First Home Buyers Grant
Queensland First Home Owner’s Grant
Buying a home is a huge financial commitment and it is not easy to take that first step on to the property ladder. There is however, help available for first time buyers so you can get the keys to the door of your very own home more quickly.
If you are buying a new home or have decided to take the plunge and build your own home, the Queensland First Home Owner’s Grant could help you.
What is it?
The Queensland First Home Owner’s Grant is a government scheme that helps first time home owners like you, to buy your own new home.
If you meet the eligibility requirements, you could receive a $20,000 grant towards the cost of buying or building your home ($15,000 for contracts that were signed before 1 July 2016 or are signed after 31 December 2017).
What are the eligibility requirements?
To receive the grant, you must meet a few eligibility requirements.
Firstly, you must be buying a brand new home. This means that it cannot have been previously occupied.
There are however, a couple of exceptions. A property that has been moved to a new site and has not been lived in or sold whilst at its new site would still qualify for the grant. Under limited circumstances, properties that have undergone substantial renovation may also be eligible.
You will also only be eligible if the value of the property you are buying is under $750,000. When buying a new home, the value of your home is the purchase price you pay.
If you have a contract to build then it is the cost of the land added to the cost of construction. For those who are owner-builders, it is the cost of the land when foundations have been put down plus the cost of construction. However, it does not include the cost of your own labour.
Furthermore, you, or someone you are applying with, must be an Australian citizen or a permanent citizen. If you are applying with someone else, they must live at the property you are purchasing as well.
The final requirement is that you or your spouse can’t have previously owned property in Australia. Therefore, if your partner used to own property before you met, you would not be eligible. If you have a partner then they must be on the application too.
What else should I know?
It is worth noting that this grant is available for both buying new homes and building your own.
However, keep in mind that you will need to be living within the property with one year of you being entitled to possession, or in the case of a new home being built, within one year of it being ready for occupation.
You are also required to live there for a minimum of six months or you may be faced with having to pay back the grant.
The quickest and easiest way to apply for your grant is through your mortgage broker or lender.
However, you can also apply through the Office of State Revenue. It might take a little longer to get your grant this way but the application is usually processed within 10 working days if they have all the required documents.
Obviously, the sooner you apply the better. Applying early means the grant can help you with your deposit but it is possible to apply after you have moved into your property.
You can apply up to a year after you take possession of your new home. Or, if you have had a contract to build or were builder-owners you have until a year after your home was completed.