I want to write about the types of assistance that the government of US providing for the purchase of first home (apartment).
Help is of two types – exemption from duty on buying your first home (stamp duty) and the results of the grant for the purchase of their first home in US.
State governments provide assistance in the purchase of a first home. Therefore, the amount of aid and the conditions of its reception are different, depending on what state you live in. In addition, these rules constantly change, sometimes very quickly. So it is quite important to read the latest information on the website of the state government. Links to those sites I gave in the article.
Exemption from duties on the purchase of a home:
Duty this in English is called stamp duty and can be a significant amount. Calculator here. For example, the duty to purchase a home for $350,000 is $10,075 state of Queensland, and in Victoria $13,870.
When buying your first home, even if it is necessary to consider that the price for which sold the house, we still have to add on the duty to assess how much it will cost all purchase.
Stamp Duty is a tax that collects every state to replenish its Treasury.
For those who buy their homes for the first time, the state government abolished the payment of this tax, to make more people decided to buy your own house.
Duty (stamp duty) on house worth up to 500 thousand dollars. If the value of the house from 500,000 to 600 thousand, then duty is payable on part. If the house is 600 thousand or more, the fee is paid in full; the Land for the construction of their first home is also not subject to duty, if less than 250 thousand
In Queensland there is a discount for payment of the fee (stamp duty) when buying your first home already and for those who buy house for the first time. All the duty is not removed, but reduced. On the first 350,000 value of the home fee reduced to 1% (now 2.5%). On the investment property but this exemption does not apply.
Information on exemptions for stamp duty on the government website QLD: Home concession
New South Wealth:
The fee is not paid on a home costing up to $ 650,000 (without the benefit of the stamp duty on a house worth 650,000 in NSW 24,740). On the house of cost of 650,000 to 800,000 fee to be paid in part. If the house is 800,000 or more, the fee is paid in full; the Land for the construction of his first house is also not taxed, if worth less than $ 350,000.
Information on exemptions for stamp duty on the NSW government website: Home concession
Victoria: the tax is not paid by the buyers of their first home for homes worth up to 600 thousand dollars. On the house of cost of 650,000 to 750,000 fee to be paid in part. If the house/apartment is 750,000 or more, the fee is paid in full;
Information on privileges on stamp duty — on the website of the government of Victoria: Stamp duty concession
Northern Territory: No duty on houses worth up to 500 thousand dollars, then up to 700 thousand duty gradually be paid, if the house is 700 thousand or more, the fee to be paid in full; the Land for the construction of their first home is also not subject to duty or duty reduced if the land is worth less than 385 thousand
Details on the website of the government NT: First home owner concessions.
Discount for buyers of their first home is given only with the purchase of a new apartment with a plan, or apartment thoroughly updated. Such discounts is very complicated and is described in detail on the website of the government SA: off the plan concession.
Full cancellation fees for the purchase of the first property of $ 430,000. On the house of cost from 430,000 to 530,000 fee to be paid in part. If the house/apartment is 530,000 more, the fee to be paid in full;
Information on the government website WA: Stamp Duty Concessions
Bonus for buying first home
The amount of money that the state government lists at the time of purchase of a house or apartment (settlement) to buyers of their first home (house or apartment) the Execution of all documents usually takes a lawyer (conveyance) , which is leading the deal. Usually you need to inform your Bank and lawyer that this is your first house, they are doing it all yourself.
Each state has its own rules about what amount of bonus should be issued and under what circumstances. In addition, these rules change almost every year. There were moments in history when the bonus even cancelled, and then again gave.
At the moment (February 2018), the bonus is $ 20,000. The bonus is, if this is the first shelter in US, the house must be new (not secondary market), and cost 750,000 dollars. All the rules here: Eligibility for first home owner grant.
Information on the grant on the government website QLD: Queensland First Home Owners’ Grant
100,000 grant for the purchase of a new home worth up to 600,0000. Information on state government: First Home buyers
Victoria: $20,000 to buyers of their first home if the home is worth less than $ 750,000, and new built in regional Victoria. Learn more about what regional Victoria and other conditions of receiving this grant here: First home owner Grant
Northern Territory: $26,000 for those buying their first home. Housing must be new. There are no restrictions on the cost of housing.
Learn more here: first home owner grant.
South US: $15,000 grant for buyers of their first home, provided that it is new and costs less than 575,000.
Details on the website of the government SA: Fist home owner grant.
10,000 grant for the purchase of a first home costing up to 1 million. Dollars for a new housing and North of the 26 parallel.
A very good website with updated information here — First Home Buyer Information.