The first home Plus scheme gives exemptions or concessions on stamp duty for first homebuyers, including vacant land on which you plan to build your home. Eligible purchasers pay no stamp or transfer duty on properties valued at up to $500,000, and only a concessional amount on homes of $500,000– 600,000. On a $250,000 house, this is a saving of $7,240; on a $500,000 one, the saving is $17,990. The state government recently announced an additional $3,000 to first homebuyers building a new home at a value of up to $750,000.
First homebuyers in Queensland pay no stamp duty on any property valued at up to $504,999. For homes priced between $505,000 and $550,000, a concession of $875 to $7,875 is available, depending on purchase price. On a $250,000 house, the saving is $2,500; on a $500,000 house, the saving is $8,750.
First homebuyers in Tasmania can access the Duty Concession. When purchasing established dwellings, a concession of up to $4,000 is available on stamp duty for properties prices of $350,000 and under. For the purchase of vacant land on which to build your first home, the maximum concession is $2,400, provided the purchase price of the vacant land is $175,000 or less. Stamp/transfer duty on a $250,000 property would normally be $7,550, but this is reduced to $3,550.
The First Home Bonus Grant is an additional payment for first homebuyers who qualify for the FHOG, when the market value of the property does not exceed $450,000. A one-off grant of $4,000 is available for properties valued at up to $400,000, decreasing by $8 for every $100 for properties priced between $400,000 and $450,000.
When a homebuyer is eligible for the FHOG in WA, a concessional rate of transfer duty will apply. The First Home Owner Rate reduces the amount of stamp duty payable to nil for properties valued at up to $500,000, with a rate of $22.51 per $100 or part thereof for any amount over $500,000, up to a maximum of $600,000. On a $250,000 property, this represents a saving of $6,935; on a $500,000 property, the saving is $17,765. For vacant land, the rate is nil up to $300,000, and $13.01 per $100 or part there of between $300,000 and $400,000.
The Home Buyer Concession Scheme provides first homebuyers with a stamp duty concession on all properties valued under $412,000. The minimum duty payable is $20 on any property valued at up to $333,000. A rate of $19.80 per $100 or part thereof is payable for any amount over $333,000, up to a maximum of $412,000. On a $250,000 property, this represents a saving of $7,500. To be eligible for a duty concession, you must satisfy an income test. For more information, go to www.revenue.act.gov.au
First homebuyers who qualify for the FHOG can also receive the First Home Bonus (FHB) if the property value does not exceed $500,000. The FHB gives $3,000 for purchasing an established home, and $5,000 for a brand new home. If you build or buy a new home in regional Victoria, you receive an extra $3,000. Stamp duty concessions and exemptions are also available to first homebuyers who have families with dependent children. However, buyers must chose between this or the FHB. The FHB provides more savings on all properties that cost more than $200,000.
First homebuyers are entitled to an exemption on stamp duty for properties valued at up to $385,000. This gives a saving of $7,857 on a $250,000 home, and a saving of $15,515 on a $385,000 home. For any property purchase valued at more than $385,000, first homebuyers are not entitled to any concession on stamp duty.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now