A year after the first home buyer incentive reforms were introduced on 1 July 2017, it is a good idea for aspiring first home buyers contemplating entering the property market to refresh themselves with the current first home buyer incentives, which are as follows:
Existing Homes
- Exemption from stamp duty for property valued up to $650,000.00
- Concessions on stamp duty for property valued between $650,000.00 and $800,000.00
- No stamp duty on Lender’s Mortgage Insurance
New Homes
- Exemption from stamp duty for property valued up to $650,000.00
- Concessions on stamp duty for property valued between $650,000.00 and $800,000.00
- $10,000.00 Grant for the purchase of a new home valued up to $600,000.00
- No stamp duty on Lender’s Mortgage Insurance
Off The Plan
- Exemption from stamp duty for property valued up to $650,000.00
- Concessions on stamp duty for property valued between $650,000.00 and $800,000.00
- $10,000.00 Grant for the purchase of a new home valued up to $600,000.00
- A 12 month delay in payment of stamp duty (where applicable), deferring payment of stamp duty from 3 to 15 months from the date of exchange
- No stamp duty on Lender’s Mortgage Insurance
Vacant Land
- Exemption from stamp duty for land valuated up to $350,000.00
- Concessions on stamp duty for land valued between $350,000.00 and $450,000.00
- $10,000.00 Grant for a contract to build a new home or to owner build on the land with a total value up to $750,000.00
- No stamp duty on Lender’s Mortgage Insurance
Please note that eligibility requirements apply to all incentives. If you are a first home buyer, we can assist you in determining which incentives you may be eligible for and guide you through your first property purchase.
For further information Contact Coutts
