When a home buyer is eligible for the First Home Owner Grant, a concessional rate of transfer duty will apply if the value of the dutiable property is below certain thresholds.
As at 3 July 2014 the First Home Owner Rate of Duty applies to a dutiable transaction with a dutiable value of up to $530,000 for a house and land, or $400,000 for vacant land. The rates of duty vary, and can be found on the Western Australian Grants page (see the resource section).
There is also the Home Buyers Assistance Account that was established under the Real Estate and Business Agents Act 1978 to provide first home buyers with financial support.
The scheme provides a grant of up to $2 000 for the incidental expenses of first home buyers when they purchase an established or partially built home through a licensed real estate agent for the purchase price of $400,000 or less.
My First Place cannot provide an indication regarding your eligibility to a First Home Owners Grant. For eligibility please look to your specific state’s First Home Owners Grant page, or contact your state government department (contact details are found in First Home Owners Grant Resources).