Are you looking to buy a new home, a townhouse or an apartment and live in Queensland? You can qualify for the First Home Owner Grant which is quite substantial. Introduced by the Australian government on July 1, 2000, the First Home Owner Grant scheme is a great opportunity for first time home ownership. It also makes it easier for young Australians to get into the property market sooner.
It is a one-time grant offered to first home buyers who meet the eligibility criteria as stated by the Queensland government. You may or may not be aware that the grant in Queensland has been moved from $15,000 to $20,000.
It started of July 2016 and only runs until June 30 this year (2017). It’s a lot of money when you’re buying your first home. It can make a big difference to what you can buy and on your repayments as well because you’ll have $20,000 less on your loan. So, you need to start looking now and get in before June 30.
Who is eligible for Queensland’s First Home Owner Grant?
You’ll get $15,000 to $20,000, depending on the date of your contract, imminent to buying or building your new home, townhouse or apartment which is valued under $750,000. You can opt to even buy off the plan or build your home. It’s a great opportunity that the Queensland government has a First Home Owner Grant to help you buy or build your new home faster.
It actually doesn’t matter whether it’s a townhouse, a home or an apartment as long as it’s brand new and the qualifications are met. In order to be deemed eligible of this grant, you must be at least or over 18 years of age upon commencement of the eligible transaction, an Australian citizen or permanent resident, and must be buying or building a brand new home valued at less than $750,000. If you have a spouse or a partner, you or your spouse must never have bought or previously owned any residential or investment property in any state or territory of Australia before July 1, 2000.
Who will not be eligible for the First Home Owner Grant?
Those applicants who purchased or build a home worth $1million or more will not be eligible for this grant. The cap amount of $999,999.99 applies to dealings entered into on or after January 1, 2010, and on or before March 30, 2010.
The applicants who purchased or build a home which is worth $750,000 or more will not be eligible for the First Home Owner Grant. Transactions entered into on or after March 31, 2010 and before October 11, 2012 applies a cap amount of $749,999.99.
It’s fundamentally important for you to be a responsible and diligent first home buyer when it comes to making the decision to purchase a property. It is recommended that you have carefully calculated your budget, assess different home loans and study the property market.
So if you’re a first home buyer and you need a hand in looking at what you can afford, contact us and we’re happy to help you.
This guide was correct at the time of publishing, however we encourage you to speak to your trusted professional adviser or check with the relevant government department to ensure that benefits, conditions & requirements have not changed.
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