What exactly is available right now to home buyers in the way of grants and other benefits? The current position with grants and benefits can seem confusing because it has changed many times over the past few years.
Currently as at September 2016, the only benefits available to home buyers relate to new homes. If you are purchasing a new home or vacant land that you intend to build a new home on, then there are benefits for first home buyers and there are other benefits for everyone else. (If you are purchasing a home that is not a new home, then there are no grants or benefits available to you right now.)
FIRST HOME BUYERS
There are two benefits available to a first home buyer:
1. (a) Stamp Duty Exemptions and Concessions – First Home – New Home Scheme – For Vacant Land (where the purchaser intends to build and occupy)
i. If the purchase price is not greater than $350,000.00, then no stamp duty is payable,
ii. If the purchase price is greater than $350,000.00 and less than $450,000.00, then concessional duty is payable, which can be calculated by multiplying the purchaser price by 0.1574 and then subtracting $55,090.00.
iii. If the purchase price is $450,000.00 or greater, then no discounts or concessions are available.
1.(b) Stamp Duty Exemptions and Concessions – First Home – New Home Scheme – Homes (where the purchaser intends to occupy the home)
i. If the purchase price is not greater than $550,000.00, then no stamp duty is payable,
ii. If the purchase price is greater than $550,000.00 and less than $650,000.00, then concessional duty is payable, which can be calculated by multiplying the Purchaser price by 0.2474 and then subtracting $136,070.00.
iii. If the purchase price is $650,000.00 or greater, then no discounts or concessions are available.
2. Grants – First Home Owner Grant (New Homes)
If the purchaser (and their spouse) has never received a first home owner grant, nor owned and occupied a property before AND the purchase price is not greater than $750,000.00, then a grant of $10,000.00 is available.
NEW HOME GRANT
A grant of $5,000.00 is available for anyone to purchase a new home, a home off the plan and vacant land. Several conditions apply:
• For new homes, the purchase price cannot exceed $650,000.00 and for vacant land, the purchase price cannot exceed $450,000.00,
• Each purchaser is limited to 1 grant per financial year,
• Where the grant has already been provided on a particular property, no other person can claim the grant on the same property,
• If you receive a First Home Buyers grant, then you cannot also receive a New Home Grant on the same property.
Still confused? All About Conveyancing can help you to navigate the rules and regulations around purchasing property, and ensure that you know what you are eligble for and can receive in terms of grants and benefits. Make sure you talk to us before you decide on a course of action.