First Home Buyers

A government grant is available to those people buying their first home and who fit the criteria for this grant. The grant is $7,000.00.

The qualifying criteria are:

> Applicants, their spouse or de facto partner must not have owned a residential property prior to 1 July 2000 either jointly, separately or with any other person

> Applicants must have entered into a contract to purchase a home or build a home on or after 1 July 2000

> The home must be occupied by one of the applicants within 12 months of purchase or of building work being completed

> One of the applicants must be an Australian Citizen or have permanent residency in Australia

> Applicants cannot be a Company or Trust

> Application for the grant must be made within 12 months of purchase or building work being completed

> There is no means test for qualification

Stamp Duty Concessions

Concessions are available for first homebuyers on the stamp duty payable on the contract and mortgage. The eligibility is limited to the value or sale price, whichever is higher, there is no means test. You should check with your conveyancer to confirm your eligibility.

Concessions on the contract

First homebuyers pay no duty on homes up to $500,000.00.

From $500,000.00 to $600,000.00 a discounted rebate applies until the full duty is payable at $600,000.00 and over.

First homebuyers pay no duty on residential vacant land up to $300,000,00.

From $300,000.00 to $450,000.00 a discounted rebate applies.

Concessions on the mortgage

If you are eligible for a full exemption of the duty on the contract you are eligible for a full exemption on the mortgage.

If you are entitled to a discounted rate of duty on the contract then you are entitled to a discounted rate on the mortgage.