ASSISTANCE FOR FIRST HOME BUYERS – November, 2023
- First Home Buyers Assistance Scheme (FHBAS)
The First home buyers receive a full stamp duty exemption for properties $800,000.00 or less and a reduced rate for properties between $800,000.00 to $1 Million.
For vacant land, buyers receive a full exemption for properties $350,000.00 or less and a reduced stamp duty for properties between $350,000.00 to $450,000.00
Eligibility
– Purchasers must be Australian citizens or permanent residents; and
– Must move into the property within the first 12 months after the settlement date for at least 12 months.
– If building a new home, buyers must move into the new home within 12 months of the completion date for at least 12 months.
- First Home Owner (New Home) Grant
First home buyers who are building or buying a newly built home may apply for a $10,000.00 grant to put towards the purchase price.
Only available for new homes or substantially renovated homes that have never been lived in.
Substantially renovated means:-
- The property has been mostly removed or replaced;
- the property must not have been occupied by the seller, builder or tenant during or after the renovations; and
- The property must not have been previously sold since the renovations were completed.
Price caps
Home & Land package $750,000.00
Newly Built Residences $600,000.00
Eligibility
As for FHBAS.
- Home Guarantee Scheme
Australian Government initiative whereby the government loans buyers up to 15% of the value of the home loan
3 Types of Guarantees are available
– First Home Guarantee
– Regional First Home Buyer Guarantee (10,000 places available for 2023 -2024)
– Family Home Guarantee
Available for the purchase of any property, not restricted to only new homes.
Eligibility
Either First Home buyers or buyers that have not owned a property in Australia for 10 years prior to the date they sign their home loan.