HomeBuilder is an Australian Government initiative providing eligible home Owner Occupiers (including first home buyers) with a grant of $25,000 to build a new home or substantially renovate an existing one.
To access HomeBuilder, Owner Occupiers must meet the following eligibility criteria:
You can find more information in the Australian Government HomeBuilder Fact Sheet.
You should contact your relevant State or Territory authority for how and when to apply for HomeBuilder. Each state has its own application process, so check with your local revenue office.
The First Home Owner Grant is a government scheme that was introduced in 2000 to offset the effect of Goods and Services Tax (GST) on buying or building a home. It’s a one-off payment for eligible first home buyers who purchase or build a residential property to live in. Eligibility isn’t based on financial considerations such as your income.
To find out how it works, visit the First Home Owners Grant website.
Stamp duty is a tax levied by state or territory governments on certain purchases, including buying a home, land, or investment property. Depending on your state or territory, you may be eligible for concessions as a first home buyer.
In NSW from 1 August 2020 and for a 12-month period, the threshold above which stamp duty is charged on new homes for first home buyers increased from $650,000 to $800,000, with the concession reduced on higher values before phasing out at $1 million. The stamp duty threshold on vacant land rose from $350,000 to $400,000 and phases out at $500,000. Note: these threshold changes only apply to newly built homes and vacant land in NSW.
Own your first home sooner. CommBank is working alongside the Australian Government to help eligible first home buyers with their deposit.
Call us on 13 2224 8am to 8pm (Sydney/Melbourne time), any day.
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Subject to credit approval. Fees, charges, terms and conditions apply. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice.
