How first home buyer grant works?

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How first home buyer grant works?


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Old 07-08-2015, 09:14 PM
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How first home buyer grant works?

Hi

Can any one help to understand how first home buyer grant works?
Is that has to be on brand new house ?
If I buy couple of year old property ( as a first home buyer ever) am I eligible for FGBG?

How the stamp Duty calculated on house ?

Thanks for help


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Old 07-10-2015, 08:56 AM
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It is only for first homes that are newly built not preloved homes.

Best to google stamp duty costs because it varies from state to state.

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Old 07-18-2015, 06:56 AM
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Examples of the differences on Stamp Duty on Residential property for each state in 2015

Stamp Duty rates on Residential Homes valued at: $400,000
$11,650 ACT
$13,490 NSW
$16,515 NT
$ 5,250 QLD
$16,330 SA
$13,998 Tas
$16,370 Vic
$13,005 WA

Stamp Duty rates on Residential Homes valued at: $800,000
$31,550 ACT
$31,490 NSW
$39,600 NT
$21,850 QLD
$37,830 SA
$31,185 Tas
$43,070 Vic
$32,316 WA

First Home owners do get various exemptions and discounts, while investment property purchases often pay the higher rate.

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Old 07-22-2015, 10:47 AM
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Yes, you are eligible for first home owner grant... So as to calculate stamp duty on your purchase you can use stamp duty calculator offered by various websites for free. Using which you can easily make an estimate for your state. If you want a link to a stamp duty calculator, then I can provide you with that.


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Old 11-18-2015, 01:12 AM
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Its only for NEW houses...

You’ll get $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000).
You can even buy off the plan or choose to build yourself.
First Home Owners Scheme

There are conditions which must be met or they can ask you to pay it back.

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Old 11-28-2015, 09:22 AM
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How does a point system for buying a house work?


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Old 11-28-2015, 09:36 AM
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Quote:
Originally Posted by aatif.azhar View Post
How does a point system for buying a house work?
Point system ? Never heard of that.

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Old 11-28-2015, 09:42 AM
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I heared from someone that you have to earn points to buy a house in australia like how much earning, how long you been in australia, your bank account etc.
Is that true?


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Old 11-28-2015, 10:41 AM
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Quote:
Originally Posted by aatif.azhar View Post
I heared from someone that you have to earn points to buy a house in australia like how much earning, how long you been in australia, your bank account etc.
Is that true?
If you are borrowing to buy a home, you need to convince the lender that you can afford the repayments.

They will assess you and decide how much they can lend you.
But it's not a points system, it's a check on your financial ability to repay.

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Old 04-28-2016, 04:45 PM
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Quick question on this topic. I can't find a definitive answer anywhere, everything seems vague but perhaps someone with experience doing it can answer.

Can an Aussie citizen that has never owned property in Australia before, but HAS owned a home in another country be eligible for the new home buyers grant in Australia.


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