Getting homeownership for your first home is an exciting journey but involves various challenges, from finding the right property to applying for a home loan. If you don’t have sufficient funds to buy your first home, you may be wondering if there are first-home buyers grants or concessions. In this blog, we’ll look at the first home buyers grant in each state.
Who Pays the First Home Owners Grant?
The First Home Owners Grant scheme was introduced on 1 July 2000 to provide financial assistance to first home buyers. First Home Owners Grant (FHOG) is a national scheme funded by states and territories and managed under their own legislation. Under the scheme, a one-off grant is paid to first-home buyers who meet eligibility requirements.
How Much is the First Home Buyers Grant?
You may be eligible for the first home buyers grant if you are buying a home for the first time. The amount of a grant and eligibility criteria may vary from one state to another. For example, Victorian first home buyers grant will be different from first home owners grant QLD.
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First Home Owners Grant QLD
A $15,000 or $30,000 first-home buyers grant is available for eligible first-home buyers who are buying new homes in Queensland.
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First Home Owners Grant NSW
When you buy a new home in New South Wales through a first homeowners grant, you will receive a $10,000 grant.
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First Home Owners Grant Western Australia
Eligible first-home buyers will receive a $10,000 first home owners grant in Western Australia for buying a new home. You can also apply for a first home buyer home loan through mortgage brokers at Star Homeloans.
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First Home Owners Grant Vic
Victoria first home buyers grant gives first-home buyers $10,000 to buy a new home in Victoria. There will be a stamp duty exemption available for eligible first-home buyers for a principal place of residence worth up to $60,000 or a concession with a dutiable value from $60,001 to $75,000.
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First Home Owners Grant South Australia
If you are an eligible first home buyer in South Australia, you may be eligible for a first home owners grant in SA worth $15,000.
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First Home Owners Grant Tasmania
First home buyers will receive $10,000 first home owners grant in Tasmania. You need to meet eligibility criteria to get this grant to use it as a deposit when buying your first home in Tasmania.
What is the first home buyers grant eligibility?
The eligibility requirements may vary from one state to another. However, the following are some common eligibility requirements:
- This grant is only available to first-time homebuyers. Neither you nor your spouse or partner can have previously owned property.
- You are allowed to claim the grant once.
- To qualify, you must be an Australian citizen or permanent resident (requirements may vary by state or territory).
- You must be an individual (not a company or trust).
- You need to live in the house for at least six months once it’s completed.
- Most states and territories have a minimum age requirement, typically 18.
What other government grants are available for first-home buyers?
Here are other government grants available for first-time home buyers:
Home Guarantee Scheme
Home Guarantee Scheme is an Australian government support to help first-time home buyers buy their first home. Under the home guarantee scheme, there are three schemes:
- First home guarantee: With this scheme, eligible first-home buyers can buy a home with only a 5% deposit.
- Regional first home buyer guarantee: The regional first home buyer guarantee scheme allows first-time home buyers to buy a house in a regional area with only a 5% deposit.
- Family home guarantee: Eligible single parents first home buyers can buy a house with only a 2% deposit.
Conclusion
No matter whether you are looking for a first home buyer grant Vic or in another state, you need to meet specific requirements to be eligible for the grant. Grants might not be sufficient to meet your house deposit requirement, so you might need a home loan. For first-home buyer home loans, you can speak to mortgage brokers at Star Homeloans.
Other Useful link:
First Home Buyer Grant Melbourne
