How much is the First Home Owner Grant in each state?
If you have never bought a home before and you’re thinking about it soon, you owe it to yourself to learn about the First Home Owner Grant (FHOG) in your state. These vary across Australia. Some states offer reductions or exemptions on stamp duty in addition to the FHOG, so be sure to check every detail for your state. This is essentially “free” money from the government, so why not get it while it lasts?
See below for the full breakdown across all states in Australia, as well as an overview of the eligibility criteria for each. The below is a guide only. We recommend you check directly with your state government to confirm the details before committing to any property purchase.
How do I get started?
After researching the below grants for your state, you will realise that this is 100% genuine. The government will give you a minimum of $10,000* and up to $30,000 to make your first property purchase. But if this is your first property purchase, you may feel overwhelmed. That’s normal as it’s a life changing decision and you should have your risk radar running hot. That said, once you do take the plunge and buy your first property, you will only ever look back and congratulate yourself that you took action when you did. Ask any long term property owner and they will all tell you the same thing;
I wish we got started sooner
Of course, everyone is a genius in hindsight. But only those who have the courage and wisdom to act on this kind of life changing investment advice get to look back fondly on their past investment decisions and pat themselves on the back. If there’s one golden piece of advice any savvy property owner/ investor will give you, it is this;
It’s not timing the market, but time in the market that matters
That simply means; buy as soon as you’re financially able to, and hold it for as long as you can! That’s the formula for long term property wealth.
If you’re unsure where to start, please feel free to contact us. We make nothing out of assisting you with this, unless you choose to buy one of our properties. But you can take what you learn from us and buy a property anywhere. What’s stopping you? Get in touch today.
First Home Owner Grants Per State
The Queensland government has doubled the FHOG to a massive $30,000. The changes will apply to eligible transactions between 20 November 2023 and 30 June 2025. First home owners are expected to be able to apply for the increased grant from the first week of January 2024.
To qualify, you must:
- buy or build a new home in QLD (or a significantly renovated one) worth less than $750,000
- move in within 12 months following the purchase and live there for six continuous months5.
First-home buyers may also be eligible for concessions on transfer duty if they intend to live in the property or build an owner-occupied property on vacant land6.
Read the full eligibility criteria and apply for the QLD First Home Owner Grant.
To be eligible for the grant, first-home buyers who buy or build a new home in NSW could receive $10,000 towards the purchase price, provided:
- the home hasn’t been lived in previously
- the price of the new property doesn’t exceed $600,000 or if purchasing land, the combined land and contract price doesn’t exceed $750,000
- you occupy the property for at least six months, with your move-in date within 12 months of purchase.
Renovated homes may also be eligible for the grant3.
You could also be eligible for the First Home Buyers Assistance Scheme, which provides a partial or full exemption from transfer duty on properties under a certain value4.
Read the full eligibility criteria and apply for the NSW First Home Owner Grant (New Homes) scheme.
If you purchase a new or significantly renovated home in Victoria valued up to $750,000, you could be eligible for a grant of $10,000 towards the purchase9. If you meet all the eligibility criteria and are also purchasing a property under $750,000, you could also receive a duty exemption, concession or reduction as part of the First Home Buyer Duty Exemption, Concession or Reduction10.
Read the full eligibility criteria and apply for the VIC First Home Owner Grant.
Eligible first-home buyers in South Australia could benefit from a $15,000 grant by purchasing a new residential house, flat, unit, townhouse or apartment anywhere across the state valued up to $575,000. Substantially renovated homes may also be eligible7.
Read the full eligibility criteria and apply for the SA First Home Owner Grant.
The First Home Owner Grant in WA is worth $10,000 for the purchase or construction of a new home for properties worth $750,000 or less (south of the 26th parallel) or $1 million (north of the 26th parallel). A ‘new home’ may also include a substantially renovated house11.
If you’re eligible for the WA First Home Owner Grant, you could also be eligible for a reduction on transfer duty provided the value is under certain thresholds, $530,000 for a house and land, and $400,000 for land only12.
Read the full eligibility criteria and apply for the WA First Home Owner Grant.
Instead of a First Home Owner Grant payment, the ACT offers the Home Buyer Concession Scheme. Under this scheme, you may not be required to pay stamp duty on property purchases for new-build and established homes, provided:
- you haven’t owned property in the past two years
- the property is occupied by at least one buyer for a year starting within 12 months of the settlement date
- the total combined income of the purchasers does not exceed the threshold amount2.
Read the full eligibility criteria and apply for the ACT Home Buyer Concession Scheme.
Provided the home you purchase in the Northern Territory is new or substantially renovated, you could be eligible for a $10,000 First Home Owner Grant.
Read the full eligibility criteria and apply for the NT First Home Owner Grant.
In Tasmania, if you’re purchasing a new home, an off-the-plan property, or building a new home as an owner-builder or through a registered builder, you could be eligible for a grant of up to $30,000. Some first home buyers of established homes may also be eligible for a 50% reduction on transfer duty, provided the value of the property does not exceed $500,0008 for purchases made between 16 March 2021 and 30 June 2022 (inclusive). Substantially renovated homes may also be eligible under this scheme.
Read the full eligibility criteria and apply for the TAS First Home Owner Grant.
Sources
1 Australian Bureau of Statistics (November 2018): Housing finance, Australia
2 ACT Revenue Office: Home buyer concessions from 1 July 2019
3 Grants and schemes, First home buyer: Revenue NSW
4 Revenue NSW: First Home Buyer Assistance Scheme
5 Queensland Government: Applying for a first home owner grant
6 Queensland Government: About concessions for homes
7 Revenue SA: First home buyer
8 State Revenue Office Tasmania: Property transfer duties
9 State Revenue Office Victoria: First home owner
10 State Revenue Office Victoria: First home buyer duty exemption, concession or reduction
11 Department of Finance WA: First Home Owner Grant
12 Government of Western Australia, Department of Communities Housing: Stamp duty concessions
DISCLAIMER:* All grant terms and amounts are subject to change without notice. We merely pass on this information from the various state governments in Australia. We accept no liability or responsibility for any inaccuracies. You must rely on your own inquiries with each government scheme.
