What is the First Home Owners Grant?

The First Home Owners Grant (FHOG) in Australia is designed to encourage and assist home
ownership across the country, and for eligible borrowers it’s a great start to life as a property owner. 
The grant differs in each state and territory, and in most places it applies to new homes only.


Queensland

Queensland used to take the prize for the grant with the best name, but sadly, the “Great Start Grant”
was renamed as the Queensland First Home Owners’ Grant from 1 July 2016.
This grant offers $20,000 for eligible first home buyers who are buying or building a new home up to
the value of $750,000 – including off-the-plan homes. At present, this is a one-off, 12-month boost to
the grant of $5,000, so the grant only offers $15,000 for homes bought prior to 1 July 2016 or after 1 July 2017.

For more info click here : https://firsthomeowners.initiatives.qld.gov.au/ 

 

New South Wales
From 1 January 2016, the NSW grant is now a $10,000 First Home Owner Grant for new homes purchased
for up to $750,000. You must live in the home you buy for at least 6 months in the first year of owning the
property in order to receive the grant (unless you work in the Australian Defence Force).

You may also be eligible for an exemption from transfer duty if you buy a new home valued up to
$550,000 and vacant land up to $350,000. You can get a concession on the transfer duty for
new homes valued between $550,000 and $650,000 or vacant land valued between $350,000 and $450,000.

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/

 

Northern Territory
In the top end, the Northern Territory First Home Owner Grant offers a whopping $26,000
for first home buyers buying or building a new home or an established home (from 24 May 2016).
No purchase price limit applies to new homes bought after 1 January 2015.

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/

 

Western Australia
In the west, eligible first home buyers can receive a First Home Owner Grant of up to $10,000
for buying or building a new home. Homes must have a purchase price of up to $750,000,
or if the home is located north of the 26th parallel, a purchase price of up to $1 million.

On 27 December 2016, the Government announced a temporary $5,000 boost to the FHOG.
Eligible first home buyers who enter into a contract between 1 January and
31 December 2017 to purchase or construct a new home will receive the boost.

Eligible first home buyers can also apply for the Home Buyers Assistance Account, which is a grant
of up to $2,000 to cover the incidental expenses of purchasing an established or partially built home
through a licensed real estate agent. It is available for properties with a purchase price of up to $400,000.

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/

 

South Australia
On offer in SA is a $15,000 grant for new residential dwellings only, up to the value of $575,000.
You must live in the property for at least 6 months in the first year of owning it to be eligible for the grant.

If you are buying an off-the-plan apartment that meets the required criteria, you may also be eligible for an
Off-the-plan Concession on stamp duty, which is capped at $21,330.

South Australia also has grants of up to $7,000 for established homes, depending on the area and buyer.

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/

 

Victoria
Victoria offers a grant of up to $10,000 for first home buyers buying a new home up to the value of $750,000.

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/

 

ACT
As of 1 January 2017, our national capital offers a $7,000 grant, down from $10,000 in 2016, for first home
buyers of new, substantially renovated, or off-the-plan properties valued at up to $750,000.
You must live in the property for at least 1 year within the first year of owning it.

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/

 

Tasmania
In the Apple Isle, from 1 January 2016 to 1 July 2017, the First Home Owner Grant is
$20,000 for buying a new home, “spec” home, off-the-plan home, or owner/builder home.
After 1 July 2017, the grant will revert to being just a $10,000 payment – so the savvy first home buyer will have to get in quick!

For more information click here: https://firsthomeowners.initiatives.qld.gov.au/