First Home Buyer Grant

NSW first-home buyers had until July 31 to save $31,000 on stamp duty fees for new homes in New South Wales, with a temporary extension of stamp duty relief ending.

The measure allowed first-home buyers to avoid paying stamp duty on new homes worth up to $800,000.

From August 1, the property price cap for a stamp duty exemption will drop back from $800,000 to $650,000.

<a href="https://www.urban.com.au/developments/sydney-nsw?source_news_article_id=106698&amp;ref=news_body_link"><img alt="" height="800" src="https://s3-ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/pictures/article-images/sydney-cbd-_template_13.jpg" width="1200" /></a>

The purchase price cut-off for concessions will also drop from $1 million to $800,000.

Further information can be found at: First Home Buyer Assistance Scheme - https://www.revenue.nsw.gov.au/grants-schemes/first-home-buyer/assistance-scheme.

The biggest benefit was only available from the 1 August 2020 to 31 July 2021 during which the NSW Government increased the transfer stamp duty thresholds for the purchase of new homes and vacant land.

And from the 1st of August 2021, the thresholds revert to the previous parameters in place prior to 1 August 2020.

Buying a first home becomes harder from August 1 in NSW

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NSW first home buyer stamp duty incentives slip backwards from August 1

First-home buyers in regional Victoria will cease receiving a $20,000 grant from July 1, 2021, when the First Home Owners Grant will halve to $10,000.

Victorian Treasury officials confirmed the regional grant will go back to matching the $10,000 grant on offer for metropolitan first-home buyers.

Victorians buying or building a new home valued up to $750,000 are eligible for a First Home Owner Grant (FHOG).&nbsp;

It applies to buying an off-the-plan land and or a house and land building package.

The home must not have been previously sold or occupied to be eligible for the FHOG.&nbsp;

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More than one exemption, concession or reduction from stamp duty is available for property purchases in Victoria.

First-home buyer duty exemption or concession &ndash; a one-off duty exemption for a PPR valued up to $600,000, or a concession for a PPR with a dutiable value from $600,001 to $750,000.&nbsp;

This duty exemption/concession is separate and distinct from the First Home Owner Grant.&nbsp;

The grant is a payment made to you, whereas the first home buyer duty exemption/concession is a reduction in the amount of land transfer duty.

It has been a popular grant across the state.

&ldquo;Seventy-seven per cent of all Victorian first-home buyer transactions since March 2020 were properties under $600,000 and therefore no land transfer [stamp] duty was payable,&rdquo; the recent state budget papers said.

First-home buyers in regional Victoria will no longer receive a $20,000 grant after July 1, when the First Home Owners Grant will halve to $10,000

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June 30, 2021 deadline for $20,000 first-home buyers grant in regional Victoria

The country&rsquo;s largest property developer says demand for new dwellings is more widespread than that spurred by government stimulus policies.

Stockland chief executive Mark Steinert told shareholders the company had come through the worst of the coronavirus crisis.&nbsp;

&ldquo;Importantly as the economic and business environment has improved towards pre-COVID levels, industry support measures such as the Commercial Code of Conduct and HomeBuilder concluded at the end of the quarter without emerging evidence of material adverse outcomes,&rdquo; Steinert advised.

&ldquo;We think there&lsquo;s a lot of owner occupied demand and first time buyer demand that ultimately ended up being deferred, and it&rsquo;s that demand that really got stimulated by HomeBuilder, and by the improved availability of credit,&rdquo; the Stockland boss told The Australian.

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Stockland expects to settle 6300 homes this year after low interest rates, government incentives and credit availability drove sales higher over the three months to March.

The country&rsquo;s largest listed developer advised settlements were already up on last year&rsquo;s 5878 tally.

Stockland&rsquo;s strong net March quarter sales result of 1891 lots was up 69 per cent on the same quarter last year.

Steinert noted &quot;the best affordability in all the key markets that we&rsquo;ve seen in a decade.&rdquo;

But he warned that Sydney and southeast Queensland were the most supply constrained markets, with the NSW capital having only about five years worth of serviced land.

Stockland says demand for new dwellings is more widespread than that triggered by government stimulus policies

Stockland sees new home buyer motivation beyond government stimulus 

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Grants for first home buyers keen to buy off-the-plan in South Australia could total around $40,000 of incentives.
According to South Australia Treasurer Tom Koutsantonis a number of property developments had not sold enough apartments off-the-plan to begin construction and a $10,000 pre-construction grant will be given to buyers of off-the-plan apartments who sign a contract before September 30, 2017.
On top of the grant, off-the-plan buyers incentives include stamp duty concessions of up to $15,500, and a first-home owner grant of $15,000 for buyers of new residential property.
Previously home owners will be eligible to receive the stamp duty concession and new grants of up to $25,000.
State Treasurer Tom Koutsantonis said the $10,000 pre-construction grant, combined with the Adelaide City Council’s scheme to give owner-occupiers a “five-year holiday from council rates” was a great incentive to buy off-the-plan.
“It’s our responsibility as a state to make sure people can buy an apartment where they grew up,” he said.
View our guide to first home buyer grants <a href="https://www.urban.com.au/expert-insights/buying/71092-what-are-the-government-grants-for-first-home-buyers-in-your-state-or-territory" target="_blank">here</a>.
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First Home Buyer Grant

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