NewHomeGrant

New Home Grant Update – QLD, NSW, ACT, VIC

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New Home Grant Update – QLD, NSW, ACT, VIC

NSW

First Home Grant – New Home Scheme

This scheme commenced in January 2012 and provides eligible purchasers transfer duty exemptions on new homes valued up to $550,000 and concessions for new homes between $550,000 and $650,000. Which is a great scheme to first get into the market.

For vacant land eligible purchasers pay no duty for land valued up to $350,000 and receive concessions for land valued between $350,000 and $450,000.

First Home Owner Grant (New Home) Scheme

Currently the First Home Owner Grant (New Home) Scheme is valued at $15,000. This will reduce to $10,000 on 1 January 2016.

A new home is a home that has not been previously occupied, not been previously sold as a residence, or has been substantially renovated or built to replace demolished premises.

New Home Grant Scheme

The New Home Grant Scheme was introduced on 1 July 2012 to stimulate construction of new homes in NSW. This scheme provides a grant of $5000 towards the purchase of a new home, off-the-plan homes and vacant land on which a new home will be built.

Each grant has different eligibility rules. Check your eligibility at http://www.osr.nsw.gov.au/grants

QLD

Great Start Grant

This grant helps first home owners to get their new first home sooner. It is a $15,000 grant towards buying or building your new house, unit or townhouse with a value less than $750,000.

A new home is a home that has not been previously occupied, not been previously sold as a residence, or has been substantially renovated or built to replace demolished premises.

Home Concession

When you purchase your own residence (one where you will live) you are entitled to a transfer duty rate concession of $1 for each $100 or part of up to the first $350,000 or value of the home. General rates will apply to any remaining part of the value.

First Home Concession

A first home concession can be claimed on transfer duty for eligible applicants that have never held an interest in residential land in the world, never claimed the first home vacant land concession, are buying a home under $550,000, will live in the home as your principal place of residence and are 18 years of age of above. The concession rate varies depending on the purchase price of the home.

First Home Vacant Land Concession

A first home vacant land concession can be claimed if you buy vacant land under $400,000, are 18 years of age or older, have never held an interest in residential land in the world, the home to be constructed on the land is your first home, only one home is to be constructed, the land was vacant when you bought it, you have not received a first home vacant land transfer duty concession before.

The concession rate varies depending on the purchase price of the land.

Each grant has different eligibility rules, concession rates and obligations. Check your eligibility and obligations at https://www.osr.qld.gov.au/client-group/property-investor/index.shtml

VIC

First Home Owner Grant

For contracts entered into on or after 1 July 2013, First Home Owners will be entitled to a payment of up to $10,000. Prior to this the grant was valued at $7,000.

Duty Reductions for First Home Buyers

Currently for contracts entered into on or after 1 September 2014, the reduction is valued at 50% of value of stamp duty. This has been increasing incrementally over the past 4 years.

When purchasing a new or established home, first home buyers are eligible for a reduction in stamp duty. It is for the purchase of your principal place of residence valued at $600,000 or less and settlement on or after 1 July 2011.

Each grant has different eligibility rules and obligations. Check your eligibility at http://www.sro.vic.gov.au/sro/sronav.nsf/Home+Page/SRO~Home+Page?open

ACT

Home Buyer Concession Scheme

The Home Buyer Concession Scheme is to assist persons in purchasing residential land or a home by charging duty at a concessional rate. Eligibility criteria varies depending on the date the transaction to purchase the property was effected. Currently, up until 30 June 2015, new or substantially renovated property up to the value of $550,000 will receive a concession and similarly, land up to the value of $298,300 will receive a concession.

First Home Owner Grant

The First Home Owner Grant is targeted at the purchasers of new or substantially renovated property from 1 September 2013 valued at $750,000 or less and is worth $12,500.

For eligibility requirements visit http://www.revenue.act.gov.au/home-buyer-assistance

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