GOVERNMENT INCENTIVES FOR FIRST HOME BUYERS (NSW & VIC)

Government incentives for first home buyers in New South Wales and Victoria have decreased steadily over the last few years.

At its peak, in 2009, the Victorian Government offered a $36,500.00 grant to first home buyers purchasing newly constructed homes in regional Victoria.

Now, in Victoria, for contracts entered into on or after 1 July 2013, the Government offers a $10,000.00 grant to first home buyers purchasing newly constructed homes regionally and in metropolitan areas.

In New South Wales, for contracts entered into on or after 1 October 2012 (and before 1 January 2016), the Government offers a $15,000.00 grant to first home buyers purchasing newly constructed homes.

Importantly, there is no longer a grant available to first home buyers purchasing established homes in Victoria or New South Wales.

Having said that, in Victoria, first home buyers may be eligible for a discount of up to 50% on the stamp duty payable on the purchase of an established (and newly constructed) home. A similar break for first home buyers looking to purchase an established home in New South Wales, does not currently exist. It is only first home buyers purchasing newly constructed homes in New South Wales that may be eligible to a reduction of, or exemption from, stamp duty.

A comparison of the government incentives available in New South Wales and Victoria, reveals that one State is be better than the other, depending upon whether the purchase is a new or established home. For first home buyers in Albury or Wodonga, a consideration of the different State incentives available may sway your decision to buy your first home on the other side of the Border.

For experienced assistance and advice in respect to conveyancing matters in Victoria and New South Wales, contact Albury solicitors, Burt & Hanke Legal.