As of the 30th September 2012 the $7,000 first home owner grant for established properties will end. Properties purchased on or prior to this date are still eligible. This will be replaced by the $15,000 First Home Owner Grant (New Homes) Scheme from 1 October 2012.
The new First Home Owners Grant is available to all first home buyers regardless of income, who purchase or build a new home where the eligible contract date is on or after 1 October 2012. This grant is set to be reduced to $10,000 on all transactions which have a contract date on or after 1 January 2014.
First Home Owners are eligible for the grant if;
Other conditions that need to be met;
Since 1 July 2012 the concessions that apply to stamp duty will continue to apply for;
Full concessions are available if the value of the home is;
Concession is reduced but still available for;
The Stamp Duty Concession essentially means that First Home Buyers may not have to pay Stamp Duty, or pay a reduced amount.
Use our Stamp Duty Calculator to run some numbers to see the cost and benefits should you be considering buying a new home.
It may also be a good time to review the different types of loans that can be used to finance your property. Click here to learn more from our Debt Management & Leverage learning module.