First Home Owner Grant & Stamp Duty Concession
First Homer Owner Grant
For contracts entered into on or after 1 July 2013, eligibility for the Grant will be limited to buyers of new homes.
For contracts entered into on or after 1 July 2013 to build or purchase a new home, a payment of up to $10,000 is available for eligible first home buyers. For contracts entered into prior to 1 July 2013, a payment of up to $7000 is payable to eligible first home buyers. This grant is not means-tested nor is it restricted by the price of the property for contracts entered into prior to 1 January 2010.
For contracts entered into on or after 1 January 2010, the grant will only be payable where the price of the property or construction of the home does not exceed $750,000. An exception to this requirement is where the contract relates to a home that is on, or to be built on, primary production land. To be eligible for the First Home Owner Grant you (and your spouse/partner) must NOT have already received a grant OR have owned (or had any ownership) in a property (in any Australian State or Territory) prior to 1st July 2000.
To learn more about eligibility and claiming your grant, please contact us.
Duty Reductions for First Home Buyers
The Victorian Government offers eligible first home buyers a duty reduction when they purchase a new or established home. The duty reduction applies where you buy a principal place of residence valued at not more than $600,000 and where the settlement date is on or after 1 July 2011.
Meeting the eligibility requirements for the First Home Owner Grant (FHOG), will entitle you to the duty reduction, however, you will not be entitled to the FHOG if you buy an established home and the contract date is on or after 1 July 2013.
Eligibility criteria for the duty reduction for both new and established homes includes that you must reside in the property for a continuous period of 12 months commencing within 12 months of settlement.
A 50 per cent duty reduction will be phased in over four years, with a 20 per cent reduction on 1 July 2011, followed by additional 10 per cent reductions on 1 January 2013, 1 July 2013 and 1 September 2014.
First Home Bonus
Please Note: The First Home Bonus ceased to apply for contracts entered into on or after 1 July 2012.
Please Note: The Regional Bonus ceased to apply for contracts entered into on or after 1 July 2012.
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