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Changes to the First Home Owners Grant

Are you a first home buyer? Here is what you need to know about the upcoming changes to the First Home Owner Grants (FHOG).

The changes to the FHOG will be taking place on the 1st July 2019. Here is a simple breakdown of what the current FHOG is VS what is coming.

Current eligibility criteria for FHOG (prior to 1st July changes): *Please refer to ACT access for more information

  • Purchase must be on a new build
  • Income threshold of $160,000 (with no dependants)

First home buyers who meet the eligibility criteria currently receive a $7,000 FHOG and stamp duty concession (no stamp duty to be paid).

Currently, if you are a first home buyer looking to purchase a property that is a new build and under the value of $470,000, it is financially beneficial for you to exchange on this property prior to 30th June 2019. Why? The current FHOG of $7,000 plus the stamp duty concession is a greater saving than just saving stamp duty after the 1st July.

FHOG criteria come 1st July 2019: *Please refer to ACT access for more information

  • Stamp duty concession will apply to all property types (not limited to new builds)
  • No limit on purchase price
  • Income threshold of $160,000 (with no dependants)
  • $7000 FHOG will no longer be applicable

If you are a first home buyer looking to purchase an established property or new property valued over $470,000, the changes to the FHOG will favour your property purchase. It would be advantageous for you to exchange on your property after the 1st July 2019.

Useful websites: