The new ‘Queensland First Home Owner’s Grant’ has increased from $15,000.00 to $20,000.00 for a limited time. This is great news for all First Home Buyers looking to purchase property within Queensland.
Does the increased grant apply to my Contract?
The increase to $20,000.00 applies to Contracts dated on or after 1 July 2016 until 30 June 2017.
If you have any doubts about whether the increase will apply to your Contract, contact us to discuss.
Am I eligible for the First Home Owner’s Grant?
To be eligible, you must:
- Be at least 18 years of age;
- Be an Australian Citizen or Permanent Resident – or apply for the Grant with someone who is an Australian Citizen or Permanent Resident;
- Not have previously owned property in Australia by yourself or with your spouse.
NOTE: a spouse is considered to be your husband, wife or de facto partner who has been living on a domestic basis with you for at least 2 years (regardless of the gender) or a registered partner under the Relationships Act 2011.
- Be buying or building a new home or a substantially renovated
NOTE: Substantially renovated home means when all, or most of, the structural and/or non-structural components of a building are removed or replaced. Most of the rooms in the previous building must have been affected, and the renovations must have affected the building as a whole for it to be considered a substantial renovation.
- Be buying or building a home with a value of under $750,000.00; and
- Intend to live in the property continuously for at least 6 months.
NOTE: If you move out of the property before this time frame, you will be required to repay the grant back to the Queensland Government.
What are the circumstances which effect eligibility?
Some circumstances which will effect your eligibility for the Queensland First Home Owner’s Grant are:
- If you are getting financial help from a related person; such as a parent, child, grandparent, sibling, uncle, aunt or the spouse of a related person. The person must not live in the property for long periods of time if they are not eligible for the Queensland First Home Owner’s Grant.
- If you are not planning on moving into the property and you have applied for the Grant with no intention of purchasing or building a new home.
- You have entered into a new contract to replace a previous contract entered into before 1 July 2016.
Who looks after getting the First Home Owner’s Grant?
Although it is usually your bank or finance broker who looks after the Queensland First Home Owner’s Grant, FC Lawyers are happy to assist with any enquiries you may have.
We assist many First Home Buyers with their purchases and liaise with banks to keep up to date with the progress of finance applications and Queensland First Home Owner’s Grant applications. This ensures a smooth settlement is effected with the least amount of hassle for you.
Contact our Property and Conveyancing team should you have any questions regarding the First Home Buyers Grant or any property matters.