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Are you aware of which grants and concessions are available to you as a first home buyer?
With rising property prices coupled with foreign and local investment, it is becoming extremely difficult for Australians to break into the property market.
Being informed about the financial assistance that is available to you is extremely valuable, so take a moment to read this article and find out what you may be eligible to receive.
The various incentives available through state government offer financial assistance to help Australians realise their dreams of property ownership sooner rather than later.
South Australia
First Home Buyer Grant: $15,000
New or Established Properties: New
Max. Value of Property: $575,000
In South Australia, you may be eligible for a first home owners grant (FHOG) up to $15,000. To be eligible for the grant, the property you purchase must be new (a home that has not been previously occupied or sold as a place of residence and includes a substantially renovated home) and have a market value of $575,000 or less.
There is also a partial concession on stamp duty available if you purchase an off-the-plan apartment that meets the required criteria. Whilst this concession was previously limited to certain locations, it is now available for all off-the-plan apartments located anywhere in South Australia (up until 30 June 2018).
Northern Territory
First Home Buyer Grant: $26,000
New or Established Properties: New
Max. Value of Property: No max
In the Northern Territory, first home buyers may be eligible to receive a $26,000 grant when purchasing or building a new home. Since 1 January 2015, there is no eligibility threshold on the value of the home.
For first home buyers purchasing an established home up to the value of $650,000, there is a separate stamp duty discount of up to $23,928.60. Those that are eligible for this first home owner discount are also eligible for the home renovation grant, which provides up to $10,000 to help renovate or improve the established home.
For further information on eligibility requirements for first home buyer grants or concessions, talk to Verve Group Finance on (08) 8120 4877 or email finance@vervegroup.com.au
