First Home Plus Scheme

 
Eligible first home buyers do  not pay duty on homes priced up to $500,000 and vacant land up to $300,000. Concessions on duty are available on a sliding scale for homes priced between $500,000 and $600,000 and for vacant land priced between $300,000 and $450,000. This scheme provides savings of up to $17,990 for first home buyers.

BREAKING NEWS The NSW State Government announced on 6th September 2011 that as of 1st January 2012 stamp duty concessions will only be available to first home buyers purchasing a brand new home or vacant land intended to be used as a site for a first home. So purchasers of established properties will no longer receive a stamp duty concession as of 1st January 2012.
For more detailed information on all of these benefits please visit

www.osr.nsw.gov.au.

First Home Bonus

 
Victorian first home buyers who qualify for the Government’s $7000 First Home Owner Grant (FHOG) may be eligible for an additional Victorian Government First Home Bonus.
The amount of the First Home Bonus for new homes is $11,000 for contracts dated from 1st July 2009 to 30 June 2010. For established homes the bonus amount is $2,000. The purchase price of the property must not exceed $600,000.
For contracts dated from 1 July 2010 to 30 June 2012 the First Home Bonus is only available for new homes and the amount is $13,000. The purchase price of the property must not exceed $600,000.

 
Regional Bonus 

Where the purchase or construction of a new home is in a regional municipality in Victoria , an additional bonus is available. These payments are subject to certain requirements.

For contracts entered into for the purchase or construction of a new home in a regional municipality from 1 July 2009 to 30 June 2010 an additional bonus of $4,500 is available (in addition to the $11,000 bonus).

For contracts entered into for the purchase or construction of a new home in a regional municipality from 1 July 2010 to 30 June 2011 an additional bonus of $6,500 is available (in addition to the $13,000 bonus). Please visit the First Home Bonus page for more information.

Transfer Duty Concessions

For settlement dates on or after 1 July 2011, land transfer duty rates will be reduced for eligible first home buyers purchasing their principal place of residence (PPR) valued up to $600,000. Land Transfer Duty will be reduced by 20 per cent on 1 July 2011, followed by additional 10 per cent cuts on 1 January 2013, 1 January 2014 and 1 September 2014, totalling a cumulative 50 per cent reduction for settlement dates on or after 1 September 2014.

For full details on the various concessions available in Victoria please visit www.sro.vic.gov.au

First Home Buyer Stamp Duty Concessions

Eligible first home buyers will be exempt from transfer stamp duty for purchases of established homes up to $500,000. A concession will continue to apply on a sliding scale for properties over $500,000 (but not more than $599,999).

In regards to vacant land a full exemption from stamp duty is available to first home buyers purchasing vacant land for up to $250,000. A concession will continue to apply on a sliding scale for land over $250,000 (but not more than $399,999).

Building Boost Grant

The Building Boost Grant runs from 1 August 2011 to 31 January 2012. The contract to buy or build a new property must be entered into between those dates. For owner builders, laying of the foundations must start between those dates.

As an existing home owner buying or building a new house, townhouse or unit under $600,000, you may be eligible to receive the Queensland Government's $10,000 Building Boost Grant.

As a first home buyer purchasing or building a new house, townhouse or unit under $600,000 in value, you may be eligible to receive the Queensland Government's Building Boost Grant of $10,000. Combined with the First Home Owner Grant, you may be eligible for grant assistance totalling $17,000.

As an investor buying or building a new house, townhouse or unit under $600,000 in value, you may be eligible to receive the Queensland Government's $10,000 Building Boost Grant. The boost can be obtained for more than one eligible investment property you purchase.

For complete details please visit www.osr.qld.gov.au

First Home Bonus Grant

The FHBG of up to $8,000 is available to first home buyers who enter into a contract to purchase or build new home on or after 17 September 2010, or commence construction as an owner builder on or after 17 September 2010.

The FHBG of up to $8000 is an additional payment for first home buyers who qualify to receive a First Home Owner Grant of $7,000 where the market value of the property is less than $450,000. 

As part of the State Budget 2011 handed down on 9 June 2011, the Treasurer announced that the First Home Bonus Grant (FHBG ) of up to $8,000 will reduce to up to $4,000 from 1 July 2012 and will be fully abolished from 1 July 2013.

For more details please visit http://www.revenuesa.sa.gov.au

First home buyers will get a full exemption from conveyance duty on homes up to $500,000 and vacant land up to $300,000. Those buying houses valued between $500,001 and $600,000 will receive a partial exemption. A partial rebate is available for vacant land valued between $300,001 and $400,000. These thresholds came into force on 9th May 2007.

For complete details please visit www.dtf.wa.gov.au. 

First Home Owner Concession

Must  be first property purchased in Australia. From 4 May 2010, first home buyers purchasing a property may receive a concession of up to $26,730, which represents the duty on the first $540,000 of the dutiable value of the property.

The purchase price of the home or land must not exceed  $750 000 or $385 000 respectively.

Rebates are also available to non first home buyers who are purchasing a new principal place of residence.

For full details and a calculator please visit http://www.nt.gov.au/ntt/revenue/home_incentives.shtml

BuildBonus

BuildBonus was introduced on 3 May 2011 and provides a $10 000 grant to home buyers and investors, including companies and trustees, that sign a contract to purchase or build a new home (including signing a contract for a house and land package), purchase a new unit (including off-the-plan) or commence construction of a new home as an owner builder, between 3 May 2011 and 31 December 2011 inclusive.

BuildBonus is not means tested but the value of a new unit or new home or the total construction cost of a new home (including the value of the land on which it is built) is capped at $530 000.

This bonus is available to first home buyers in addition to the $7,000 First Home Owners Grant.

See http://www.nt.gov.au/ntt/revenue/home_assist/buildbonus.shtml for more information.  

Home Buyer Concession

For purchases made from 1 July 2011 to 31 December 2011 eligible home buyers purchasing a property with a value of $362,600 or less will pay only $20 in duty. A purchase price of more than $362,600 and less than $460,000 will attract a reduced rate of duty.

Similarly, purchases of land for up to $202,000 or less will also only attract duty of $20. A purchase price of more than $202,000 but less than $254,500 will attract a reduced rate of duty.

The thresholds typically change every 6 months so it is recommended that you visit http://www.revenue.act.gov.au for the most up to date information.

To be eligible for these concessions applicants and their domestic partners must not hold or have held in the previous two years, an interest in any other land except where special circumstances apply. See http://www.revenue.act.gov.au for more information on these circumstances.

To be eligible for these duty concessions you must also meet the income test. The combined household income must be no more than $120,000. Total income threshold of $120,000 increases by $3,330 per annum for each additional dependent child to a maximum income of $136,650. Property must be owner-occupied and you are required to live in the property for at least 6 months.

For full details please visit http://www.revenue.act.gov.au

Duty Concession

Purchasers who are eligible for the First Home Owners Grant are eligible to receive a maximum stamp duty concession of $4,000 for the purchase of owner occupied property valued up to $350,000. The maximum concession available in relation to the purchase of vacant land is $2,400, providing the dutiable value of the vacant land does not exceed $175,000. For more information visit the Tasmanian State Revenue Office website.

Please note that this duty concession does not apply to contracts entered into after 16 June 2011. The Tasmanian State Government has closed this concession.