First Home Owners
First home owners are eligible for the First Home Owner Grant of $7,000 and may also be exempt from stamp duty or a concessional rate may apply.
The Grant
If you are buying your first home, you may be eligible for the First Home Owners Grant of $7,000 regardless of the price of the property.
Stamp Duty Concessions
First home owners who purchase a property of $500,000 or less will have the stamp duty waived. If the purchase price is more than $500,000 and less than $600,000 the stamp duty will be discounted. The higher the purchase price the less the discount until at $600,000 full duty is payable.
Stamp duty is exempt on purchases of vacant land up to a purchase price of $300,000 with concessions on a sliding scale up to $450,000.
Stamp duty on mortgages over owner occupied housing was abolished from 1 September 2007.
Applying for First Home Owners Grant
If you are eligible for the grant, New Skies will liase with your lender to have the $7,000 grant available on the day of Settlement so you can use the grant monies to assist with the purchase of the property. New Skies will also arrange for the transfer form to be stamped at the applicable concessional rate.
