established home may be eligible for a $3,000 grant.

Where your contract to purchase or build a home was signed, or construction of a home as an owner builder commenced, before 25 September 2013 first home owners will remain eligible to apply for a $7,000 grant.

There are no income or assets tests to qualify for the FHOG.

The FHOG applies to residential dwellings only and does not apply to vacant land, business premises, holiday houses or minor renovations to an existing home. Where a first home owner purchases a home that has undergone substantial renovations they may be eligible to apply. Please refer to our website (http://www.finance.wa.gov.au/) or contact the Office of State Revenue for more information on substantially renovated homes.

How To Apply

Most financial institutions are Approved Agents; however a list of Approved Agents is also available from the website.

An application for the FHOG can be made once a contract to purchase or build a home has been signed and dated by all parties to the contract and appropriately witnessed or, where the application is made as an owner-builder, when the foundations have been laid.

An application for the FHOG must be made within 12 months of completion1 of the eligible transaction.

Applications may be lodged through an Approved Agent or with the Office of State Revenue.

If you are unsure where to lodge your form and are obtaining finance through a financial institution, please consult with them prior to lodgement to ensure that your form is sent to the correct place.

Eligibility For The FHOG

To be eligible for the FHOG, applications must satisfy the following eligibility criteria:

  • Each applicant must be a natural person (i.e. not a company or trust2).
  • Each applicant must be 18 years of age or over at the commencement date of the eligible transaction3.
  • At least one of the applicants must be an Australian citizen or permanent resident at the time of making an application.
  • Each applicant and/or their spouse4cannot have previously received a FHOG under this scheme.
  • Each applicant and/or their spouse cannot have owned residential property anywhere in Australia before 1 July 2000.
  • Each applicant and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence before 1 July 2004.
  • Each applicant and/or their spouse cannot have previously owned residential property anywhere in Australia on or after 1 July 2000 and occupied that property as a place of residence for a continuous period of at least six months that began on or after 1 July 2004.
  • Each applicant must occupy the home being purchased or built as their principal place of residence for a continuous period of at least six months, commencing within twelve months of completion of the eligible transaction.
  • Each applicant must have entered into an eligible transaction on or after 1 July 2000. An eligible transaction is defined under section 14 of the First Home Owner Grant Act 2000, but is generally a contract for the purchase or construction of a home, or commencement of construction of a home as an owner builder.
  • For eligible transactions commencing on or after 1 January 2010, the total value of the home must not exceed the cap amount. The cap amount is:$750,000 if the property is located south of the 26th parallel of South Latitude, or
  • $1,000,000 if located north of the 26 thparallel of South Latitude.

Tasmania

First Home Owner Grant (FHOG)

Under the FHOG scheme, eligible applicants are entitled to a one-off payment of up to $7 000.

The grant is not means tested and there is no cap on the value of an eligible home.

For further information on the FHOG refer to the FHOG guideline relevant to your circumstances.

In the 2013-14 State Budget the State Government announced that contracts for established properties, signed on or after 1 July 2014, will no longer be eligible for the FHOG.

First Home Builder Boost (FHBB)

The FHBB is available to eligible applicants purchasing a newly built home or building a home.

Applicants who enter into a contract to buy or build a new home, or who commence building their new home may be eligible to receive an extra payment of $23 000.

The First Home Builder Boost (FHBB) is a payment, in addition to the FHOG, of $7 000.

For further information on the FHBB refer to theFirst Home Builder Boost Guideline. First Home Owner Grant and Builder Boost

Statistics Click here for the statistics.

State Taxes

Duty

Duty is payable on the transfer of land in Tasmania. To find out how much duty you may need to pay on the purchase of your property go to the Duty Calculator.

Land tax

When you buy or acquire a property, the person(s) selling or transferring the property may be entitled to claim a proportion of the land tax as part of the settlement. You should ask you solicitor or conveyancer for advice on this matter.

For more information on Land Tax refer to the Land Tax Public Guideline.

Northern Territory

The FHOG scheme provides eligible first home owners with a grant in relation to the purchase or construction of a home.

It is an ongoing scheme introduced on 1 July 2000 to encourage and assist home ownership.

FHOG is not means tested however, from 1 January 2010 eligibility ceases to apply if the consideration for, or the value of the home is more than the transaction eligibility threshold (see table below). This includes the unencumbered value of the land on which a home is to be built. The amount of the transaction eligibility threshold is determined based on the commencement date of the eligible transaction.

The commencement date of an eligible transaction is:

  • for a contract to purchase or construct a home, the date when the contract is made; or
  • for an owner builder, the date the laying of the foundations commenced.

Commencement date of eligible transaction Transaction eligibility threshold On or after 4 December 2012 $600 000 From 1 January 2010 – 3 December 2012 $750 000 Prior to 1 January 2010 No threshold applied

The amount of the grant increased on 4 December 2012 in relation to eligible transactions that commenced on or after that date. From that date, the amount of the grant also varies depending on the type of transaction and location of the property.

If the commencement date of the eligible transaction is on or after 4 December 2012, the amount of the grant is the lesser of the consideration actually paid for the eligible transaction, or:

  • $12 000 if the home is an established home in the urban area;
  • otherwise – $25 000

If the commencement date of the eligible transaction is before 4 December 2012, the amount of the grant is the lesser of the following:

  • the amount of consideration actually paid for the eligible transaction;
  • $7000

An established home is one that has been previously sold or occupied, and is lawfully fit for occupation.

An urban area means all land located wholly within the boundaries of:

  • the Darwin, Palmerston or Litchfield municipalities;
  • Wagait Shire;
  • the Darwin Waterfront Precinct;
  • the “prescribed area” for the Darwin Rates Act.
  • any other area prescribed by regulation.

Maps of current local government boundaries in the Territory can be found at the following link:http://www.localgovernment.nt.gov.au/home/shire_boundaries.

 

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