Government grants and concessions

Written on the 13 July 2015 by Astra Financial

Queensland

First Home Owners Grant (updated 25th Jan 2018)

$15,000 available ($20,000 for contracts executed between 1st July 2016 and 30th June 2018) where all parties to the purchase have never owned and occupied property in Australia. Unlike the old first home grant, the First Home Owners' Grant is only payable where the property is to be constructed, is complete but has never been occupied, or has been 'substantially' renovated. It's not available for buying an established home

For more information : https://firsthomeowners.initiatives.qld.gov.au/

Transfer (formerly Stamp) Duty Concession (updated 25th Jan 2018)

First home concession - available to any party to the purchase who has not owned property anywhere in the world before. In the case where one party is entitled to the concession and the other is not, the concession is applied only to the share of the property owned by the eligible person. In practice, no transfer duty is payable by an eligible person where the property purchase price is under $505,000 and a reduced amount from $505,000 to under $550,000. Applies to new and established properties.

Home concession - available to any party to the purchase who has owned property previously and is going to live in the purchased property. They must occupy the property within 12 months of purchase and must live in the property for a period of 12 months from occupation. Typically, there is a saving of approximately $7,000 compared to the standard rate of transfer duty. Applies to new and established properties.

First home vacant land concession - similar to first home concession but covers vacant land. No duty is payable for purchases under $250,000 and a reduced duty for purchases under $400,000.

For more information : https://www.qld.gov.au/housing/buying-owning-home/concessions-on-transfer-duty

 

New South Wales

First Home Owners Grant (New Home) Scheme (updated 25th Jan 2018)

$10,000 available for contracts executed after 1st January 2016 where all parties to the purchase have never owned and occupied property in Australia. The First Home Owners' Grant is only payable where the property is to be constructed or is complete but has never been occupied. It's not available for buying an established home

For more information : http://www.revenue.nsw.gov.au/grants/fhog

Transfer Duty Concession (updated 25th Jan 2018)

First home buyers assistance (FHBA) - available to any party to the purchase who has not owned property anywhere in the world before. In the case where one party is entitled to the concession and the other is not, the concession is applied only to the share of the property owned by the eligible person. In practice, no transfer duty is payable by an eligible person where the property purchase price is under $650,000 and a reduced amount from $650,000 to under $800,000. Applies to new and established properties. For individuals who meet the above requirements but are buying vacant land, there is no transfer duty payable where the purchase price is up to $350,000 and a reduced amount payable for purchase prices between $350,000 and $450,000.

For more information : http://www.revenue.nsw.gov.au/grants/fhba

 

 

 

 

 


Author: Astra Financial
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