First-home buyer stamp duty exemption lifted from July 2024

The First Home Buyers Government Grant in Australia for 2024 is designed to assist first-time home buyers in entering the property market by providing financial support and incentives. Here are the key points summarizing the grant:

[caption id="attachment_3572" align="alignnone" width="1024"] First home buyer Australia[/caption]

First Home Buyers Eligibility Criteria in Australia

To qualify for the First Home Owner Grant (FHOG) in 2024, applicants must meet specific criteria:

• Be an Australian citizen or permanent resident.
• Be a first-time home buyer purchasing a new or substantially renovated home.
• Occupy the home as the principal place of residence for at least six months within the first year of purchase.

Grant Amount

The grant amount varies by state and territory:

• New South Wales: Up to $10,000 for new homes valued at up to $600,000.
• Victoria: Up to $10,000 for new homes in urban areas and $20,000 for regional areas, with value caps at $750,000.
• Queensland: Up to $30,000 for new homes purchased before June 30, 2025.
• Western Australia: Up to $10,000 for new homes or those under construction.
• South Australia: Up to $15,000 for new homes valued at $650,000 or less.
• Tasmania: Up to $30,000 for new homes under certain conditions.

Important Deadlines and Conditions

• Applicants must sign the contract for the home purchase or construction within the specified dates to be eligible for the grant.
• The grant is typically available for homes purchased or built within a set period, often linked to state-specific housing and economic initiatives.

Variations by State

Each state and territory has its own specific rules and additional incentives:

• Western Australia and Queensland offer higher grants for regional areas to promote development outside metropolitan regions.
• Victoria provides additional support in regional areas through higher grant amounts and value caps.

Benefits for First-Time Home Buyers in Australia

The First Home Owner Grant provides significant financial support to reduce the initial costs associated with purchasing a home. This can help cover expenses such as deposits, legal fees, and moving costs. Additionally, the grant often comes with other benefits like stamp duty concessions, which further alleviate the financial burden on first-time buyers.

By understanding these key points and requirements, first-time home buyers in Australia can take advantage of the First Home Owner Grant to make their property investment journey smoother and more affordable.

Stamp Duty Concessions in Australia

Many states offer stamp duty concessions or exemptions to reduce the financial burden on first-time buyers. These concessions vary by state and are often linked to the value of the property and the buyer's residency status. For instance, in Victoria, eligible first home buyers may receive a stamp duty exemption for properties valued up to $600,000 and a concession for properties valued between $600,001 and $750,000.

Benefits and Eligibility

• Financial Support: Grants and schemes provide significant financial assistance, reducing initial costs and making home ownership more attainable.
• Lower Deposits: Initiatives like the First Home Guarantee allow for lower deposits, enabling buyers to enter the market with less upfront capital.
• Reduced Monthly Payments: Programs like the Help to Buy Scheme help lower monthly mortgage repayments by reducing the total amount borrowed.
• Eligibility Criteria: Typically, these incentives are available to Australian citizens or permanent residents who are first-time buyers and meet specific income and property value criteria.

By leveraging these incentives, first-time home buyers in Australia can make their dream of owning a home a reality in 2024.

What is First home buyer Assistance Scheme 2023?

The NSW Government has expanded the First Home Buyer Assistance Scheme (FHBAS). For new and existing home purchases by eligible first home buyers will increase from $650,000 to $800,000, and the concessional rate will increase from $800,000 to $1 million. Current threshold for stamp duty exemptions is being raised from $650,000 to $800,000 Additionally, the residence requirement will change for the following:

• First Home Buyers Assistance scheme
• First Home Owner grant
• Deferral of transfer duty payment for off the plan transactions
• Exemptions for tenants of the Department of Housing and Aboriginal Housing Office

For contracts entered into on or after 1 July 2023, purchasers under the above schemes, grants or exemptions must move into their homes within 12 months of settlement and live in the property for a continuous 12-month period to satisfy the residence requirement.

How to apply for First home buyer assistance?

You’ll need to download and complete the First Home Buyers Assistance Scheme application form and the Purchaser/Transferee Declaration Form (both available at Revenue Gov Official Website). Lodge the application forms and supporting documents with your solicitor or conveyancer.

Are you eligible for the First Home buyer Grant?

• You must be 18 or over at the date of the contract.
• At least one of the first home buyers must be an Australian citizen or permanent resident.
• You must be an individual, not a company or trust.
• You and your spouse/partner must never have owned or co-owned residential property in Australia.
• You and your spouse/partner must never have received a first home buyer grant in Australia.
• You or one of the other first home buyers must move into the new home as your principal place of residence within 12 months after buying the property, and live there for a continuous period of at least 6 months. If you’re a member of the Australian Defense Force when buying your first home and you’re on the NSW electoral roll (as is anyone you’re buying the property with), you won’t have to meet these residential requirements.