The eligibility criteria for the First Home Owner Grant (FHOG) and stamp duty concessions vary depending on several factors, including:
1. Your Location: Each state and territory in Australia has its own set of rules and regulations. You'll need to check the specific requirements for your state or territory. Here are some helpful resources:
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National Council of State Housing Authorities (NCSHA): https://nhaa.org.au/
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Your state or territory government housing website: You can find this through a quick online search.
2. Citizenship/Residency: You'll typically need to be an Australian citizen or permanent resident to be eligible.
3. First-Time Buyer Status: This usually means you haven't previously owned a property (or only owned a very small percentage of one).
4. Property Type and Value: There might be restrictions on property types (e.g., new vs. established) and value limits for eligibility.
5. Occupancy Requirements: You might need to intend to live in the property as your principal place of residence for a specific period after purchase.
Here are some general points to remember:
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Income limits: Some states and territories have income limits for eligibility.
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Specific details: Each grant or concession program has its own set of specific requirements. Always consult the official documentation or seek professional advice for accurate information.
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Change in circumstances: Report any changes in your circumstances that might affect your eligibility to the relevant authority.
Here are some specific examples to illustrate the variations:
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New South Wales: Offers a FHOG of up to $10,000 for new and established homes under $800,000. Stamp duty concessions apply for properties under $800,000 or $650,000.
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Victoria: Offers a FHOG of $10,000 for new homes under $750,000. Stamp duty exemptions or concessions apply for properties under $600,000 or $750,000.
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Queensland: Offers a FHOG of $15,000 for new homes under $650,000. Stamp duty concessions apply for properties under $549,999.
Conveniently, you can find links to the requirements of each state here.
Remember, this information is for general guidance only and doesn't constitute professional financial advice. Always consult with a qualified financial advisor or mortgage broker to assess your individual situation and eligibility for any specific program.