|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.|
- 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
- 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
- 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
- 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
- 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
- No rate of duty on a home with a value of up to $500,000.
- For more information visit: http://www.dtf.wa.gov.au/cms/content.aspx?id=3868
- Zero stamp duty: for properties up to $385,000
- For more information visit http://www.nt.gov.au/ntt/revenue/home_assist/fhoc.shtml
- 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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