Government property grants by the numbers: State by state
Thinking of buying or building a new house or even investing? Varying state government grants are always available, but there were several changes following the release of state budgets. From today, Queenslanders will be able to access an extra $10,000 for newly build houses. We have taken a snapshot of what’s currently on offer across all states and territories:
New home buyers will benefit from a short term $10,000 Queensland building boost grant, which is available for newly built homes purchased before the start of 2012. The grant is available to individuals, corporations or trustees (including superannuation funds) buying or building a new home in Queensland for a value less than $600,000 (house and land) and can be applied for multiple times provided the conditions are met. The grant is available up until January 31, 2012. The $7,000 first-home owner grant remains in place.
The first home bonus is available for first home buyers who purchase a house up to a value of $600,000 in Victoria. A further $6,500 is available for those buying in a designated regional Victorian location. Both grants are available up until June 30, 2012 and are in addition to the existing $7,000 first home owner grant scheme, which remains in place across the state.
Click here for a list of eligible regional municipalities.
The amount you might be able to snap as part of the Northern Territory government’s “BuildBonus” incentive. The grant is available to home buyers and investors, including companies and trustees, that sign a contract to purchase or build a new home (including signing a contract for a house and land package), or unit (including off the plan) or commence construction of a new home as an owner-builder. The grant is available up until December 31, 2011. The value of a new unit or new home or the total construction cost of a new home (including the value of the land on which it is built) is capped at $530,000. The BuildBonus is available to first-home buyers in addition to the first home owner grant. (This means that eligible first home buyers are eligible for assistance of up to $17,000.)
This money is up for grabs as part of a Regional Relocation Home Buyers Grant in NSW, which will operate for four years June 30, 2015. The scheme provides a one-off payment to assist with the cost of relocating from a metropolitan home to a regional home. The metropolitan area means the local government areas of the Sydney metropolitan area, Blue Mountains, Hawkesbury, Gosford, Wyong, Wollondilly, Wollongong and Newcastle. All applicants must have owned and occupied the metropolitan home as their principal place of residence within 12 months before the contract exchange date of the regional home purchase. It is available for purchases up to $600 000. All applicants must sell the metropolitan home either before or within 12 months after the completion date of the regional home purchase. A further $7,000 is also available via the first-home owner grant.
First Home buyers who qualify for the $7,000 first-home owner grant in South Australia may also be eligible for a first home bonus grant of up to $8,000 if they enter into a contract to purchase or build a new home, or commence construction as owner builders before July 1, 2012. As part of the 2011 state budget the $8,000 first home bonus grant will be phased out by July 1, 2013. It will be reduced to $4,000 from July 1, 2012 and then to be fully abolished from July 1, 2013. The first home owner grant is not being phased out.
The Home Buyers Assistance Account in Western Australia provides a grant of up to $2,000 for the incidental expenses of first-home buyers when they purchase an established or partially built home through a licensed real estate agent for the purchase price of $400,000 or less. This is in addition to the first home owner grant, which is still available in the WA.
The first home owner grant is still available in Tasmania.
The first home owner grant is still available in ACT.