First Homebuyers Grant
#1
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First Homebuyers Grant
Thought that this might be of interest to some of you. I for one will be watching very carefully although I am not expecting much to come of it .
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
Last edited by NickyP; Feb 6th 2006 at 12:56 am. Reason: can't spell
#2
Re: First Homebuyers Grant
Originally Posted by NickyP
Thought that this might be of interest to some of you. I for one will be watching very carefully although I am not expecting much to come of it .
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
It will be good if they go through with it. We have just bought a house and got the home buyers grant of $7,000. In this weird and wonderful place we were entitled to grant but not reduction on stamp duty given to all first time home buyers. Very small print states that in order to get discount you can't have owned a house in Australia or anywhere else in the world, so ended up with a stamp duty of a few $k instead of a few $hundred,
Best Wishes
Sarah
#3
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Re: First Homebuyers Grant
Originally Posted by teach
Hi Nicky,
It will be good if they go through with it. We have just bought a house and got the home buyers grant of $7,000. In this weird and wonderful place we were entitled to grant but not reduction on stamp duty given to all first time home buyers. Very small print states that in order to get discount you can't have owned a house in Australia or anywhere else in the world, so ended up with a stamp duty of a few $k instead of a few $hundred,
Best Wishes
Sarah
It will be good if they go through with it. We have just bought a house and got the home buyers grant of $7,000. In this weird and wonderful place we were entitled to grant but not reduction on stamp duty given to all first time home buyers. Very small print states that in order to get discount you can't have owned a house in Australia or anywhere else in the world, so ended up with a stamp duty of a few $k instead of a few $hundred,
Best Wishes
Sarah
I hadn't seen about the stamp duty reduction but as we have owned a house in the UK a long time ago we wouldn't get that one either.
Fingers crossed.
Nicky
#4
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Joined: Aug 2004
Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: First Homebuyers Grant
Originally Posted by teach
Hi Nicky,
It will be good if they go through with it. We have just bought a house and got the home buyers grant of $7,000. In this weird and wonderful place we were entitled to grant but not reduction on stamp duty given to all first time home buyers. Very small print states that in order to get discount you can't have owned a house in Australia or anywhere else in the world, so ended up with a stamp duty of a few $k instead of a few $hundred,
Best Wishes
Sarah
It will be good if they go through with it. We have just bought a house and got the home buyers grant of $7,000. In this weird and wonderful place we were entitled to grant but not reduction on stamp duty given to all first time home buyers. Very small print states that in order to get discount you can't have owned a house in Australia or anywhere else in the world, so ended up with a stamp duty of a few $k instead of a few $hundred,
Best Wishes
Sarah
Don't understand that re Stamp Duty - unless it has only very recently changed. When we bought here in NSW last August, we paid NO stamp duty at all as it was our first house in Australia - they weren't interested in our having previous houses in UK.
Could it be different rules for Queensland ?
Regards
Jim
#5
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Re: First Homebuyers Grant
Originally Posted by Jimclevs
Sarah
Don't understand that re Stamp Duty - unless it has only very recently changed. When we bought here in NSW last August, we paid NO stamp duty at all as it was our first house in Australia - they weren't interested in our having previous houses in UK.
Could it be different rules for Queensland ?
Regards
Jim
Don't understand that re Stamp Duty - unless it has only very recently changed. When we bought here in NSW last August, we paid NO stamp duty at all as it was our first house in Australia - they weren't interested in our having previous houses in UK.
Could it be different rules for Queensland ?
Regards
Jim
Nicky
#6
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Re: First Homebuyers Grant
Originally Posted by Jimclevs
Sarah
Don't understand that re Stamp Duty - unless it has only very recently changed. When we bought here in NSW last August, we paid NO stamp duty at all as it was our first house in Australia - they weren't interested in our having previous houses in UK.
Could it be different rules for Queensland ?
Regards
Jim
Don't understand that re Stamp Duty - unless it has only very recently changed. When we bought here in NSW last August, we paid NO stamp duty at all as it was our first house in Australia - they weren't interested in our having previous houses in UK.
Could it be different rules for Queensland ?
Regards
Jim
First Home Buyers Conditions and rates are different for each State, and are liable to changes.
Examples currently include:
NSW - No stamp duty on your first residential property in NSW if it is less than $500,000
QLD - No duty applies to the purchase of their home up to $250,000
SA - First home purchases up to $80,000 will continue to receive a full concession
VIC - Full exemption from duty on the transfer of land applies where the value of the house and land purchased is $150,000 or less, with some special conditions.
WA - NO stamp duty on your first residential property if it is less than $250,000
ACT - To be eligible for a duty concession, an income test must be satisfied.
The above are valid as at Nov 2005, and may be subject to conditions. Please read the relevant websites.
#7
Re: First Homebuyers Grant
Originally Posted by NickyP
Thought that this might be of interest to some of you. I for one will be watching very carefully although I am not expecting much to come of it .
