A State-by-State Guide to First Home Owner Grants
Buying your first home is a significant milestone, and in Australia, first home buyers can benefit from various grants and incentives designed to make this dream more achievable. Each state and territory offers its own version of the First Home Owner Grant (FHOG), with specific eligibility criteria and benefits. This comprehensive guide will help you navigate the different grants available across Australia in 2024.
New South Wales (NSW)
First Home Owner Grant (FHOG)
- Grant Amount: $10,000
- Eligibility: Available for new homes valued up to $600,000 or for new house and land packages valued up to $750,000.
- Additional Incentives:
- Stamp Duty Exemption: No stamp duty on new properties under $800,000, existing properties under $800,000, or vacant land under $350,000.
- Stamp Duty Concession: Reduced stamp duty for new homes valued between $800,000 and $1,000,000.
Shared Equity Home Buyer Helper
- Details: The NSW Government can contribute up to 40% of the purchase price for a new home or 30% for an existing property, allowing buyers to secure a mortgage with as little as a 2% deposit.
Victoria (VIC)
First Home Owner Grant (FHOG)
- Grant Amount: $10,000
- Eligibility: Available for new homes valued up to $750,000.
- Additional Incentives:
- Stamp Duty Exemption: No stamp duty on properties under $600,000.
- Stamp Duty Concession: Discounted stamp duty on properties between $600,000 and $750,000, including off-the-plan properties.
Queensland (QLD)
First Home Owner Grant (FHOG)
- Grant Amount: $30,000 (until June 2025)
- Eligibility: Available for new homes valued up to $750,000.
- Additional Incentives:
- Stamp Duty Exemption: No stamp duty on properties under $700,000 or vacant land under $350,000.
- Stamp Duty Concession: Reduced stamp duty on properties under $800,000 or vacant land under $500,000.
Other Initiatives
- Queensland Housing Finance Loan: Helps eligible buyers who can’t get finance via a traditional lender to buy a property with a 2% deposit.
- Pathways Shared Equity Loan: Available to eligible public housing tenants to buy the property they’re renting from the government.
South Australia (SA)
First Home Owner Grant (FHOG)
- Grant Amount: $15,000
- Eligibility: Available for new homes valued up to $575,000.
- Additional Incentives:
- Stamp Duty Exemption: No stamp duty on new properties or vacant land.
Off-the-Plan Concession
- Details: Grants of up to $7,000 for established homes, depending on the area and buyer.
Western Australia (WA)
First Home Owner Grant (FHOG)
- Grant Amount: $10,000
- Eligibility: Available for new homes valued up to $750,000.
- Additional Incentives:
- Stamp Duty Exemption: No stamp duty on properties under $450,000 or vacant land under $300,000.
- Stamp Duty Concession: Reduced stamp duty on properties between $450,000 and $600,000 or vacant land between $300,000 and $400,000.
Tasmania (TAS)
First Home Owner Grant (FHOG)
- Grant Amount: $30,000 (until 30 June 2024)
- Eligibility: Available for new homes with no dwelling value limit.
- Additional Incentives:
- Stamp Duty Concession: Reduced stamp duty for first home buyers.
Australian Capital Territory (ACT)
First Home Owner Grant (FHOG)
- Grant Amount: $7,000
- Eligibility: Available for new homes, substantially renovated homes, or off-the-plan properties valued up to $750,000.
- Additional Incentives:
- Stamp Duty Exemption: No stamp duty on properties under $1,000,000, subject to income thresholds.
- Stamp Duty Concession: Reduced stamp duty on properties under $1,455,000, subject to income thresholds.
Northern Territory (NT)
First Home Owner Grant (FHOG)
- Grant Amount: $10,000
- Eligibility: Available for new homes with no dwelling value limit.
- Additional Incentives:
- Stamp Duty Concession: Reduced stamp duty for first home buyers.
The First Home Owner Grant and additional incentives vary significantly across Australian states and territories. Understanding the specific grants and eligibility criteria in your state can help you make the most of these opportunities and bring you closer to owning your first home. Always check the latest information from state government websites or consult with a financial advisor to ensure you meet all the requirements and take full advantage of the available benefits.