There are limits on what you can pay for your first home to be eligible for the FHOG in Western Australia. The FHOG WA is worth $10,000 when you buy or build a brand new home. How much is the First Home Owners Grant WA? There are no additional concessions for homes valued above $530,000 and land valued above $400,000. If the value of your home is between $430,000 and $530,000, you’ll be entitled to a reduced rate of stamp duty. If you buy a home costing up to $430,000, no stamp duty is payable at all.
If you pay between $300,000 and $400,000 you will be entitled to a reduced rate of duty. If you buy vacant land to build your first home, you’re exempt from paying stamp duty as long as you don’t pay more than $300,000. These savings cut out altogether if your first home costs $550,000 or more.Ĭlick here for more information on the QLD First home Owner Grant. As a guide, if your first home is worth $530,000, you pay stamp duty of $6,300 a saving of $3,500. That’s a saving of $7,175 which is the maximum stamp duty rebate available to first home buyers in QLD.Īdditionally, savings on stamp duty may still be available if you pay between $500,000 and $550,000 for your first home. Whereas if your first home is valued up to $500,000, you pay zero stamp duty. If you’re buying vacant land to build your first home, you pay zero stamp duty as long as you pay $400,000 or less for your block. Cosmetic work such as painting the walls or sanding floors doesn’t add up to a substantial renovation when it comes to the FHOG in QLD. You may also be eligible if you buy off the plan or an established home that’s been substantially renovated.Īs a guide, substantial renovations include replacing or altering foundations or replacing or altering floors. To be eligible, you need to buy a brand new home or build a home from scratch with the total value (including the land) below $750,000. How much is the First Home Owners Grant QLD?Īs a first home buyer in Queensland you could be entitled to the $15,000 First Home Owner Grant.
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If you plan to build a new home from scratch, you can still be eligible for the FHOG in NSW as long as your land plus the home you build have a combined value of less than $750,000.Ĭlick here for more information on the NSW First Home Owner Grant. A home is substantially renovated when most or all of the original house was removed or replaced, and it’s the first time the place has been sold, and lived in, after the renovations were completed. To be eligible, your first home must have a total value below $600,000, and be either newly constructed or ‘substantially renovated’. The FHOG in NSW is worth $10,000 however conditions apply. This stamp duty exemption will be in place for 12 months to 31 July 2021, in which the stamp duty exemptions will revert back to $650,000 for homes and $350,000 for land.Īdditionally, a concessional rate of duty will apply to homes valued more than $800,000 but less than $1,000,000 and vacant blocks of land valued more than $400,000 and less than $500,000 How much is the First Home Owners Grant NSW?
From 1 August 2020, the NSW government has announced that stamp duty will not be applicable to first home buyers for properties valued up to $800,000 and vacant land valued up to $400,000.
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