The Australian housing market has seen major ups and downs in the past couple of years, but things are steadying once again – making it the ideal time for new buyers to enter the market.
The good news is that soon-to-be homeowners can take advantage of some fantastic government grants, helping boost their spending power as the finally step onto the property ladder. Here’s all the info you need on home buyer grants for Eastern Seaboard states.
New South Wales
NSW residents who are looking to buy their first home may be eligible for government assistance depending on whether you are purchasing an established property or a new home:
- First Home Owner Grant (New Home): If you are buying or building a brand-new home that no one has lived in before, and it’s worth no more than $750,000, then you could be eligible for $10,000 towards the property’s price in addition to the First Home Buyers Assistance Scheme.
- First Home Buyers Assistance Scheme: So long as the property is valued under $800,000 and it’s your first home in Australia, you could receive full or partial exemption on transfer duty.
Where Should You Buy in NSW?
New buyers looking for a custom-designed apartment in the heart of Sydney’s buzzing Surry Hills should explore The Rathbone, while those interested in a more laid-back lifestyle in the Hunter Region can find the house of their dreams at the new master-planned community Waterford.
Check out our full list of residential development in New South Wales.
Care of Victoria’s State Revenue Office, homebuyers can explore the First Home Owner Grant (FHOG).
Eligible buyers seeking homes up to $750,000 in value may receive $20,000 towards the purchase price for properties in regional Victoria, and up to $10,000 in non-regional areas.
There are additional exemptions and concessions, such as an off-the-plan concession for land and building packages, as well as refurbished lots, so make sure you read up on your eligibility prior to making an offer.
Where Should You Buy in Victoria?
Savana is a niche community with land for sale in the fast-growing Wyndham Vale region – meaning you’ll be close to public transport and amenities while still enjoying plenty of green space. Or, head northwest from Melbourne’s CBD and you’ll find fantastic house and land packages at Bloomdale, a new community in Diggers Rest that’s surrounded by heritage and beauty.
Check out our full list of residential development in Victoria.
The Queensland First Home Owners’ Grant is offering $15,000 and $20,000 towards buying or building your new house depending on the date of the contract (and so long as its value is less than $750,000).
To make things easier for homebuyers, the state government has an easy-to-use eligibility tester where you can enter your details online and find out if you are able to receive the grant.
Where Should You Buy in Queensland?
Situated between stunning coastal beaches and lush green hinterland, in the heart of the Sunshine Coast, Harmony is a tranquil village community offering both land and house and land packages for sale. If you’d prefer to live west of the state capital, Brentwood Forest near Brisbane will let you build your dream home in a perfectly positioned neighbourhood.
Check out our full list of residential development in Queensland.
Other Home Buyer Grants to Take Advantage of
Australians searching for their first property to purchase can also utilise a few other government offerings to become a homeowner:
- First Home Super Saver (FHSS) scheme: For those looking to save as much as possible before buying, you can apply to have a maximum of $15,000 of your voluntary contributions into super (every year) released under the FHSS scheme, up to a total of $30,000. If you’re a couple, you can both take advantage of the scheme for up to $60,000 to put towards your first home.
- First Home Loan Deposit Scheme: Kicking off on 1 January 2020, this scheme was a Coalition election promise that will help Australians get their first home faster. It will offer amounts dependent on your eligibility and the property itself (find out your property price threshold here) and will be available through specific lenders in its early stages.