It can sometimes be quite difficult for first home buyers to enter the market at any stage throughout their life. This is why local governments have introduced first home buyer/builder grants. These grants give first home buyers an added boost, and assist them in buying their first house sooner. The eligibility criteria and grant amounts vary depending on where you are located in Australia.
The criteria required for first home buyers vary slightly between the states and territories. Generally though, eligibility criteria include:
You must be a first home buyer as a person, not as a company or trust.
At least one applicant must be a permanent resident or Australian citizen.
Each applicant must be at least 18 years old.
You or your spouse, partner or co-purchaser must not have previously owned land in Australia which had a residence on it, before the 1st of July 2000.
You or your spouse/partner cannot have lived in a residential property which you owned from the 1st of July 2000.
You or your spouse, partner or co-purchaser may not have claimed the grant previously.
You must occupy your first home as your principal place of residence within 12 months of construction or purchase, with a minimum period of occupancy of 12 continuous months.
In addition to the above, there are also other state-specific conditions that need to be met. This is entirely dependent on the state you’re buying in, so be sure to visit your state’s office of revenue website to find out the eligibility criteria.
Below, you will find information about federal government support for first home buyers and the grants and stamp duty concessions available in each state and territory.
New South Wales
Is there a first home buyers grant?
Yes, the First Homeowner Grant (New Homes) scheme offers a $10,000 grant for the purchase or construction of new homes. The value of the property of a newly constructed property must be under $600,000. If buying land to build a property, the combined land and dwelling value must be less than $750,000.
Are stamp duty concessions available?
Yes, the First Home Buyers Assistance scheme provides first home buyers with exemptions from transfer duty (stamp duty) on new and existing homes:
New homes. If you are buying a new home worth less than $650,000, you pay no stamp duty (if eligible). If the home is valued between $650,000 and $800,000, you can get a discount.
Existing homes. If you are a first home buyer purchasing an existing home worth less than $650,000, you pay no stamp duty (if eligible). If the home is valued between $650,000 and $800,000, you can get a discount.
Vacant land: If you buy vacant land under $350,000, then you pay no stamp duty. Between $350,000 and $450,000, you can get a discount on the duty.
Victoria
Is there a first home buyers grant?
Yes, the $10,000 First Homeowner Grant is available to eligible applicants buying or building a new home valued at up to $750,000.
Are stamp duty concessions available?
First home buyers purchasing a new or established home valued below $600,000 will be exempt from stamp duty, while buyers purchasing a new or established home valued between $601,000 and $750,000 will be eligible for a stamp duty concession, applied on a sliding scale.
First home buyers can get stamp duty concessions even if they don’t qualify for a first homeowner’s grant. It’s possible to qualify for both the grant and a stamp duty exemption or concession.
Queensland
Is there a first home buyers grant?
Yes, the Queensland First Homeowners’ Grant offers $15,000 to first-time owners buying or building a new home. The grant is available for properties valued at less than $750,000.
If you are renovating an established home, you may also qualify for the grant.
Are transfer duty (stamp duty) concessions available?
Yes, stamp duty concessions are available if you buy a home valued at less than $550,000 or vacant land valued at less than $400,000. The more you pay for your home or land within these limits, the smaller the concession available.
Australian Capital Territory
Is there a first home buyers grant?
The ACT government no longer offers a first homeowner grant to buyers. However, there are stamp duty concessions available. The amount you can save depends on your income, the value of the property, whether the property is a new or existing property and how many dependents you have.
Here are some example calculations:
From the 1st of July 2019, buyers in the ACT can avoid paying stamp duty if all buyers are over 18 and earning a combined income below the threshold (listed below). Buyers must live in the home continuously for 12 months and all buyers must not have owned a property in the past two years.
The income threshold also varies depending on how many dependent children you have. If your combined income is below the following limits, then you can avoid paying stamp duty (up to a total concession amount of $35,910).
Western Australia
Is there a first home buyers grant?
Yes, a First Home Buyers Grant of $10,000 is available if you are buying or building a new home. Eligible properties located south of the 26th parallel of south latitude are limited to $750,000, while properties north of the 26th parallel of south latitude are limited to $1 million.
Are stamp duty concessions available?
Yes, the First Homeowner Rate of Duty provides exemptions and concessions when purchasing homes valued at less than $530,000 and vacant land less than $400,000.
South Australia
Is there a first home buyers grant?
Yes, a First Home Buyers Grant of up to $15,000 is available for the purchase and construction of new homes valued up to $575,000.
Are stamp duty concessions available?
There are no stamp duty exemptions specific to first home buyers in South Australia.
Tasmania
Is there a first home buyers grant?
Yes, the $30,000 First Homeowner Grant is available for first home buyers who are buying a new home, buying a new home off the plan or building a new home.
Are property transfer duty concessions available?
First home buyers purchasing established homes can receive a 50% discount on stamp duty if their property’s value is $500,000 or less.
Northern Territory
Is there a first home buyers grant?
Yes, the $10,000 First Homeowners Grant is available to eligible applicants who purchase or construct a new home. No limit applies to the value of the property you buy or build, and there are no income restrictions.
Are property transfer duty concessions available?
The Territory Homeowner Discount on stamp duty expired on 30 June 2021. If you sign a contract to buy a property after this date, you cannot get a discount.