In a move to improve housing affordability and more specifically assist first home buyers to enter the market and compete with investors, incentives for first home buyers have been reformed.
If you’re a first home buyer, here’s your quick reference guide to what you may be eligible for.
From 1 July 2017
Existing Homes
- Exemption from stamp duty for property valued up to $650,000.
- Concessions on stamp duty for property valued between $650,000 and $800,000.
- No stamp duty on Lender’s Mortgage Insurance.
New Homes
- Exemption from stamp duty for property valued up to $650,000.
- Concessions on stamp duty for property valued between $650,000 and $800,000.
- $10,000 grant for the purchase of a new home valued up to $600,000.
- No stamp duty on Lender’s Mortgage Insurance.
Off The Plan
- Exemption from stamp duty for property valued up to $650,000.
- Concessions on stamp duty for property valued between $650,000 and $800,000.
- $10,000 grant for the purchase of a new home valued up to $600,000.
- 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 valued up to $350,000.
- Concessions on stamp duty for land valued between $350,000 and $450,000.
- $10,000 grant for a contract to build a new home or to owner build on the land with a total value up to $750,000.
- No stamp duty on Lender’s Mortgage Insurance.
Please note that eligibility requirements apply to all incentives. If you are a first home buyer Coutts Lawyers & Conveyancers can assist you in determining which incentives you may be eligible for.
