Conveyancing

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:

Natali Vujica
Licensed Conveyancer and JP
natali@couttslegal.com.au
02 4607 2108