Everything you need to know about The First Home Owner Grant 2018. And if it’s available to you given your individual situation and location.
But to start with, what exactly is the First Home Owner Grant and what’s changed in 2018?
The First Home Owner Grant (FHOG) in Australia encourages and assists homeownership. It is eligible Aussie borrowers, and it’s a great start to property ownership. But… the grant does differ in each state and territory around Australia. In some areas, it applies to new homes.
Here’s a breakdown of what’s available to assist you on your way towards saving up for your deposit when it comes to your first home.
First home owner grant:
Queensland
New South Wales
Victoria
Tasmania
Northern Territory
South Australia
Western Australia
ACT
2018 Queensland First Home Owner Grant
The old Queensland grants were the Great Start Grant. That has since changed to the standard old ‘Queensland First Home Owners’ Grant as of 1 July 2016.
This offers particularly good value for first-timers. Depending on the date of your signed contract, you’ll either receive $15,000 or $20,000. That goes towards buying or building your new home, unit or townhouse (as long as it’s valued at less than $750,000).
To learn more about the Queensland (QLD) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 New South Wales First Home Owner Grant
A $10,000 First Home Owner Grant is available for new home builds up to $750,000. It’s also for purchases of new houses up to $600,000
No stamp duty allowances for all homes up to the $650,000 figure.
Stamp duty has reduced on homes up to $800,000.
As of 1 July 2017, the NSW government announced several new reforms. This is to help improve affordability for many first home buyers.
The main points of note are:
– No insurance duty paid on any lender’s mortgage insurance which is a nice bonus.
– You do need to live in the house you buy for at least 6 months. That’s in the first 12 months of owning that property to apply to receive the FHOG. Although the Aust Defence Force can apply for an exemption)
– You could be eligible for an exemption from transfer duty. That’s if you were to buy a new property valued up to $550,000, or even vacant land valued up to $350,000. You can apply to get a concession on the transfer duty for all new homes that are worth from $550,000 and $650,000. Or even vacant land that’s valued from $350,000 and $450,000.
To learn more about the New South Wales (NSW) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 Victoria First Home Owner Grant
Victoria is now offering a grant of up to $20,000 for first home buyers. That’s for those who are hoping to buy a new home in the regional Victoria areas. And up to $10,000 for houses in the city locations. But, the highest sale price of new eligible dwellings that attracts that grant is $750,000.
First home buyers and owners may also be eligible for other concessions on stamp duty costs in 2018:
Brand new homes and established houses qualify for a first home buyer stamp duty reduction of up to 50%. That’s as long as the house is $600,000 or under that.
Other new and established houses up to $550,000 are going to be eligible to qualify for a principal place of residence (PPR) concession. That’s if you decide to live there as your main or primary home.
Available to first home buyers who have a family (which equals at least one child). They might be able to apply for a duty concession on a home worth up to $200,000.
Other options include off-the-plan properties and also other refurbished lots. They are also eligible for an off-the-plan concession for first home buyers.
For the regional buyers…
Young farmers that meet the criteria. As long as they are looking at buying their first farmland house. They are also eligible to apply for the young farmer’s exemption or duty concession.
Grants aren’t the only thing that can help you get going though. There are other money saving tools such as the First Home Buyer Buddy. That assists first home buyers through the actual property buying process. They help first home buyers save money by showing them how to make better property choices.
Learn more about the Victorian (VIC) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 Northern Territory First Home Owner Grant
For the first home buyers in the Northern Territory there are several generous and positive incentives for the latest round of first home buyers to take advantage of:
A First Home Owner Grant sits on offer with a big $26,000 for first home buyers. That’s if they are looking to buy or build a new property or even purchasing an established home (from 24 May 2016). There are also no purchase price limits that apply to new dwellings. As long as they are after 1 January 2015 which is a positive for many first time buyers.
There is also a large First Home Owner Discount applied to stamp duty of up to $23 928.60. That’s for first home buyers that are looking at purchasing an established home valued up to $650,000.
On top of that, there is a Home Renovation Grant of up to $10,000. That is for eligible recipients of the First Home Owner Discount listed above.
Also available to first home buyers is a Household Goods Grant of up to $2,000. That’s for the purchase of household goods, and eligible recipients of the First Home Owner Grant.
