A number of state assistance programs may be available to help you get into your own house sooner if you’re a first-time buyer. You may be eligible for the First Home Owner Grant, which is a one-time payment that saves you money aside from stamp duty.

What are the eligibility for the First Home Owner Grant (FHOG)?

Each state or territory has different eligibility depending on where are you planning to buy your property, the amount of money you plan to spend, and whether or not you currently own a home.

Although each state and territory has its own set of criteria, here are some common requirements you need to meet as a first-time home buyer:

  • Must be at least 18 years old
  • You must be an Australian citizen or a permanent resident.
  • The property will be your primary residence for at least six months.
  • You’ve never owned a home in Australia before.
  • You will not be eligible for the FHOG again if you or your co-owner in the home loan have previously claimed it.

How do you consider a home as “new”?

 When you buy or build a ‘new’ home — that is, a property that hasn’t previously been lived in or sold as a home – the FHOG can be helpful in some states and territories.

If a house has been extensively refurbished, it may be considered new. As a result, the building must have been refurbished, repaired, or replaced in its entirety.

Is the FHOG available for an Investment Property?

You can only avail the FHOG when you buy a home for yourself to live. You must live in your home for at least six (6 months) and that property should be your primary home. The grant is intended to help those who are seeking for a place to live, not to help people who are wanting to invest in a property.

Eligibility per state:

It may be difficult to save for your first house, but depending on where you reside, you may be eligible for financial assistance.

Australian Capital Territory

In the ACT, the First Property Owner Grant provided up to $7,500 to those who purchased their first new or significantly renovated home (worth up to $750,000). Stamp duty concessions are also available, however they are limited to certain income levels and the number of dependents.

The Revenue ACT website has the most up-to-date information for first-time home buyers.

New South Wales

The $10,000 First Home Owner Grant (New Home) is for first-time home buyers who:

  • buy or build their first new home, which has a worth of less than $750,000 and has never been lived in before
  • purchase a home home that has been extensively remodeled with a total worth of less than $600,000

New or established first homes costing up to $650,000 are exempted from stamp duty under the NSW Government’s Affordability Package of 2017. For residences priced between $650,000 and $800,000, there are various discounts on stamp duty.

On the Revenue NSW website, you can find the most up-to-date information for first home buyers.

Northern Territory

In the Northern Territory, the First House Owner Grant is a $10,000 cash grant for first-time home buyers who meet the criteria.

The BuildBonus grant and the Territory Home Owner Discount may also be available to home buyers.

The Northern Territory Government’s website has the most up-to-date information for first-time home buyers.

Queensland

When you buy or build a new house in Queensland that costs less than $750,000, you get a $15,000 First Home Owner Grant.

Both new and existing properties are eligible for stamp duty reductions. For properties worth up to $504,999, the maximum concession is $8,750, whereas for homes worth up to $549,999, the maximum concession is $875. On unoccupied land valued at $400,000 or less, first-time homebuyers who plan to buy land now and build later are exempt from paying any taxes.

The Queensland Government’s website has the most up-to-date information for first-time home buyers.

South Australia

In South Australia, the First Home Owner Grant is worth up to $15,000 for new homes that are less than $575,000 in value.

The Revenue SA website has the most up-to-date information for first-time property buyers.

Tasmania

Between July 1, 2016 and June 30, 2022, Tasmanian first-time house buyers can apply for a $20,000 First Home Owner Grant. First-time home purchasers must purchase or construct a new house in order to be eligible.

On the State Revenue Office‘s website, you can get the most up-to-date information about first-time home buyers.

Victoria

For contracts signed between 1 July 2017 and 30 June 2021, the First House Owner Grant in Victoria is worth $10,000 when you buy or build a new home, up to $20,000 for new homes valued up to $750,000.

On residences worth up to $600,000, first-time home buyers are exempt from paying stamp duty. On a sliding scale, first residences priced between $600,001 and $750,000 are eligible for duty reductions.

The State Revenue Office of Victoria has the most up-to-date information for first-time house buyers.

Western Australia

First Home Owner Grant is worth $10,000 and can be used to buy or build a new home.

In addition, when buying a new or existing home valued up to $430,000 or unoccupied land worth up to $300,000 in WA, first-time home buyers are exempt from stamp duty. Varied land and homes worth up to $400,000 and $530,000, respectively, qualify for a tax discount.

The Western Australian Government’s website has the most up-to-date information for first-time home buyers.

If you aren’t sure of your eligibility, you can always contact your local Aussie Broker, Micah Finance Solutions for the FHOG schemes in your state. We can assist you in better comprehending your situation and presenting you with the solutions that are accessible to you.