Calendar of need-to-know deadlines for home buyers wanting government grants

Property Observer has compiled a calendar of deadlines to ensure you don’t miss out on potentially saving thousands on your home or land purchase:

December 31, 2011 – BuildBonus, Northern Territory

This $10,000 grant ends on New Year’s Eve. It is available to home buyers and investors, including companies and trustees, that sign a contract to purchase or build a new home (including for a house-and-land package), or unit (including off the plan) or commence construction of a new home as an owner-builder by this date. 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.

January 1, 2012 – First Home Plus, NSW

It will be either a very happy start to the New Year or a depressing one for some NSW first home buyers depending on whether they have reached agreement yet on buying their first property. New Year’s Day signals the end of the First Home Plus scheme, which kicked off in April 2004. It provides eligible purchasers with stamp duty exemptions on homes valued up to $500,000 and concessions on stamp duty for homes valued between $500,000 and $600,000 as well as exemptions for those buying a vacant block of residential land to build upon valued up to $300,000 and concessions on stamp duty for vacant land valued between $300,000 and $450,000. For a property priced at $500,000 the stamp duty saving amounts to $17,990, and on a $300,000 property the saving is $8,990.

From January 1 it will be replaced by the First Home - New Home Scheme, which provides stamp duty concessions or exemptions only for new homes or vacant land intended to be used as the site for a new home.  No stamp duty is payable on new homes valued up to $500,000 and vacant land up to $300,000 while concessions apply for new homes up to $600,000 and vacant land up to $450,000.

January 31, 2012 – Building Boost Grant (contracts), Queensland

This is the deadline to qualify for the $10,000 Building Boost, which applies to contracts entered into buy or build a new house, townhouse or unit under $600,000. The boost is also available for the purchase of an investment property. The grant kicked in on August 1, 2011 and led to a 16% spike in Queensland building approvals in the first month. For homes and apartments bought off the plan, the building work must be completed by July 31, 2013.” For owner builders, laying of foundations must start before this deadline.

June 30, 2012 – Victoria First Home Bonus

Up until this date, first-home buyers in Victoria who qualify for the federal government’s First Home Owner Grant may also be eligible for an additional payment of $13,000 known as the First Home Bonus. To be eligible to receive the bonus, the value of the property must not exceed $600,000 for contracts entered into between July 1, 2009 and June 30, 2012.

June 30, 2012 – Victoria Regional Bonus

Up until this date, an extra bonus of $6,500 is available when a first-home buyer enters into a contract to purchase or construction of a new home in a regional municipality in Victoria. This is addition to the $13,000 First Home Bonus.  A list of eligible regional muncipilaties is provided here.

July 1, 2012 - First home bonus grant (reduced), South Australia

From this date, South Australia’s first-home bonus grant of up to $8,000 will be halved. The grant applies to contracts to purchase or build a new home.

July 1, 2012 - First home bonus grant, South Australia

From this date, South Australia’s first home bonus grant of up to $8,000 will be abolished.

July 31, 2013 – Building Boost Grant (off the plan), Queensland

For homes and apartments bought off the plan, the building work must be completed by this date to qualify for the $10,000 Queensland Building Boost Grant

June 30, 2015 – NSW Regional Relocation grant

This is the date by which all applicants must have entered into an agreement to purchase a home within a regional area to qualify for the $7,000 Regional Relocation grant. The grant is designed to assist buyers with the cost of relocating from their 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. The grant kicked off in July 2011 and applies to homes valued at not more than $600,000.  All applicants must occupy the regional home as their principal place of residence for at least 12 continuous months within 12 months after purchasing the property.