Lately the prices of land and new homes in the local area have dramatically increased compared to 12 and even 6 months ago. Because of this there’s been a lot of confusion about First Home Buyer incentives and the thresholds that apply.
There are currently two really great first home buyer incentives available. The first is a stamp duty exemption or discount and the second is a grant.
Stamp duty exemptions and discounts – Vacant Land
First Home Buyers of vacant land are eligible for a full exemption from stamp duty if the value of the land is not more than $350,000.
First Home Buyers of vacant land are eligible for discounts on stamp duty if the value of the land is between $350,000 and $450,000.
Stamp duty exemptions and discounts – Brand new homes
First Home Buyers of new homes are eligible for a full exemption from stamp duty if the value of the home is not more than $550,000.
First Home Buyers of new homes are eligible for discounts on stamp duty if the value of the home is between $550,000 and $650,000.
Unfortunately if the value of the land or new home is above these thresholds, full stamp duty is payable.
Grant
First Home Buyers are eligible for a $15,000 grant if the total value of the property is not more than $750,000. This grant reduces to $10,000 on 1 January 2016.
The above information only sets out the thresholds, it is also important to note that there is criteria you must meet in order to be eligible and so if you think this might apply to you and want some more information contact our office by phone at 1300 268 887 or click here to register for a callback.
*This information is current as at January 2015
