Grants for non first timers: Buying new property

It’s not just the first time buyers who are eligible for government grants and assistance for purchasing property.

While prospective home owners that have previously owned a property will find themselves needing to jump through more hurdles, there are some available cash grants on the market.

Property Observer notes that not every state and territory has a grant or benefit for property buyers other than first home buyers and they have been omitted where this is the case.

ACT

In the ACT, there’s no grant but there is a concession available – the Home Buyer Concession Scheme (HBCS) – that allows those purchasing a brand new home or residential vacant land to have their duty charged at a concessional rate. This was once extended to established properties, but this ended in September 2012.

Currently, this applies to properties until 31 December 2014 with a total gross income threshold of $160,000. The property also counts if it has been “substantially renovated”.

The ACT Revenue Office also notes that property worth $540,000 or more is not eligible, with land having an upper threshold limit of $292,800.

NSW

The New South Wales New Home Grant Scheme is a $5,000 grant that has been available since 1 July 2012.

It applies to new homes, off the plan purchases and vacant land that you can build a home on.

The value of the new home must not be higher than $650,000, or for land, $450,000, to achieve the grant. 

NT

Up to $7,000 is available under the Principal Place of Residence Rebate in the Northern Territory. The concession is a stamp duty rebate.

This is only achievable by those purchasing a new home or land to build a home and the property can also have been “substantially renovated”.

SA

In South Australia, buyers aged 60 or more who are purchasing or building a new home may be eligible for an $8,500 Seniors Housing Grant. This has been available since 1 July 2014 and is set to continue until 30 June 2016.

A property value upper threshold limit is currently at $450,000.

For those not in their golden years, an Off the plan Stamp Duty Concession is potentially available for those buying a new or substantially refurbished apartment within select areas.  

The partial concession is available until 30 June 2016. You can read the amounts available on the RevenueSA portal.

VIC

In Victoria, those purchasing off the plan are eligible for a concession that is deducted from the contract price of the cost of construction or refurbishment.

A concession is also available for those buying house and land packages for the construction of a new house, townhouse, apartment or unit and applies to a single lot development or a multi lot development.

Pensioners are also available for a stamp duty concession.