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Sunday, August 1, 2021

Property Conveyancing & You: First Home Buyers

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Paul McKenzie
CEO of ABS Conveyancing & Valuations
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Housing affordability for young people, has been at the forefront of the third big population Australian states, New South Wales, Victoria and Queensland, which are pricey for young people to acquire. The big three Australian states in recent years, have helped young people to acquire their first home, with benefits, such as stamp duty relief, and grants.

In summary, the first home benefits among these three states as follows (at as 13th August 2019, subject to legislative changes in the future) –

First Home Buyer Benefits
StateStamp Duty BenefitsFirst Home Grant Benefit (FOG)
New South Wales
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https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer

Full exemption up to $650,000.00, then partial exemption up to $800,000.00.

Residential vacant land for first home buyer, full exemption up to $350,000.00, then partial exemption up to $450,000.00.
There is a $10,000.00 grant, for a first home, new home, for sale price up to $600,000.00, or up to $750,000.00 for a land/home package. Must be new.
Victoria
https://www.sro.vic.gov.au/first-home-owner
Full exemption up to $600,000.00, then partial exemption up to $750,000.00. $10,000.00 for first home new home up to $750,000.00 in Melbourne Metro area, or 

$20,000.00 for first home new home up to $750,000.00 in regional Victoria area. Must be less than five years old.

Queensland
https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant
Full exemption up to $500,000.00, then partial exemption up to $550,000.00.$15,000 or $20,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).

Must be new.
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On the criteria, these states have the five common areas –

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Among the states, with commonality, there is a about five common criteria –

  1. Must be Australian Citizens, or Permanent Tax-Paying Residents in Australia, for at least 200 days.
  2. When applying for such benefits, you cannot own any property, anywhere in Australia, not just for your own home state.
  3. After settlement, you must live in it, for the first 6 to 12 months, as a first home buyer occupier, and not have it rented out, as a investment property.
  4. Stamp duty exemptions/concessions must be applied for, at the time of when stamp duty is due and payable.
  5. First Home Grants must be applied for, within 12 months from completion / settlement.

Other states are not so generous or active on first home buyer benefits, as housing affordability outside the big three states is not a political and economic issue.

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