First Home Owner Grants and Concessions

There have been many changes recently with the different First Home Owners schemes for the various state governments. Below is a cheat sheet of what you can expect to receive from each state government if you are an eligible First Home Owner.

Maximum Benefits AvailableFirst Home Owners GrantOther ConcessionsMore Info
NSW
Until 30 Sep 2012: $29,490$7000 – for property value less than $835,000.The First Home - New Home scheme provides exemptions on transfer duty on new homes valued up to $550,000 and concessions on duty for new homes valued between $550,000 and $650,000.
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive a concession on duty for vacant land valued between $350,000 and $450,000.

www.osr.nsw.gov.au
From 1 Oct 2012: $35,538$15,000 - for new home purchase or build with a total value less than $650,000.
VIC
$32,714$7,000 – not available for properties worth more than $750,000.A stamp duty concession of 20% is available to first home buyers for property purchased for $600,000 or less, saving the buyer up to $6,214. This will increase to 30% on 1 Jan 2013, 40% on 1 Jan 2014 and 50% on 1 Sep 2014.www.sro.vic.gov.au
QLD
$15,750$7,000 – not available for properties worth more than $750,000.First home buyers are also eligible for stamp duty concessions of up to $8,750 on property purchases of less than $550,000. Other concessions are available for vacant land of up to 100%. www.osr.qld.gov.au
TAS
$7,000$7,000None.www.sro.tas.gov.au
WA
$26,765$7,000 – not available for proprties worth more than $750,000 if they're south of the 26th parallel, or $1m if they're north of the 26th parallel.First home buyers can apply for a full stamp duty exemption of up to $17,765 for properties with a dutiable value of up to $500,000, and a partial concession for properties with a value of up to $600,000. The Home Buyers Assistance Account also provides a grant of up to $2,000 for the incidental expenses of first home buyers when they purchase an established or partially built home through a licensed real estate agent costing up to $400,000. It can be used for mortgage registration fees, solicitor and/or settlement agent fees, valuation fees, inspection fees, loan establishment fees, LMI premiums and lender fees associated with lodging the application.www.finance.wa.gov.au
SA
$15,000$7,000 – not available for properties worth more than $575,000.The First Home Bonus Grant of up to $8,000 is available for buyers who enter into a contract to purchase or build a new home before 30 June 2013.www.revenuesa.sa.gov.au
ACT
$19,906$7,000 – not available for properties worth more than $750,000.The Home Buyer Concession allows homebuyers who earn under a certain income cap to pay stamp duty of just $20 on properties with a dutiable value of less than $362,260, saving up to $12,906, and a concessional rate on properties with a value of up to $460,000.www.revenue.act.gov.au
NT
$33,730$7,000 – not available for properties worth more than $750,000.The First Home Owner Concession provides a stamp duty concession of up to $26,730 for people who are buying their first home in Australia (for property values up to $750,000), or land on which to build their first home (for land values up to $385,000).www.revenue.nt.gov.au
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