First Home Buyers Grant Queensland

By First Home Australia In News No comments

The Queensland First Home Owners’ Grant is available for first home buyers who are buying or building a brand new home as their first home.

The grant is available if:

  • your contract to buy or build a new home is dated on or after 1 July 2016
  • as an owner-builder, the foundations for your home were laid on or after 1 July 2016.

You’re allowed to claim both the grant and a transfer duty concession, but each has its own eligibility requirements and some cancel out others. For example, the grant allows you to rent out a room while using it as your residence, but this would disqualify you for both the first home concessions.

In Queensland, with the First Home Owner Grant you can get $15,000 or $20,000 (depending on your date of contract) towards buying or building your new house, unit, or townhouse (valued at less than $750,000).

Generally the grant’s paid out under these conditions:

  • Established home: Payment will be made on settlement
  • Contract to build: Grant paid to the builder with the first progress payment
  • Owner builder: Payment on receipt of the Certificate of Occupancy
  • New home: Payment at settlement
  • Purchase off the plan: Payment at settlement

However, whereas some of the requirements that you should know about so you can fulfil your obligations and avoid having to pay an amount back, including interest and penalties.
For more information please consult – https://www.qld.gov.au/housing/buying-owning-home/first-home-concessions-and-grants/