First Home Buyer Grants in Australia (2024): A State-by-State Guide
Looking to buy your first home in Australia? The First Home Buyer Grant is a valuable financial aid designed to help first-time buyers enter the property market. Each state and territory offers unique grant schemes with different amounts and eligibility requirements. Here’s a comprehensive guide to First Home Buyer Grants available across Australia in 2024.
New South Wales (NSW)
- Grant Amount: $10,000
- Eligibility Criteria
- Must be a first-time homebuyer.
- The property must be newly built (valued up to $600,000) or land not exceeding $450,000.
- Applicants need to be at least 18 years old and Australian citizens or permanent residents.
- Must live in the home for at least six months.
Victoria (VIC)
- Grant Amount: $10,000 for new homes; $20,000 in regional areas.
- Eligibility Criteria
- Open to first home buyers purchasing a new home valued below $750,000.
- Must reside in the home for at least 12 months.
- At least one applicant must be a permanent resident or Australian citizen.
Queensland (QLD)
- Grant Amount: $15,000 for new homes.
- Eligibility Criteria
- For first-time buyers purchasing a new home valued under $750,000.
- Must be at least 18 years old and an Australian citizen or permanent resident.
- Required to live in the property for a minimum of six months.
Western Australia (WA)
- Grant Amount: $10,000 for new builds.
- Eligibility Criteria
- Available to first home buyers with the property being newly constructed or substantially renovated, valued under $750,000.
- The owner must occupy the home for at least six months.
- Applicants must be at least 18 years old.
South Australia (SA)
- Grant Amount: $15,000 for new homes.
- Eligibility Criteria
- For first home buyers purchasing a new residential property valued up to $575,000.
- Must occupy the home for at least six months.
- Applicants must be Australian citizens or permanent residents.
Tasmania (TAS)
- Grant Amount: $30,000 for new homes.
- Eligibility Criteria
- Available to first home buyers purchasing a new home or building one, valued under $750,000.
- Must occupy the home for at least six months.
- Applicants must be at least 18 years old and an Australian citizen or permanent resident.
Australian Capital Territory (ACT)
- Grant Amount: $10,000 for new homes.
- Eligibility Criteria
- Must purchase a newly-built home valued under $750,000.
- The home must be occupied for at least one year.
- At least one applicant must be an Australian citizen or permanent resident.
Northern Territory (NT)
- Grant Amount: $26,000 for new homes.
- Eligibility Criteria
- Open to first home buyers purchasing a new home or building one, with no value limit.
- Must occupy the home for at least six months.
- Applicants must be Australian citizens or permanent residents.
Conclusion
Australia offers various First Home Buyer Grant schemes tailored to assist new buyers in each state and territory. These grants generally require applicants to be first-time buyers, meet age and residency requirements, and commit to living in the home for a specified period. For the most accurate and up-to-date information, check your local government’s resources regarding the First Home Buyer Grant in your area.
