What are government grants and concessions?
Home ownership is an important political and economic issue in Australia. As a result, governments have introduced a number of grants & concessions to make it easier for different groups of people to purchase property.
Some state governments offer special concessions on stamp duty for first home buyers or buyers of residential property. These include special exemptions of stamp duty on properties up to a certain value and reduced stamp duty. Each state has different discounts and eligibility criteria.
Some governments also offer a special grant for specific transactions like if you are buying a new property or building a new home. Grants are usually a fixed amount of money you are entitled to.
In Own my Own Home we’ve calculated the grants and concessions based on the information you have provided about location, intentional use of the property (home or investment), type of property (new or existing) and if you are first home buyer. Some grants might have additional eligibility criteria that we cannot verify. Below we have listed the most relevant eligibility criteria for each grant and concession, we encourage you to read it.
Calculations are based on current regulations, please be aware that these may change in the future. We will keep monitoring and updating the grants and concessions offered, and alert you through the app when there are changes that directly affect your total purchase cost. Our goal is to keep you on track with your property purchase plan.
You can refer to your state government website for the full eligibility requirements, qualifying transactions and changes in grants and concessions.
Home Buyer Concession Scheme
From 1 July 2019, all eligible home buyers in the Australian Capital Territory will pay no or reduced stamp duty. All properties in the Australian Capital Territory are eligible, whether it is vacant residential land, new built property or established homes, anywhere in the Australian Capital Territory and at any price. The concession is not restricted to first home buyers, however all buyers including their partners (if applicable) must not have owned any other property in the last two years.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
Number of dependent children | Gross Income Threshold |
---|---|
0 | $160,000 |
1 | $163,330 |
2 | $166,660 |
3 | $169,990 |
4 | $173,320 |
5 or more | $176,650 |
Concession Cap
From 1 July 2021, the amount of the home buyer concession is capped. The maximum concession amount for financial year 2021-2022 is $35,910.
For more information visit ACT Revenue Office website.
First Home Buyers Assistance Scheme
First home buyers of residential property will get a full exemption for properties valued up to $650,000. The duty will be reduced for amounts between $650,000 and $800,000.
The NSW Government increased the transfer (stamp) duty thresholds for the purchase of NEW homes and vacant land from 1 August 2020 to 31 July 2021. From 1 August 2021, the thresholds reverted to the previous thresholds.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
Threshold | Duty payable |
---|---|
$650,000 | 100% exception |
$800,000 | Property value * 0.21 – $136,510 |
Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000 and will receive concessions on duty for vacant land valued between $350,000 and $450,000.
For more information visit NSW Revenue Office website.
First Home Owner Grant
First home owners can access a $10,000 grant when the purchase price of the new home is no more than $600,000.
If buying land to build a new home, the total price – including the land and home – must be no more than $750,000.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit NSW Revenue Office website.
First Home Owner Grant
First home buyers of new residential property at any value are eligible to a $10,000 grant.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit NT Treasury Office website.
Home Concession
Buyers of residential property are entitled to a stamp duty concession rate.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
Purchase price/value | Duty rate |
---|---|
Not more than $350,000 | $1.00 for each $100 or part of $100 |
More than $350,000 to $540,000 | $3,500 + $3.50 for every $100, or part of $100, over $350,000 |
$540,000 to $1,000,000 | $10,150 + $4.50 for every $100, or part of $100, over $540,000 |
More than $1,000,000 | $30,850 + $5.75 for every $100, or part of $100, over $1,000,000 |
For more information visit QLD Government website.
First Home Concession
First home buyers of residential property are entitled to a further concession on top of the concessional discounted rate when the property is valued between $500,001 and $549,999.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
Purchase price/value | Concession (deduct this amount from the amount calculated using the home concession rate) |
---|---|
Up to $504,999.99 | $8,750 |
$505,000 to $509,999.99 | $7,875 |
$510,000 to $514,999.99 | $7,000 |
$515,000 to $519,999.99 | $6,125 |
$520,000 to $524,999.99 | $5,250 |
$525,000 to $529,999.99 | $4,375 |
$530,000 to $534,999.99 | $3,500 |
$535,000 to $539,999.99 | $2,625 |
$540,000 to $544,999.99 | $1,750 |
$545,000 to $549,999.99 | $875 |
$550,000 or more | Nil |
For more information visit the QLD Government website.
First Home Owner Grant
First home buyers of new residential property valued under $750,000 are eligible for a $15,000 grant.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit QLD Government website.
First Home Owner Grant
First home buyers of new residential property valued under $575,000 are eligible to a $15,000 grant.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit SA Revenue Office website.
Duty Concession for First Home Buyers of Established Homes
First home buyers of existing residential property valued up to $500,000 and purchased before 30 June 2022 are eligible for a 50% discount on stamp duty.
UPDATE: The property value threshold has been increased from $400,000 to $500,000 to receive the 50% discount on stamp duty.
To be eligible for this grant we assumed you satisfy the following eligibility criteria:
For more information visit TAS SRO website.
First Home Owner Grant
First home buyers of new residential property at any value are eligible to a $30,000. After June 30th, 2022 the grant will be reduced to $10,000.
UPDATE: For transactions that commence between 1 April 2021 and 30 June 2022 the grant has been increased to $30,000. For transactions that commence between 1 July 2016 and 31 March 2021 the grant was $20,000.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
Further building eligibility criteria:
For more information visit TAS SRO website.
First Home Buyer Duty Exemption or Concession
Victoria government abolishes stamp duty for first home buyers of both new and existing properties under $600,000. Properties between $600,000 and $750,000 also receive a discount on stamp duty according to the following formula:
Stamp duty = (Property value – $600,000) / $150,000 x Duty rate
If a first home buyer purchases vacant land to build a new home to be their principal place of residence, the home must be built within 12 months for the FHB concessions to apply.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit VIC SRO website.
Land transfer duty concession or exemption for City of Melbourne residential property transactions
There is a temporary land transfer (stamp) duty concession and exemption available for purchases of residential property, with a dutiable value of up to $1 million, located within the City of Melbourne local government area:
The 50% concession applies after all other eligible benefits, such as the first home buyer duty concession, the principal place of residence concession (including any off-the-plan concession), and the pensioner concession have been taken into account.
To be eligible for this concession your purchase satisfies the following eligibility criteria:
If your property is outside the City of Melbourne local government area but within the Capital City Zone, you may be eligible for the Capital City Zone relief.
It is not necessary that you use the new home as your principal place of residence, which means it can be an investment purchase.
We calculate your concession based on the selected criteria:
– you indicated you want to but New property,
– you indicated the property postcode within the City of Melbourne Local Government Area,
– you indicated a value equal or less than $1,000,000
If this is your selection the calculator will show a 50% concession. We do not calculate a 100% exemption as we do not gather information about the property vacancy or construction date, please check the VIC SRO website if you think you are eligible for full exemption.
First Home Owner Grant
First home buyers of new residential property valued under $750,000 are eligible to a $10,000 grant.
The First Home Owner Grant (FHOG) has been increased from $10,000 to $20,000 for new homes built in regional Victoria and valued up to $750,000. This applies for contracts signed from 1 July 2017 to 30 June 2020.
To be eligible for this grant we assumed you satisfy the following eligibility criteria:
For more information visit VIC SRO website.
First Home Owner Rate of Duty
First home buyers of residential property valued up to $430,000 are entitled to a full stamp duty exemption. If property value is between $430,001 and $530,000 the stamp duty is calculated at a discounted rate of 0.1919 .
To be eligible for this grant we assume you satisfy the following eligibility criteria:
A transfer, or an agreement for the transfer, of a home or vacant land upon which a new home has been or will be built may qualify for the FHOR of duty where:
For more information visit WA Finance Office website.
First Home Owner Grant
First home buyers of new residential property valued under $750,000 and located south of 26 parallel are eligible to a $10,000 grant. For properties located north of 26 parallel the property can be valued up to $1,000,000 to be eligible for the $10,000 grant.
To be eligible for this grant we assumed you satisfy the following eligibility criteria:
For more information visit WA Finance website.
The Australian Government supports eligible home buyers to purchase a home sooner.
National Housing Finance and Investment Corporation (NHFIC) administers these three Schemes on behalf of the Australian Government:
Eligibility criteria apply for each Scheme.
First Home Loan Deposit Scheme
The Australian Government introduced the First Home Loan Deposit Scheme (FHLDS) to support eligible first home buyers to purchase a home sooner.
It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.
The Scheme will support up to 10,000 loans each financial year, starting from 1 January 2020.
Eligible borrowers can use the guarantee in conjunction with other government programs like state and territory First Home Owner Grants and stamp duty concessions.
The guarantee is not a cash payment.
We have calculated your eligibility to the First Home Loan Deposit Scheme based on:
– you are First Home Buyer,
– you intend to live in the property,
– your household gross income is below the stipulated caps and
– the price of the property is below the respective Area Price Cap.
If you satisfy this criteria and you intend to borrow more than 80% but less than 95% of the property value you will notice an Adjustment for First Home Loan Deposit Scheme in your Borrowing Costs (accessible from Financing screen). This adjustment is to cancel the cost of any Lenders Mortgage Insurance given that the government becomes your guarantor and therefore you don’t need to pay this insurance.
Key eligibility criteria:
Property eligibility criteria:
For more information visit NHFIC official website.
Area | Price cap |
---|---|
Australian Capital Territory | $500,000 |
New South Wales—capital city and regional centre | $800,000 |
New South Wales—other (including Jervis Bay and Norfolk Island) | $600,000 |
Victoria—capital city and regional centre | $700,000 |
Victoria—other | $500,000 |
Queensland—capital city and regional centre | $600,000 |
Queensland—other | $450,000 |
Northern Territory | $500,000 |
South Australia—capital city | $500,000 |
South Australia—other | $350,000 |
Western Australia—capital city | $500,000 |
Western Australia—other (including Christmas Island and Cocos (Keeling) Islands) | $400,000 |
Tasmania—capital city | $500,000 |
Tasmania—other | $400,000 |
New Home Guarantee
The Australian Government introduced the New Home Guarantee to support eligible first home buyers of NEW or OFF THE PLAN property to purchase a home sooner.
It does this by providing a guarantee that will allow eligible first home buyers on low and middle incomes to purchase a home with a deposit of as little as 5 per cent.
The Scheme supports up to 10,000 loans available from 1 July 2021 to 30 June 2022.
Eligible borrowers can use the guarantee in conjunction with other government programs like state and territory First Home Owner Grants and stamp duty concessions.
The guarantee is not a cash payment.
We have calculated your eligibility to the New Home Guarantee scheme based on:
– you are First Home Buyer,
– you intend to live in the property,
– you will buy NEW property,
– your household gross income is below the stipulated caps and
– the price of the property is below the respective Area Price Cap.
If you satisfy this criteria and you intend to borrow more than 80% but less than 95% of the property value you will notice an Adjustment for New Home Guarantee Scheme in your Borrowing Costs (accessible from Financing screen). This adjustment is to cancel the cost of any Lenders Mortgage Insurance given that the government becomes your guarantor and therefore you don’t need to pay this insurance.
Below you can read some key eligibility criteria:
Property eligibility criteria:
For more information visit NHFIC official website.
Area | Price cap |
---|---|
Australian Capital Territory | $600,000 |
New South Wales—capital city and regional centre | $950,000 |
New South Wales—other (including Jervis Bay and Norfolk Island) | $600,000 |
Victoria—capital city and regional centre | $850,000 |
Victoria—other | $550,000 |
Queensland—capital city and regional centre | $650,000 |
Queensland—other | $500,000 |
Northern Territory | $550,000 |
South Australia—capital city | $550,000 |
South Australia—other | $400,000 |
Western Australia—capital city | $500,000 |
Western Australia—other (including Christmas Island and Cocos (Keeling) Islands) | $400,000 |
Tasmania—capital city | $550,000 |
Tasmania—other | $400,000 |
Family Home Guarantee
The Australian Government introduced the Family Home Guarantee to support eligible single parents with at least one dependent child in purchasing a family home, regardless of whether that single parent is a first home buyer or a previous home owner.
Under this Scheme, part of an eligible home buyer’s home loan from a Participating Lender will be guaranteed by NHFIC. This is aimed at enabling you to purchase your first home sooner with as little as a 2% deposit.
10,000 Family Home Guarantees will be made available over four financial years from 1 July 2021 to 30 June 2025.
Eligible borrowers can use the guarantee in conjunction with other government programs like state and territory First Home Owner Grants and stamp duty concessions.
The guarantee is not a cash payment.
We do not calculate concession for this scheme in Own My Own Home, please read the full eligibility criteria if you think you can apply for it.
Key eligibility criteria:
Property eligibility criteria:
For more information visit NHFIC official website.
Area | Price cap |
---|---|
Australian Capital Territory | $500,000 |
New South Wales—capital city and regional centre | $800,000 |
New South Wales—other (including Jervis Bay and Norfolk Island) | $600,000 |
Victoria—capital city and regional centre | $700,000 |
Victoria—other | $500,000 |
Queensland—capital city and regional centre | $600,000 |
Queensland—other | $450,000 |
Northern Territory | $500,000 |
South Australia—capital city | $500,000 |
South Australia—other | $350,000 |
Western Australia—capital city | $500,000 |
Western Australia—other (including Christmas Island and Cocos (Keeling) Islands) | $400,000 |
Tasmania—capital city | $500,000 |
Tasmania—other | $400,000 |
Owner Occupied Duty Concession – ended 30 June 2021
The ACT Government is offering stamp duty concessions in the ACT for some home buyers planning to live in their new property.
The following concessions will apply to contracts exchanged between 4 June 2020 and 30 June 2021:
Eligibility requirements include:
For more information visit ACT Revenue Office website.
Home Builder Grant – ended 31 December 2020
HomeBuilder provides eligible owner occupiers with a grant of $25,000 to build a new home, substantially renovate an existing home or buy an off the plan home/new home.
A new home is one that has not previously been sold or occupied as a place of residence, (e.g. spec build) and where construction commenced on or after 4 June 2020.
Applications must be received by no later than 31 December 2020.
The value of the new property cannot exceed $750,000. Investment properties are excluded from HomeBuilder.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit NSW Revenue Office website.
Territory Home Owner Discount – ended 30 June 2021
If you are buying an established home, a new home, or land to build a new home in the Northern Territory, you may be eligible to get up to $18,601 off stamp duty.
The home must be your principal place of residence.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit NT Treasury Office website.
BuildBonus – ended 14 April 2021
The government has launched an initiative to promote the construction of new homes. First home buyers of new property, off the plan property or home owner builders are entitled to $20,000 grant. This grant is limited to 600 eligible applications.
To be eligible for this grant we assume you satisfy the following eligibility criteria:
For more information visit NT Treasury Office website.
Home Renovation Grant – ended 31 May 2021
First home buyers of an established property are eligible for a $10,000 grant to renovate or improve the property.
To be eligible for this grant we assumed you satisfy the following eligibility criteria:
For more information visit NT Treasury Office website.
Household Goods Grant Scheme – ended 30 November 2020
First home buyers of new residential property can apply for a $2,000 household goods grant to purchase new goods to be used in the new home.
To be eligible for this grant we assumed you satisfy the following eligibility criteria:
For more information visit NT Treasury Office website.
This page was last updated on 11 October 2021.