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
Thanks for that Nicky, I caught the tail end of the story on the radio this morning. Hopefully something will come of it before we buy
Marie
#8
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Re: First Homebuyers Grant
Originally Posted by NickyP
Thought that this might be of interest to some of you. I for one will be watching very carefully although I am not expecting much to come of it .
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
thanks nicky for this one, there'll be a few fingers being crossed in the next few months eh
#9
Re: First Homebuyers Grant
Yes well the FHBG should not be available to people who have owned property elsewhere in the world. This is just pushing up prices and not the reason it was brought in. Just think, your kids will have to get a mortgage of $500,000 just to buy their first home
#10
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Re: First Homebuyers Grant
Originally Posted by NickyP
Thought that this might be of interest to some of you. I for one will be watching very carefully although I am not expecting much to come of it .
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
http://www.news.com.au/story/0,10117,18054005-2,00.html
Nicky
Maybe it should be means tested.
#11
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Posts: 4,235
Re: First Homebuyers Grant
Originally Posted by Siren & Brian
Yes well the FHBG should not be available to people who have owned property elsewhere in the world. This is just pushing up prices and not the reason it was brought in. Just think, your kids will have to get a mortgage of $500,000 just to buy their first home
I agree, or at the very least it should be means tested.
#12
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Location: Terrigal - NSW Central Coast since June 2005
Posts: 1,237
Re: First Homebuyers Grant
Originally Posted by Hels
I agree, or at the very least it should be means tested.
I actually agree also..... but it was a very handy bonus after the expense of moving out here.
Regards
Jim
#13
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Location: Terrigal - NSW Central Coast since June 2005
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Re: First Homebuyers Grant
Originally Posted by ABCDiamond
Jim
First Home Buyers Conditions and rates are different for each State, and are liable to changes.
Examples currently include:
NSW - No stamp duty on your first residential property in NSW if it is less than $500,000
QLD - No duty applies to the purchase of their home up to $250,000
SA - First home purchases up to $80,000 will continue to receive a full concession
VIC - Full exemption from duty on the transfer of land applies where the value of the house and land purchased is $150,000 or less, with some special conditions.
WA - NO stamp duty on your first residential property if it is less than $250,000
ACT - To be eligible for a duty concession, an income test must be satisfied.
The above are valid as at Nov 2005, and may be subject to conditions. Please read the relevant websites.
First Home Buyers Conditions and rates are different for each State, and are liable to changes.
Examples currently include:
NSW - No stamp duty on your first residential property in NSW if it is less than $500,000
QLD - No duty applies to the purchase of their home up to $250,000
SA - First home purchases up to $80,000 will continue to receive a full concession
VIC - Full exemption from duty on the transfer of land applies where the value of the house and land purchased is $150,000 or less, with some special conditions.
WA - NO stamp duty on your first residential property if it is less than $250,000
ACT - To be eligible for a duty concession, an income test must be satisfied.
The above are valid as at Nov 2005, and may be subject to conditions. Please read the relevant websites.
Thanks for the full state by state criteria. As with a lot of things over here, everything seems to be decided by which side of a line you live !!
Much as we appreciated this bonus after the expense of coming here (CP visa !!) it really shouldn't be available to people who have owned houses elsewhere and are able to buy a decent house in Australia on the profits from the UK one.
At the very least there should be means-testing.
Regards
Jim
#14
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Joined: Jun 2003
Location: Brisvegas
Posts: 1,080
Re: First Homebuyers Grant
couldn't agree more. although i do believe that if a couple are buying a house together then they should both get the FHBG. if me and my other half both bought a house individually, we would both get it, so why not if we buy together, we are still making the same financial commitments...... (it used to be that way, iirc)
Originally Posted by Siren & Brian
Yes well the FHBG should not be available to people who have owned property elsewhere in the world. This is just pushing up prices and not the reason it was brought in. Just think, your kids will have to get a mortgage of $500,000 just to buy their first home
#15
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Re: First Homebuyers Grant
A good idea in theory to means test the grant however it would need to be a form of meanstesting that is fair. We will have to buy a house big enough for a family of 6 which will be nowhere near the cut off value for the grant. We have no huge deposit and will have to wait until I am earning to afford the sort of house that we need. However if you then have an income tested grant we would suffer for the fact that I am earning even though this would just allow us a reasonable mortgage as they take off sums for having 4 kids. So any means testing would need to take these sorts of factors into account as the income that we need to buy a house is higher than a single person or a couple would need.
If we moved a few Ks up the road over the border with NSW then we would get our stamp duty free where as here in Victoria we will have to pay so it might be time to look at the pros and cons of moving in that direction. I have no clue how it would affect the kid's schooling though as we are very happy with the schools that they are at here in Victoria.
Time for some research perhaps
Nicky
If we moved a few Ks up the road over the border with NSW then we would get our stamp duty free where as here in Victoria we will have to pay so it might be time to look at the pros and cons of moving in that direction. I have no clue how it would affect the kid's schooling though as we are very happy with the schools that they are at here in Victoria.
Time for some research perhaps
Nicky