The First Home Owner Grant is funded entirely by the ACT State Government and is designed to help you purchase your first home. To be eligible for the $7,000 one-off grant, you will need to purchase a home that is either new or substantially renovated and the value must fall below the FHOG cap of $750,000.
A new or substantially renovated home:
- Has never been occupied or sold as a place of residence; or
- A home that, as renovated, has not been previously occupied or sold as a place of residence; or
- A property that has been purchased as an "off the plan" purchase agreement.
Their is also a requirement of residency for 12 months or at least 6 months for each applicant that must commence within 12 months of completion of the transaction of sale. For more information about the ACT First Home Owner Grant, go to the FHOG section of the ACT Revenue Office website.
Home Buyer Concession Scheme
In addition to the FHOG, you may also be eligibile for the Home Buyer Concession Scheme (HBCS). The HBCS allows a concession on Stamp Duty if you purchase a new or substantially renovated home or vacant residential land. The following property thresholds apply to new or substantially renovated residential homes purchased between 1 January 2017 and 30 June 2017 that gross income threshold is currently $160,000:
- $20 concessional duty payable on new or substantially renovated residential homes to the value of $468,000 or less and land with no drewlling to the value of $280,000 or less
- $14.70 for each $100 or part thereof by which the dutiable value exceeds $468,000 but less than $590,000 for new or substantially renovated residential homes ($20 minimum duty)
- $15.55 for each $100 or part thereof by which the dutiable value exceeds $280,000 for vacant residential land up to the value of $323,300
- No concessions for new or substantially renovated residential homes with a dutiable value of more than $590,000 or for vacant blocks worth $323,300 or more
For more information, see the HBCS section of the ACT Revenue Office website.