First home buyersâ€™ grants from state-to-state
A First Home Owners Grant can provide a great boost for those buying their first home or investment property. Grant amounts vary from state to state and with the recent release of state budgets there have been some changes. Here is the run-down of the First Home Owners Grants available from state to state. Contact the authorities in your state for confirmation and the fine details.
Queensland - $10,000 + $7,000
While the $7,000 First Home Owner Grant remains in place in Queensland, from August 1, buyers of newly built homes purchased before the start of 2012 will also be able to access a short term $10,000 building boost grant.
Victoria - $13,000 + $6,500 + $7,000
In addition to the existing $7,000 First Home Owner Grant, some first home buyers may also be eligible for an additional payment known as the First Home Bonus of up to $13,000. There is also a further $6,500 bonus for those buying in a designated regional Victorian location. The two additional grants are available up until June 30, 2012.
Northern Territory - $10,000 + $7,000
In addition to $7,000 grant, NT government offers a ‘BuildBonus' incentive for home buyers and investors that sign a contract to purchase or build a new home or unit or commence construction of a new home as an owner-builder. The grant is available up until December 31, 2011.
New South Wales - $7,000 + $7,000
The Regional Relocation Home Buyers Grant in NSW will operate for four years June 30, 2015 and provides a one-off payment to help with the cost of relocating from a metropolitan home to a regional home up to a value of up to $600,000.
South Australia - $8,000 + $7,000
First home buyers who qualify for the $7,000 First Home Owner Grant in South Australia may also be eligible for a first home bonus grant of up to $8,000 before July 1, 2012.
Western Australia - $2,000 + $7,000
As well as the $7,000 First Home Owner Grant, the Home Buyers Assistance Account in Western Australia provides a grant of up to $2,000 for incidental expenses first-home buyers expenses for established or partially built homes bought through a licensed real estate agent for $400,000 or less.
Tasmania - $7,000
The $7,000 First Home Owner Grant is available in Tasmania.
ACT - $7,000
The $7,000 First Home Owner Grant is available in the ACT.