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Free money for first home buyers in 2011

January 19, 2011

If you're looking to buy your first home and take out a mortgage in 2011, you're in luck. Not only is the $7000 First Home Owners Grant (FHOG) still kicking around, but in some states around Australia, you'll be eligible for up to $26,500 in grants. This free money can make a big difference when you're starting out in the property market and can help ease the pressure of your home loan repayments.

We've made the job easy to find out what rebates are available for first home owners below.

Victoria

Total grants: up to $26,500.
Grants include: $7000 FHOG for homes worth less than $750,000 and $13,000 First Home Bonus for properties valued at less than $600,000 if you sign your contract for a newly built home by June 30, 2011. If you're building in a regional area, you might be eligible for another $6500 bonus.

New South Wales

Total grants: up to $24,990.
Grants include: $7000 FHOG for homes worth less than $835,000 and stamp duty exemption worth up to $17,990 under the First Home Plus Scheme (FHPS). The FHPS can also be used to buy vacant land on which to build.

Western Australia

Total grants: up to $24,765.
Grants include: $7000 FHOG for homes under $750,000 unless you're located north of the 26th parallel, where eligible homes can be valued up to $1 million. And $17,765 saving on duty for homes worth less than $500,000.

Queensland

Total grants: up to $15,750.
Grants include: $7000 FHOG for homes worth less than $750,000 and $8750 concession on stamp duty for homes valued at less than $504,000.

South Australia

Total grants: up to $13,000.
Grants include: $7000 FHOG for homes worth less than $575,000 and $8000 for building homes in 2011 valued at less than $450,000.

Tasmania

Total grants: up to $11,000.
Grants include: $7000 FHOG with no cap on property value; $4000 duty concession for homes valued up to $350,000.

Australian Capital Territory and Northern Territory

Total grants: up to $7000 FHOG for homes worth less than $750,000 in both territories.

So if you're looking to make your first step into the residential market this year, make sure you're aware of any rebates you're entitled to. Check out www.firsthome.gov.au for more information about eligibility criteria and how to claim your cash. And don't forget to compare home loans online at RateCity before making the jump into home ownership.

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