First home owner grants have been extended for another 12 months, which is good news for those itching to get off the property market sidelines. Here’s a playbook to help you with your house hunting. 

We know that saving up for a deposit can be tough, but a first home owner grant (FHOG) can make it a whole lot easier.

Below we’ve compiled a list of what the FHOG will be in each state and territory heading into the new financial year.

Queensland

It’s just been announced that the FHOG has been extended for another 12 months in Queensland, however it will drop from $20,000 to $15,000 as of July 1.

More information can be found here. But the main points are that you must be buying or building a brand new home, and the value of the home including the land must be less than $750,000.

Tasmania

Currently a property hotspot, the Tasmanian government also recently announced the extension of the $20,000 FHOG for the purchase or building of a new home up to 30 June 2019.

Stamp duty relief of up to $7,000 has also just become available for first home buyers of existing homes under $400,000 until 6 February 2019.

NSW

For first home buyers, the NSW government’s continuing package includes a $10,000 grant for builders of new homes up to $750,000, and purchasers of new homes up to $600,000. It also includes a waiver of stamp duty on homes up to $650,000, and stamp duty relief for homes up to $800,000.

This means a first home buyer can save up to $34,361 on a new $600,000 home, or $24,361 on an existing dwelling. More details can be found here.

Victoria

If you are buying or building a new home valued at up to $750,000, you may be eligible for a $20,000 FHOG in regional Victoria. If the home is not in regional Victoria, the grant is $10,000.

Western Australia

First home owners buying or building a new home may apply for a grant of up to $10,000.

South Australia

A $15,000 FHOG applies to the purchase or construction of any new residential property, anywhere in South Australia.

ACT

A FHOG of $7,000 is available up until 30 June 2019.

Northern Territory

A FHOG of up to $26,000 is available for first home buyers who buy or build a new home. A first home owners stamp duty discount is also available for established properties.

Need a hand?

We know that buying a home for the first time can seem daunting, but it’s something we step our clients through every day.

If you’d like to be guided through the experience, give us a call.

We’ll not only streamline the whole process, but we can help line up some great finance for you.

Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.

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