Since 1 July 2002, a $7000 grant is available to first homebuyers to go towards the purchase of their property. The First Home Owner Grant comes from the Commonwealth government to help compensate for the effect of the GST.

First home buyers in New South Wales get a further bonus, with the State government offering a rebate on stamp duty payable on their first property purchase under a scheme called First Home Plus.

First Home Owner Grant
To qualify, you must:
• be a permanent resident or citizens of Australia.
• not already own, or have owned a property. If you are married, this includes property held in either your name or your partner's.
• intend to live in the property
 

First Home Plus
The scheme offers first homebuyers in NSW a rebate on the stamp duty applicable to both the purchase of property purchase and the mortgage.

This means:
• no stamp duty is payable on properties valued at $200,000 or less in metropolitan areas (around Sydney, Newcastle and Wollongong) and $175,000 or less in other areas of NSW.

• discounts on stamp duty for property between $200,000 and $300,000 in metropolitan areas and $175,000 and $250,000 in other areas. The amount of these concessions are based on a sliding scale between the designated sums.

• no stamp duty exemption or discount for property valued at $300,000 or above. However, the First Home Owner Grant still applies.

Vacant land also qualifies for the rebate but at different rates.

For more information about the First Home Owner Grant and First Home Plus visit:
The Australian Tax Office's New Tax System web site.

REIG Finance can assist in determining your eligibility for the FHOG, and your application – at no additional cost.

For more information, please contact your local State or Territorial Revenue Office:
ACT
SA
(02) 6207 0029
(08) 8266 3750
   
NSW
TAS
(02) 9685 2122
(03) 6233 4976
   
NT
VIC
(08) 8999 6683
(03) 9628 6777
   
QLD
WA
(07) 3227 8733
(08) 9262 1400