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How first home buyer grant works?

7K views 18 replies 9 participants last post by  JandE 
#1 ·
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
 
#3 ·
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.
 
#4 ·
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.
 
#5 ·
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.
 
#9 ·
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.
 
#10 ·
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.
 
#11 ·
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.
They used to be able to. But i did read at one time discussions to change it. Although this may have been the state based grant decisions.
 
#12 ·
Hi, we were looking for our new home and we researched alot during our time. Thankfully we found a house and are very happy.

Once bit of help which may save people money is the commission on a real estate agent. We found this great tool from Open Agent. visit their website , the tool is under tools/commissions-calculator This has saved us a few dollars. Always better in your pocket hey..

Anyways hope this helps someone.
 
#13 ·
A buyer does NOT pay an agent any commission on buying a house.
It's the seller that pays.

Avoid any agent that charges the buyer a commission.
 
#19 ·
One main condition is:
You or your spouse must not have previously owned property in Australia.
First Home Owner Grant

However some conditions vary depending on the State being applied in.
 
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