First-home buyer’s guide: What grants, incentives and discounts do first-home buyers get?

These incentives are designed to help make it easier to buy a first home.

Most incentives require buyers to live in the property for at least 12 months, and buyers whose partner has previously purchased a home are normally excluded.

There are also maximum price thresholds, and schemes can change from time to time.

NSW first home buyer grants, schemes, incentives and discounts

• No stamp duty on property under $650,000, or vacant land under $350,000.
• Discounted stamp duty on properties between $650,000-$800,000, or vacant land between $350,000-$450,000.
• $10,000 grant for new properties under $600,000 and owner-builder/building contracts worth under $700,000.

Victoria first home buyer grants, schemes, incentives and discounts

• No stamp duty on property under $600,000.
• Discounted stamp duty on property between $600,000-$750,000.
• $10,000 grant for new properties under $750,000.
• $20,000 grant for new regional properties under $750,000.

Queensland first home buyer grants, schemes, incentives and discounts

• No stamp duty on property under $500,000, or vacant land under $250,000.
• Discounted stamp duty on properties under $549,999, or vacant land under $399,999.
• $15,000 grant for new properties under $750,000.

ACT first home buyer grants, schemes, incentives and discounts

• No stamp duty on new-built properties under $470,000, or vacant land under $281,200.
• Discounted rate on new-built properties between $470,001-$607,000, or vacant land between $281,201-$329,500.
• $7500 grant for new properties of any value.

South Australia first home buyer grants, schemes, incentives and discounts

• All first-home buyers pay some stamp duty.
• Off-the-plan stamp duty concession available of up to $21,330 on properties under $500,000.
• Varying amount available to FHBs on new-built or established properties (post-June 2014).
• $15,000 grant for properties under $575,000.

Western Australia first home buyer grants, schemes, incentives and discounts

• No stamp duty on properties under $430,000 or vacant land under $300,000.
• Discounted stamp duty on property between $430,000-$530,000, or vacant land between $300,000-$400,000.
• $10,000 for new and existing properties of any value.

Tasmania first home buyer grants, schemes, incentives and discounts

• Full stamp duty applies.
• $20,000 grant for new properties of any value.

Northern Territory first home buyer grants, schemes, incentives and discounts

• No stamp duty on property under $500,000.
• Discounted stamp duty on properties between $500,000-$650,000.
• Household Goods Grant of up to $2000 available.
• $26,000 grant for new properties of any value, subject to eligibility.

Starting July 1, 2018, the First Home Super Saver Scheme allows first-home buyers to make up to $30,000 in voluntary contributions to their superannuation to save for a home, with a limit of $15,000 per financial year.

Voluntary contributions are taxed at a lower rate compared to income, allowing first-home buyers to save money faster. Applicants are also entitled to access any earnings on their extra contributions.

The scheme applies to all Australian first-home buyers, but there are additional grants and schemes available in each state.

Originally published by Domain