The first-home concession carrot

FIRST homebuyers can benefit from a range of assistance programs, depending on which state they are in.

NSW

Eligible first home buyers who buy a property for $800,000 or less won’t pay any stamp duty and those who buy a property worth up to $1 million will pay a reduced rate.

If you buy vacant land to build a house on, there will be no transfer duty if it costs $350,000 or less. For vacant land valued between $350,000 and $450,000, a discounted rate applies.

First home buyers who build a new home or purchase a brand new or substantially renovated property can also receive a $10,000 grant if it’s valued below $600,000, or under $750,000 for a home and land package.

Stamp duty on a $750,000 home: $0

VIC

In Victoria, stamp duty is waived if you’re a first home buyer and buying a house for $600,000 or less. A discount is available for homes under $750,000.

If you buy off the plan, you only pay stamp duty on the land the property is sitting on.  

A $10,000 First Home Owner Grant is also available when you buy or build your first new home for $750,000 or less.

Victorians with a 5% deposit can also enter home ownership via a shared equity scheme with the state government, which can contribute up to 25% of the purchase price in exchange for an equivalent share in the property.

Stamp duty on a $750,000 home: $40,070 

QLD

Eligible first-time home buyers can access a $30,000 grant towards buying or building a new home valued under $750,000.

They will pay no duty on homes valued up to $700,000 and receive a partial concession up to $800,000.

Vacant land up to $350,000 will be duty free, while concessions apply up to $500,000.

Stamp duty on a $750,000 home: $10,925