Learn more about the Northern Territory (NT) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 Western Australia First Home Owner Grant
First home buyers located in Western OZ are eligible to receive a First Home Owner Grant. That’s up to $10,000 when they buy or build a new home. Properties that are south of the 26th parallel (that means all the Perth metropolitan areas) are a bit different. They are able to have a sale price with the largest value of $750,000. Homes located north of the 26th parallel can be up to $1 million to receive the grant.
On the 27th of December 2016, the Government announced a temporary $5,000 boost to the first home owner grant. For a total of $15,000 to help stimulate the first home buyer market. That was for the first home buyers who enter into a contract between 1 January and 30 June 2017. That was only if they were to buy or construct a new home to be eligible to receive this grant boost.
For the first home buyers who were eligible, they can apply for the Home Buyers Assistance Account. This is a grant of up to $2,000. This helps cover the initial incidental expenses of purchasing an established or partially built home. This is only available for properties with a sale price of up to a maximum of $400,000.
More info about the Western Australian first home owner grant available to you by visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 South Australia First Home Owner Grant
The current offer available in SA is a $15,000 grant. But that’s only available for new residential dwellings, up to the highest value of $575,000. Part of that also requires that the first home buyer must live in the property for at least 6 months. And within the first 12 months of owning that home to be eligible to claim the grant.
If you want to buy an off-the-plan apartment or unit that meets the required criteria. Then you might also be eligible for extra concessions. Such as an Off-the-plan concession on the stamp duty, capped at $21,330, but worth exploring.
For established property, South Australia also has grants of up to $7,000 available. But that will also depend on the area the property is in and even the buyer. Be sure to read the terms and conditions to work out which option is going to be right for your circumstances.
To learn more about South Australia’s (SA) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 ACT First Home Owner Grant
As of January 1st 2017, houses in the national capital are being offered a healthy $7,000 First Home Owner Grant. Although that is down from the $10,000available in 2016. This only applies to the first home buyers of brand new, improved or renovated properties. Or off-the-plan properties that are up to $750,000 mark. To gain this grant, you’re required to move into the property in the first 12 months. Then live in that home for at least 1 year.
Some ACT first home buyers may also be able to apply to defer the payment of duties. That’s if they also qualify for the First Home Owner Grant.
Outside of the grants and concessions that are available to help you get into your first home sooner. Programmes such as the first home buyer buddy offer a way to maximise a grants worth. They maintain first home buyers save thousands through smart property decisions.
Learn more about the Australian Capital Territory (ACT) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
2018 Tasmania First Home Owner Grant
For the most Southern region of Australia, as of the January 1st 2016 to 30 June 2018, for those that are eligible. The First Home Owner Grant is $20,000 for buying a new home, “spec” home, off-the-plan home, or owner/builder home. The scheme now applies up to 30 June 2019. After that, the grant will drop back to being half that meaning a $10,000 payment. – So the smart and organised first home buyer will need to get themselves together!
Outside of the standard grants, other money saving tools such as the First Home Buyer Buddy now exist. That helps first home buyers through the actual property buying process. All from a real estate perspective. They help first home buyers save money by making smart property decisions.
To learn more about the Tasmanian (TAS) first home owner grant available to you in 2018 visit here.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
Our final thoughts and ideas on the (FHOG) First Home Owner Grant available to you.
Every state in Australia has different rules and regulations. That’s when it comes to Government grants and stamp duty allowances/concessions. This means they are always changing and often with little notice. It’s wise to keep yourself up to date with the current policy. That way you won’t miss out on any options available to you when it comes to getting into your first home sooner. If you’re unsure, speaking with your local mortgage broker today. That will be a handy way to find out not only your financial position but also the grants you’re eligible for.
Outside of the grants and concessions that are available to help you get into your first home sooner. Programmes such as the first home buyer buddy offer a way to maximise a grants worth. This is by teaching you the skills you need to buy your first home.
Remember, a first home owner grant is only useful if it saves you money… If you end up paying more for your home than you should, then that grant has meant nothing.
Understanding how you negotiate with agents is going to be a critical part of your success.
Find out more information about the First Home Buyer Buddy. And how it can help you save thousands of dollars, hours of your time and 90% of the stress when you buy your first home.
