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Make the most of these schemes: HomeBuilder & First Home Owners Grant

Jun 4, 2020 | Coronavirus, General, Real Estate

first home owner keys to the houseThe First Home Owners Grant (FHOG) scheme was introduced on 1 July 2000 to offset the effect of the GST on homeownership. It is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant is payable to first homeowners who satisfy all the eligibility criteria. In many states, it is not just the First Home Owners Grant, but also concessions or exemption of stamp duty, subject to limits on the value of properties.

We have summarised below each state and how it will work with the HomeBuilder scheme. There are now more reasons to try to get into your own first home, or for family members to assist First Home Owners.

 

 

 

State HomeBuilder

(Based on contract signing date)

First Home Loan
Deposit Scheme
FHOG
(Max)
Total Value FHOG
Stamp Duty
Eligibility Criteria
ACT

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 NIL $35,000 No Duty where income is below $160,000 or $176,000 as a family
New South Wales

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 $10,000 $45,000 No Duty up to value of $800,000 Up to $800,000
Northern Territory

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 $10,000 on newly built or to be built $45,000 Varies Newly built or to be built
Queensland

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 $15,000 property value up to $750,000 $50,000 Full Stamp Duty Applies Value up to $750,000
South Australia

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 $15,000 $50,000 Varies No specific rules
Tasmania

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 $20,000 on newly built or to be built $55,000 50% Discount on all houses (including established) up to $400,000 Newly built or to be built
Victoria

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21)

$10,000 $20,000 up to value of $750,000 $55,000 No duty up to $600,000 and reduced duty up to $750,000
Western Australia

$25,000
(4/6/20 – 31/12/20)

$15,000
(1/1/21 – 31/3/21) 

$10,000 $10,000 for new home only, up to value of $750,000 $45,000 No duty up to $430,000 and reduced duty up to $530,000

For more information, contact us for finance, property and overall financial assistance at consulting@ww2.austasiagroup.com.

Date Published: June 04, 2020 | Last Modified: November 30, 2020