All good things – including some government property grants and stamp duty concession schemes – must come to an end.
Currently the first of these to expire will be the Queensland building boost grant, which has already been extended once and is due to end in less than three weeks with no word from the Queensland government about a possible second extension.
Here’s a list of what’s due to expire over the coming months and years. Click on the links for more information on the grants and schemes.
$10,000 - Queensland
The Queensland building boost grant is set to expire on April 30, and there is no word yet from the recently sworn in Newman government about possibly extending it for a second time. The grant is available for those buying or building a new house and is also available to upgraders and investors. The April 30 deadline applies to when a contract must be signed. Completed applications must be submitted by September 1.
$13,000 - Victoria
First-home buyers who qualify for the $7,000 first-home owners’ grant may also be eligible for an additional $13,000 payment known as the first home bonus. For contracts entered into between July 1, 2009 and June 30, 2012, the value of the property must not exceed $600,000. A greater stamp duty concession for first-home buyers comes into force on January 1, 2013.
$6,500 - Victoria
On top of the first-home-owners grant, there is $6,500 is available for those buying in a designated regional Victorian location. Click here for more on the scheme and click here for a list of eligible regional Victorian municipalities.
Australian Capital Territory
Stamp duty concessional rate available for the purchasing a residential home or residential vacant land. More information on the scheme can be found here.
$10,000 - Northern Territory
Eligible home buyers and investors can receive an additional $10,000 as part of the Northern Territory government’s “BuildBonus” incentive. The grant is available to home buyers and investors, including companies and trustees, that sign a contract to purchase or build a new home (including signing a contract for a house-and-land package), or unit (including off the plan) or commence construction of a new home as an owner-builder by June 30, 2012 up to a value of $600,000. The BuildBonus is available to first-home buyers in addition to the first-home owners' grant.
$8,000 – South Australia
First-home buyers who qualify for the $7,000 first-home owner grant in South Australia may also be eligible for a first-home bonus grant of up to $8,000 if they enter into a contract to purchase or build a new home, or commence construction as owner builders before July 1, 2012. The $8,000 first-home bonus grant will be reduced to $4,000 from July 1, 2012 and then to be fully abolished from July 1, 2013. The first-home owner grant is not being phased out.
NSW Home Builders Bonus
The NSW Government's Home Builders Bonus provides full exemption on stamp duty for new homes where the value does not exceed $600,000 and building has not commenced. It also applies to vacant land up to $400,000. The NSW Home Builders Bonus is available to everyone, including investors, who purchase a new house or apartment. For homes already under construction, stamp duty has been reduced by 25%.
$4,000 – South Australia
Between July 1, 2012 and July 1, 2013 first-home buyers who qualify for the $7,000 first-home owners' grant in South Australia may also be eligible for a first-home bonus grant of up to $4,000 if they enter into a contract to purchase or build a new home, or commence construction as owner builders before July 1, 2013.
$7,000 - NSW
The scheme provides a one-off payment to assist with the cost of relocating from a metropolitan home to a regional home. A list of metropolitan areas can be found here. All other regional municipalities qualify for the grant. All applicants must have owned and occupied the metropolitan home as their principal place of residence within 12 months before the contract exchange date of the regional home purchase. It is available for purchases up to $600,000 and $450,000 for vacant land. All applicants must sell the metropolitan home either before or within 12 months after the completion date of the regional home purchase. A further $7,000 is also available via the first-home owners' grant.
$7,000 – nationwide
Remains in place across all states and territories though each state and territory has set their own upper property value limit, which was revised at the start of 2012. To find out what the rules and restrictions are in your state go to firsthome.gov.au and pick your state from the drop down menu.
$3,500 – Northern Territory
A stamp duty concession of up to $3,500 off the stamp duty payable is available.
$2,000 – Western Australia
Provides a grant of up to $2,000 for the incidental expenses of first-home buyers when they purchase an established or partially built home through a licensed real estate agent for $400,000 or less. This is in addition to the first-home owners' grant.
The first-home owner concession (FHOC) provides stamp duty concessions for persons purchasing their first home in Australia, or land on which to build their first home.
NSWThe newly introduced first home – new home scheme provides eligible purchasers with exemptions on transfer duty on new homes valued up to $500,000 and concessions on transfer duty for new homes valued between $500,000 and $600,000. Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $300,000 and will receive a concession on duty for vacant land valued between $300,000 and $450,000