As a first time home buyer you may be eligible for the Queensland Government’s First Home Owners Grant. It’s a dream for most to own a home and the grant makes it easier for you to get into the property market much sooner than you thought you could.
Applying for the First Home Owners Grant can be a complicated process, however, we’ve put together this helpful guide to assist with any questions you may have.
WHAT IS THE FIRST HOME OWNERS GRANT?
The Queensland Government's First Home Owners' Grant offers $15,000 to first-time owners buying or building a new home. Currently, in Queensland, first home buyers will receive $15,000 towards building their new home (valued at less than $750,000) on contracts signed 1 July 2018 and after.
STAMP DUTY CONCESSIONS
Stamp duty concessions are also available if you buy a home valued less than $550,000 or vacant land less than $400,000. The concession decreases the more you pay for your home or your land within these limits.
The eligibility criteria for first home buyers differs slightly between states and territories, but in Queensland, the following criteria apply:
- You must be a first home buyer as a person, not as a company or trust
- At least one applicant must be a permanent resident or Australian citizen
- Each applicant must be at least 18 years old
- You or your spouse, partner or co-purchaser must not have previously owned an interest in land in Australia which had a residence on it, before 1 July 2000.
- You or your spouse or partner cannot have lived in residential property which you owned from 1 July 2000
- You or your spouse, partner or co-purchaser may not have claimed the grant previously
- You must occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home and the minimum period of occupancy is six continuous months
- You must be buying or building a brand new home, valued under $750,000
HOW TO APPLY
To apply for a First Home Owners Grant in Queensland, first, you will need to confirm that you and anyone that will own any part of your new home meet the eligibility criteria. Only one grant is payable per home and just one application needs to be completed to apply, regardless of the number of applicants. You can find the application document here.
You will need to complete the application form and provide supporting documentation listed on the Queensland Government First Home Owner Grant website. You can submit your application on this same website, or if you are financing your home through a lending institution or approved bank - they may also submit this paperwork on your behalf.
Generally, applications will be processed within 10 business days - sometimes quicker when through a lending institution or approved bank.
Have more questions? Get in touch.
Please note, this advice is general in nature and is not intended as legal advice.