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Which states are providing the most stimulus?

By Cameron Micallef 15 June 2020 | 1 minute read

Investors are being advised to look beyond the government’s $25,000 stimulus, with property owners entitled to more than just federal money.

According to property expert Scott Kuru, investors are entitled to up to $106,070, far outweighing the government’s latest stimulus package.

“I’ve never seen so much money or so many incentives on offer. It’s like a smorgasbord of money for people building and buying, and people should know everything they’re entitled to,” Mr Kuru said. 

“People who are buying or building could be in line for tens of thousands of dollars. Unfortunately, it’s very confusing. There’s much on offer by the different levels of government, the banks and the builders, it’s almost certain people won’t claim everything they can.”

NSW

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First home buyers in NSW who take advantage of all potential grants, discounts, rebates and savings can pocket up to $89,682, according to Mr Kuru.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

Going beyond the federal stimulus package, investors can claim stamp duty concessions (first home buyers only) of up to $24,682; NSW residents can also benefit with additional $5,000-$15,000 in discounts, rebates and incentives from sellers.

Victoria

Victoria is the most generous state when it comes to rebates, with investors pocketing up to $106,070 in rebates.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

State government New Building Grants for first home buyers are $10,000 in metro areas, and $20,000 in rural areas.

Stamp duty concessions in Victoria are up to $31,070, while property buyers can benefit an additional $5,000-$15,000 in discounts, rebates and incentives from sellers.

Queensland

Queensland first home buyers are able to claim up to $90,925 back in rebates.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

State government New Building Grants for first home buyers in the sunshine state are $15,000, while stamp duty concessions are $15,925.

Investors in Queensland can also claim between $5,000-$20,000 in discounts, rebates and incentives from the seller.

Western Australia

First home buyers in Western Australia are entitled to up to $74,879 in government assistance.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

State government New Building Grants for first home buyers in Western Australia total $10,000, while first home buyers can save $6,505 in stamp duty on vacant land, and $14,879 on home saves. 

Western Australians can also claim between $5,000 and $10,000 in potential discounts, rebates and incentives from sellers.

South Australia

First home buyers in South Australia can save up to $65,000 through government rebates.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

The South Australian government offers New Building Grants for first home buyers of $15,000, but does not give a rebate on stamp duty. 

It also offers between $5,000-$10,000 in potential discounts, rebates and incentives from sellers.

Tasmania

First home buyers in Tasmania are offered up to $65,000 in total government support.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

State government New Building Grants for first-time home owners allow buyers up to $20,000 in benefits, while offering $7,174 in stamp duty savings.

Buyers in Tasmania are also offered between $5,000-$10,000 in potential discounts, rebates and incentives from sellers.

Northern Territory

First home buyers in the Northern Territory can receive up to $60,000 in rebates.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

State government New Building Grants for first-time home owners allow buyers up to $10,000 in benefits; however, the state gives no concessions for stamp duty.

Buyers in the Northern Territory are also offered between $5,000-$10,000 in potential discounts, rebates and incentives from sellers.

ACT

First home buyers in Australia’s capital can receive up to $69,000 in benefits.

In addition to the $25,000 being offered as part of the HomeBuilders scheme, first home owners can also benefit from $10,000-$15,000 from the First Home Buyers Scheme.

State government New Building Grants for first-time home owners allow buyers up to $7,000 in benefits, as well as $1,200 in stamp duty benefits.

Buyers in the ACT are also offered between $5,000-$10,000 in potential discounts, rebates and incentives from sellers.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your... Read more



Which states are providing the most stimulus?
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