First Home Owners Grant
If you are buying or building your first home, you may be eligible to apply for the First Home Owner Grant (FHOG). In Victoria, if you’re a qualified first home buyer you’ll receive the FHOG of $10,000.
That’s $10,000 to help you build your first home, whereas there is NO FHOG for buyers who purchase an established home.
In Victoria, you will receive a 50 per cent reduction on your stamp duty if the total value of your house and land is $750,000 or less. In Queensland, from 1 July, 2016, the Great Start Grant will be known as the Queensland First Home Owners Grant. The Queensland Government announced a one-off, 12 month boost of $5000 to the grant, which will now be worth $20,000.
This also applies for new homes only, not established properties, and the total value of the house and land must be $750,000 or less. You will pay no stamp duty if your land is $250,000 or less and a concession is given to land under $400,000.