Other First Home Buyer Assistance
HomeBuilder forms part of the Federal Government’s Economic stimulus package resulting from Coronavirus (COVID-19) and is available for a limited time to eligible people looking to substantially renovate or build a home until 31 December 2020.
HomeBuilder allows those eligible to build a new home as a principal place of residence, where the property value does not exceed $750,000 or substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000.
To access HomeBuilder, owner-occupiers must meet the following eligibility criteria:
- You are a natural person (not a company or trust)
- You are aged 18 years or older
- You are an Australian citizen
- You meet one of the following two income caps:
- $125,000 per annum for an individual applicant base on your 2018-19 tax return or later
- $200,000 per annum for a couple based on both 2018-19 tax returns or later;
- You enter into a building contract between 4 June 2020 and 31 December 2020 to either:
- Build a new home as a principal place of residence, where the property value does not exceed $750,000
- Substantially renovate your existing home as a principal place of residence, where the renovation contract is between $150,000 and $750,000, and where the value of your existing property does not exceed $1.5 million
- Construction must commence within three months of the contract date
Click here to access the HomeBuilder fact sheet.
Frequently asked questions on HomeBuilder can also be seen here
First Home Owners Grant
The First Home Owner Grant (FHOG) scheme was introduced in July 2000 to offset the cost of GST when you buy your first home. The national scheme varies from state-to-state as it's funded by the states and territories and administered under their own legislation.
Under the scheme, first home buyers will be given a one-off grant once all eligibility criteria is met.
If your contract is dated 1 July 2018 or later, you may be eligible for the Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). The grant is paid per new home; not to each of the applicants for the same home (The grant amount has varied since it was first introduced in 2000. Contracts dated earlier than 1 July 2018 may still be eligible for a grant).
You can buy off the plan or choose to build yourself.
To be eligible for the grant:
- You must be at least 18 years of age
- You must be an Australian citizen or permanent resident (or applying with someone who is)
- You or your spouse must not have previously owned property in Australia that you lived in
- You must be buying or building a brand new home
- The value of the home including the land is less than $750,000
- You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months
View further information on the Queensland's First Home Owner Grant.
Stamp Duty Concessions
Stamp Duty is a tax applied to property transactions (including home and land packages, land or investment property) that is charged differently by each state and territory. To find out the stamp duty for the state you are interested in buying in, see here.
Depending on your state or territory you may be eligible for a concession on stamp duty if you are a first home buyer.
The First Home Super Saver Scheme
The First Home Super Saver (FHSS) scheme allows you to save for a home loan deposit on your first home using your super fund. This scheme allows first home buyers to save faster with the concessional tax treatment of superannuation.
First home buyers can then withdraw on the voluntary funds saved within the scheme and put it towards their first home. More information can be found via the ATO's website.