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Getting into the property market as a first home-buyer is tough – there’s no denying it. It can be a big ask for a young person or a young couple to not only save enough for a deposit, but have enough for stamp duty and other fees and charges. State governments across Australia recognise this and there are benefits and discounts available which vary from state to state.

In Victoria the first home bonus was scrapped two years ago and the state government introduced a land duty – or stamp duty – concession instead on new or established homes. This applies for a principal place of residence valued up to $600,000 and as of 1st September this year, land transfer duty has reduced by 50 per cent for property settlements on or after this date. In order to receive this concession you have to meet the requirements of the First Home Owners Grant.

The First Home Owners Grant is another scheme offered to encourage first home- buyers to get into the market. You can receive up to $10,000 to build or purchase a new home but only after July 2013. If this took place prior to then, a payment of $7000 is available. There’s a range of eligibility requirements to receive the grant – you must never have received anything similar in another state or territory and you mustn’t have owned a property before.

If you’re a first home-buyer with children and you purchased a home on or after 1st January, 2006, you may be eligible for a discount from stamp duty as well. A full exemption is available where the total value of the home and land is no more than $150,000 and a concession is available for home and land worth up to $200,000.

These particular schemes help ease the financial stress of owning your own home – every little bit counts. Make sure you do your research and find out what concessions are available for you and your circumstances but keep in mind that each state offers something different.