First Home Buyers
First Home Owner Grant (FHOG)
The FHOG scheme was introduced on 1 July 2000 to offset the effect of the GST on home ownership. It is a national scheme funded by the states and territories and administered under their own legislation. Under the scheme, a one-off grant of up to $7000 is payable to first home owners who satisfy all the eligibility criteria. Eligible first home owners can receive the grant regardless of their income and the area in which they are planning to buy or build. The grant is not means tested and no tax is payable on it. Because the grant varies from state to state, please check the following website for your eligibility: http://www.firsthome.gov.au.
Stamp duty concessions
When you buy a home in Australia, the government imposes a stamp duty tax. This tax is added to the purchase price of your home and is assessed on the sale price of the property. Stamp duty and concessions vary from state to state. First home buyers may be eligible for rebates in the form of stamp duty rebates or exemptions. We will assist you to calculate your stamp duty if applicable.
First home saver account
If you:
- are aged between 18 and 65,
- have not previously purchased or built
- a first home in which to live,
- do not have or have not previously had
- a first home saver account, and
- provide your tax file number to the provider
you can open a first home saver account.
This account provides a simple tax effective way for Australians to save for their first home through a combination of Government contributions and lower taxes. The Government will contribute 17% on the first $5,000 (indexed) of individual contributions made each year. This means an individual contributing $5,000 will receive a Government contribution of $850. For further details, log on to: http://homesaver.treasury.gov.au/content/fact_sheet/Account_Holders.asp
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