First Home Buyers

The First Home Buyers Grant is an Australian government grant which initially provided up to $21,000 for people purchasing a newly-constructed home for the first time and up to $14,000 for the first-time purchase of an existing home. However, the grant amount has now been reduced to a $7,000 payment to first time buyers in Australia who satisfy specific eligibility requirements. This grant was implemented by the government in an effort to accelerate the declining property market which has suffered as a result of the current global economic crises.

First home stamp duty concessions available in the various states in Australia. Each individual Australian state, New South Wales, Victoria, Queensland, South Australia, Western Australia, the Northern Territory, the Australian Capital Territory and Tasmania, is responsible for levying stamp duty on transactions completed in their jurisdiction. For home or land buyers, each state has a different stamp duty that is levied against the purchase price of the property. As an incentive for first time buyers, each state has concessions or reductions in the stamp duty required for purchases.