A first home buyer in Australia is typically defined as an individual who is buying their first residential property to live in. As someone looking for a home, you want to make sure that you’re using the right terms. This is because there are grants available for first home buyers in Australia which could help secure extra funds towards their first home.
This could be a house, an apartment, a townhouse, or even a house and land package. There might be slight variations in the definition and the benefits for first home buyers across different states and territories in Australia, mainly because the concessions and grants provided are largely managed at the state level.
Grants and Assistance by State
- Queensland
The Queensland First Home Owners’ Grant offered a grant for buying or building a new house, unit, or townhouse. This grant is $15,000 for eligible first home buyers. - New South Wales
First home buyers could access the First Home Buyer Assistance Scheme if they are buying a new or existing property, making the transfer duty you pay nil or reduced.
Another grant for new homes is called the First Home Owner’s Grant which eligible first home buyers receive a $10,000 grant. This could be a new house, townhouse, apartment, unit or similar type property that is purchased off the plan or substantially renovated.
Another more limited assistance that you may be eligible for is the Shared Equity Home Buyer Helper, which lets first home buyers who are key workers purchase a home with as little as a 2% deposit. These are Early Childhood Educators, Midwives, Nurses, Paramedics, Police Officers, and Teachers. - Victoria
The First Home Owner Grant offers $10,000 to eligible first home buyers that are building or buying a new home in Victoria. Stamp duty concessions or exemptions were also available under certain circumstances. - Australian Capital Territory
The Home Buyer Concession Scheme offers a concession on stamp duty based on their income threshold and eligibility. - South Australia
The First Home Owner Grant provided a one-time payment of up to $15,000 for the purchase or construction of a new home in South Australia. - Western Australia
The First Home Owner Grant provided a $10,000 payment for the purchase or construction of a new or substantially removed home. Concessional rates of transfer duty were also available under certain circumstances.
Someone who is purchasing an existing property may be eligible for the concessional first home owner rate of duty instead. - Tasmania
The First Home Owner Grant offered a grant for eligible transactions which included buying a new home, building a home, or purchasing an off-the-plan home. This is a grant of up to $30,000.
Purchases of an existing residence with a dutiable value of $600,000 or less could get a First Home Owner duty concession of 50%. - Northern Territory
The First Home Owner Grant offered a grant to first home buyers for buying or building a new home. The grant is a total of $10,000.
In all these states and territories, eligibility generally required that the buyer live in the home as their principal place of residence for a certain period. It is worth ensuring you are eligible for the grant in the state you’re looking to purchase, as each state has different grants, assistance, and eligibility requirements.
