First Home Buyer Benefits in 2010


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Currently, the Federal Government will provide all first home buyers with a grant of $7,000 for both new and existing homes. This grant is due to expire on 30 June 2010.

From 1 January 2010, The First Home Owners Boost of $3,000 no longer applies.

While the First Home Owners Boost has ended, there are additional state and territory supplements available for first home buyers to provide funding support to buy their first home.

State and territory concessions for first home buyers in 2010



The following concessions apply in addition to the standard $7,000 first home buyers grant. Supplementary schemes vary from state to state - you should confirm eligibility criteria and conditions with the Office of State Revenue in your state or territory.

TAS

  • First home buyers duty concession: $4,000 for established dwellings up to $350,000 and up to $2,400 for vacant land (max land value $175,000).
  • For more information visit theTAS State Revenue Office website

NSW

  • First Home Buyers Supplement: $3,000 for newly built homes
  • First home plus: Exemption on transfer duty (homes up to $500,000); concessions on stamp duty for homes valued between $500,000 and $600,000
  • Visit http://www.osr.nsw.gov.au/benefits/first_home/ for more information

VIC

  • First home bonus scheme: $11,000 bonus for new homes and $2,000 for established homes
  • Regional bonus available until 30 June, 2010: Additional $4,500 for newly constructed homes in regional Victoria
  • Stamp duty concession: falls from 6% to 5% for homes worth less than $440,000. For homes between $440,000 and $550,000 the concession is a flat $3,100.
  • Visit http://www.sro.vic.gov.au/sro/SROnav.nsf/alltitle/First%20Home%20Owners?open for more information

QLD

  • Transfer duty concession: The concession is weighted in favour of properties with lower values. A duty rate of 1 per cent applies for homes up to $350,000
  • Details at osr.qld.gov.au
SA

  • First home bonus: $4,000 on homes up to $400,000.
  • The value of the grant is reduced by 48 cents for every $100 of value in excess of $400,000; the grant is reduced to zero when the value of the dwelling reaches $450,000.
  • Visit http://www.revenuesa.sa.gov.au/ for more information

WA

NT

ACT

  • Transfer duty concession on homes up to $422,000 and vacant land up to $233,300.
  • For eligibility criteria and more information, visit revenue.act.gov.au


* Source: Sydney Morning Herald Online, January 27, 2010.

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