First Home Owners Grant

in Australia is changing ...

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DISCLAIMER

This publication is a guide intended to provide factual and general

information. The information contained in this presentation is publicly available

and does not constitute and is not intended to be financial or legal advice.

FHOG in Australia

• First Home Owners Grant

• Introduced on 1 July 2000 to offset the effect of the GST on home ownership.

• National scheme funded by the states and territories and administered under their own legislation.

• Under the scheme, a one-off grant is payable to first home owners that satisfy all the eligibility criteria.

Who is eligible?

• Individuals or couples buying their first home in Australia

• The purchased property must be the principal place of resident for a minimum time frame.

• The purchased property must not be rented out in whole or partly for investment purposes.

• At least one of the applicants must be Permanent Resident or Citizen of Australia.

• Neither you nor your spouse/de facto has previously received the grant.

• You or your spouse/de facto must never have owned and occupied a residential property, either jointly or with any other person in Australia.

• National scheme funded by the states and territories and administered under their own legislation.

Who is eligible?

• Individuals or couples buying their first home in Australia

• The purchased property must be the principal place of resident for a minimum time frame.

• The purchased property must not be rented out in whole or partly for investment purposes.

• At least one of the applicants must be Permanent Resident or Citizen of Australia.

• Neither you nor your spouse/de facto has previously received the grant.

• You or your spouse/de facto must never have owned and occupied a residential property, either jointly or with any other person in Australia.

• National scheme funded by the states and territories and administered under their own legislation.

New South Wales

• Currently $15,000 but from 1 Jan 2016 will reduce to $10,000

• Only available for new homes or building a new home for less than $750,000

• No grant for established homes

• Buyers will need to occupy the property for a 6 month continuous period, within 12 months of completion.

New South Wales

• Stamp duty exemptions available when purchasing new properties valued up to $550,000 and concessions available when purchasing new properties valued up to $750,000.

• Those buying vacant land will pay no duty on vacant land valued up to $350,000 and concessions exists for buildings valued up to $450,000.

• Legislation and eligibility criteria changes frequently.

• www.osr.nsw.gov.au

Victoria

• Currently $10,000 only for new homes or building a new home for less than $750,000

• No grant for established homes

• Buyers will need to occupy the property for 12 months.

• Stamp duty concession increases to %50 for new or established homes less than $600,000

• www.sro.vic.gov.au

Queensland

• Currently $15,000

• Only available for new homes or off the plan

• No grant for established homes

• Buyers will need to occupy the property for 6 months.

• www.osr.qld.gov.au

South Australia

• Currently $15,000

• Only available for new homes or off the plan less than $575,000

• No grant for established homes

• Buyers will need to occupy the property for 6 months.

• Stamp duty concessions apply to specific areas and homes. Please check www.revenuesa.sa.gov.au

Western Australia

• Currently $10,000 for new homes or $3,000 for established homes less than $750,000

• This threshold increases to $1,000,000 if your home is located north of the 26th parallel.

• Buyers will need to occupy the property for 6 months.

• Home Buyers Assistance Account (HBBA) provide $2,000 in help as an extra benefit for WA first timers.

• Stamp duty concessions apply for homes less than $530,000. Please check www.finance.wa.gov.au

Australian Capital Territory

• Currently $12,500 for new homes less than $750,000

• No grant for established homes.

• Buyers will need to occupy the property for 12 months.

• First home owners who fulfil the requirements for the grant may also have the opportunity to defer their stamp duty.

• www.revenue.act.gov.au

Northern Territory

• Currently $12,000 to $26,000 depending on the location.

• From 1 Jan 2015 will only be available for new homes

• No grant will be available for established homes.

• No stamp duty concessions available.

• www.treasury.nt.gov.au

Tasmania

• Currently up to $30,000 for both new and established properties.

• From 1 Jan 2015 till 30 June 2015 will drop to $20,000.

• From 1 July 2015 onwards will drop to $10,000.

• Buyer must live in the property for 12 months.

• www.sro.tas.gov.au

How We Can Help

First Home Buyers Package

• 10 Hours consultation• Purchase process• Market valuation

• Property certificates• Initial contract review

• Home loans• FHOG application

www.ParsFinance.com.auTel: 1300 720 575