Until June 30, 2002, a $10,000 grant was available to Australian first homebuyers to go towards the
building of a new home or the purchase of a previously unoccupied new
home. This grant has been scaled back from $14,000 which applied until December 31, 2001.
For first home buyers purchasing an established property, the grant is
$7000 and this grant continues indefinitely. [see
more recent article relating to First Home-Buyer's
Grant]
The First Home Owners Grant scheme comes from the Commonwealth government to help compensate for the effect of the GST. The extra grant for buying a newly built home is a temporary measure to boost the housing sector and underpin the wider economy.
First home buyers in New South Wales get a further bonus, with the State government offering a rebate on stamp duty payable on their first property purchase under a scheme called First Home Plus.
First Home Owner Grant - To qualify, you
must
- Be a permanent resident or citizens of Australia.
- Not already own, or have owned a property. If you are married, this includes property held in either your name or your partner's.
- Intend to live in the property.
Buyers of new homes have 26 weeks after entering a contract to begin construction and have 18 months to complete construction.
First Home Plus
The scheme offers first homebuyers in NSW a rebate on the stamp duty applicable to both the purchase of property purchase and the mortgage (Vacant land also qualifies for the rebate but at different rates).
This means:
- No stamp duty is payable on properties valued at $200,000 or less in metropolitan areas (around Sydney, Newcastle and Wollongong) and $175,000 or less in other areas of NSW.
- Discounts on stamp duty for property between $200,000 and $300,000 in metropolitan areas and $175,000 and $250,000 in other areas. The amount of these concessions are based on a sliding scale between the designated sums.
- No stamp duty exemption or discount for property valued at $300,000 or above. However, the First Home Owner Grant still applies.
This article last reviewed and updated: 1 March 2001 [see
more recent article relating to First Home-Buyer's Grant
- July 2005]
[source: news.com.au]
For more information
Please contact your local State or Territory revenue office:
ACT (02) 6207 0029 www.act.gov.au
NSW (02) 9685 2122 www.osr.nsw.gov.au
NT (08) 8999 6683 www.nt.gov.au/ntt
QLD (07) 3227 8733 www.osr.qld.gov.au
SA (08) 8266 3750 www.revenuesa.sa.gov.au
TAS (03) 6233 4976 www.treasury.tas.gov.au
VIC (03) 9628 6777 www.sro.vic.gov.au/sro/srowebsite.nsf
WA (08) 9262 1400 www.srd.wa.gov.au
Also see: The Australian Tax
Office's New Tax System website.
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