# How first home buyer grant works?



## lotus000

Hi 

Can any one help to understand how first home buyer grant works?
Is that has to be on brand new house ?
If I buy couple of year old property ( as a first home buyer ever) am I eligible for FGBG? 

How the stamp Duty calculated on house ?

Thanks for help


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## Mish

It is only for first homes that are newly built not preloved homes.

Best to google stamp duty costs because it varies from state to state.


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## JandE

Examples of the differences on Stamp Duty on Residential property for each state in 2015

Stamp Duty rates on Residential Homes valued at: $400,000
$11,650 ACT
$13,490 NSW
$16,515 NT
$ 5,250 QLD
$16,330 SA
$13,998 Tas
$16,370 Vic
$13,005 WA

Stamp Duty rates on Residential Homes valued at: $800,000
$31,550 ACT
$31,490 NSW
$39,600 NT
$21,850 QLD
$37,830 SA
$31,185 Tas
$43,070 Vic
$32,316 WA

First Home owners do get various exemptions and discounts, while investment property purchases often pay the higher rate.


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## harrygoyal

Yes, you are eligible for first home owner grant... So as to calculate stamp duty on your purchase you can use stamp duty calculator offered by various websites for free. Using which you can easily make an estimate for your state. If you want a link to a stamp duty calculator, then I can provide you with that.


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## JandE

Its only for NEW houses...

You'll get $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). 
You can even buy off the plan or choose to build yourself.
First Home Owners Scheme

There are conditions which must be met or they can ask you to pay it back.


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## aatif.azhar

How does a point system for buying a house work?


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## JandE

aatif.azhar said:


> How does a point system for buying a house work?


Point system ? Never heard of that.


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## aatif.azhar

I heared from someone that you have to earn points to buy a house in australia like how much earning, how long you been in australia, your bank account etc.
Is that true?


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## JandE

aatif.azhar said:


> I heared from someone that you have to earn points to buy a house in australia like how much earning, how long you been in australia, your bank account etc.
> Is that true?


If you are borrowing to buy a home, you need to convince the lender that you can afford the repayments.

They will assess you and decide how much they can lend you.
But it's not a points system, it's a check on your financial ability to repay.


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## YYC2BNE

Quick question on this topic. I can't find a definitive answer anywhere, everything seems vague but perhaps someone with experience doing it can answer.

Can an Aussie citizen that has never owned property in Australia before, but HAS owned a home in another country be eligible for the new home buyers grant in Australia.


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## JandE

YYC2BNE said:


> Can an Aussie citizen that has never owned property in Australia before, but HAS owned a home in another country be eligible for the new home buyers grant in Australia.


They used to be able to. But i did read at one time discussions to change it. Although this may have been the state based grant decisions.


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## bradwilson16

Hi, we were looking for our new home and we researched alot during our time. Thankfully we found a house and are very happy.

Once bit of help which may save people money is the commission on a real estate agent. We found this great tool from Open Agent. visit their website , the tool is under tools/commissions-calculator This has saved us a few dollars. Always better in your pocket hey..

Anyways hope this helps someone.


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## JandE

bradwilson16 said:


> Hi, we were looking for our new home and we researched alot during our time. Thankfully we found a house and are very happy.
> 
> Once bit of help which may save people money is the commission on a real estate agent. We found this great tool from Open Agent. visit their website , the tool is under tools/commissions-calculator This has saved us a few dollars. Always better in your pocket hey..
> 
> Anyways hope this helps someone.


A buyer does NOT pay an agent any commission on buying a house.
It's the seller that pays.

Avoid any agent that charges the buyer a commission.


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## FifthElement

I will be looking at applying for FHOG as well once I settle in at my new place.


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## John Clip

Sorry, I can't post a link yet, (new member).
Wife PR
Hubby Citizen

Does that = 2 FHBG for the one new property ?


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## JandE

John Clip said:


> Sorry, I can't post a link yet, (new member).
> Wife PR
> Hubby Citizen
> 
> Does that = 2 FHBG for the one new property ?


Just one for the property. Not each.


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## John Clip

Thanks JandE, I thought so as it was not covered in any of the Q & A's on the QLD site.


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## Mish

Don't forget that if you buy the property jointly and one of you have already gotten the grant before then you won't receive the grant unless the house is bought only need in the name of the person who has not received a grant.


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## JandE

One main condition is: 
You or your spouse must not have previously owned property in Australia.
First Home Owner Grant

However some conditions vary depending on the State being applied in.


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