First-home buyers in the Northern Territory only have until October 1 to receive up to $17,000 in territory government handouts.
State by state government housing handouts: The new dates you need to know
First-home buyers in NSW thinking of buying a new home will be eagerly awaiting October 1, when up to $35,240 will be available to them in the form of government handouts.
In Victoria, first-home buyers will get an extra 10% cut from their stamp duty bill from the start of 2013.
However, first-home buyers in the Northern Territory only have until October 1 to receive up to $17,000 in territory government handouts.
Here are the key dates and details you need to know:
$15,000 available under First-Home Owner Grant (New Home) scheme
The new first-home owner grant scheme kicks in offering $15,000 to first-home owners who purchase or build a new home valued at up to $650,000 up until December 31, 2013, reducing to $10,000 from January 1, 2014.
First-home buyers have the potential to earn up to $35,240 when combined with the existing First Home—New Home scheme, which provides exemptions on transfer duty on new homes valued up to $550,000 (a maximum exemption of $20,240) and concessions on transfer duty for new homes valued between $550,000 and $650,000.
From October 1, first-home owners buying an existing property will not receive any financial assistance from the state government.
For non-first-home buyers, a grant of $5,000 is currently available for new homes purchases, whether off the plan or newly built under the NSW New Home Grant Scheme. It applies for homes up to a value of $650,000 and to buyers of vacant land that is intended to be the site of a new home valued up to $450,000.
Changes to stamp duty rates and thresholds
From this date revised stamp duty rates and thresholds kick in. The top marginal tax threshold rate on stamp duty will be increased from 4% to 4.5%, kicking in at $725,000, up from the current $225,000. The current top marginal tax rate is $6 550 plus $4 for every $100, or part, by which the dutiable value exceeds $225 000. The new top marginal tax rate is $27,810 plus $4.50 for every $100, or part, by which the dutiable value exceeds $725 000. The lowest band, where only $20 is payable remains at $1,300 but all the other bands have been widened while the duty payable rates for these bands have also changed. Middle-class Tasmanians will be hardest hit, with duty on a property valued at $375,000 almost doubling from $7,150 to $12,935.
The current and new rates can be found here.
The Tasmanian government also provides a calculator to work out how much stamp duty is payable before and after October 1.
Cut-off date for $10,000 BuildBonus
This is the last day for Northern Territorians to take advantage of already twice-extended $10,000 BuildBonus. The scheme provides a $10,000 grant 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), purchase a new unit (including off the plan) or commence construction of a new home as an owner builder, between May 3, 2011 and December 31, 2012 inclusive.
The BuildBonus is not means tested but the value of a new unit or new home or the total construction cost of a new home (including the value of the land on which it is built) is capped at $600 000. The BuildBonus is available to first-home buyers, in addition to the first-home owners' grant. This means that eligible first-home buyers will receive grants of up to $17 000. In addition, buyers purchasing a new unit or land to build a new house may also be eligible for stamp duty home incentive schemes of up to $26,730 (the duty owned on the first $540,000 value of a property) and no land tax.
January 1, 2013
Increased stamp duty discount for first-home buyers
From the start of the new year, Victorian first-home buyers who qualify for the $7,000 first-home owner grant (FHOG) will also be eligible for a 30% reduction in their stamp duty bill with the stamp duty reduction increasing from 20% to 30% for home valued up to $600,000. This is the first part of a phased increase to stamp duty discounts, which will rise to 50% with two further 10% discount increases on January 1, 2014 and September 1, 2014. The raising of the stamp duty discounts follows the ending of the $13,000 first home bonus on June 30. For details of the stamp duty savings for first-home buyers, click here.