Skip to content

First Home Buyer Incentives Recap

First Home Buyer Incentives Recap

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

Contact Us