First Home Owners Grant Decreases in July
You may have heard of a grant that is available to first-time buyers in Queensland? Many first-time buyers have taken advantage of this, but there are also many individuals who are unaware of its existence.
Over the coming weeks, you will more than likely see advertisements which mention some people are eligible for the grant which runs until the end of June. This, unlike the previous grants, only covers new homes.
There are several reasons why these grants are available to first-time buyers, as owning a home can be a difficult goal to reach for many people, yet by taking advantage of this grant you can now be well on your way to achieving this.
Secondary to this, the government is hoping these grants will help to increase demand and stimulate the economy by providing many more jobs within the home building industry and sectors closely related to it.
For some first-time buyers, this $20,000 grant can actually equate to more than the 10% deposit required, yet this might depend on if the homes are located in the more regional areas.
It should be shown you have purchased a plot of land on which to build, this is not compulsory but it is advisable as you need to show the lot you have purchased it suitable for the home you intend to build there.
Before midnight on June 30th, 2017, you must be able to show a signed building contract if you wish to obtain the $20,000 grant for a new build, any later than this and you will only be able to apply for the $15,000 grant.
The purchase of a new home which has not yet been lived in.
A substantial renovation where the majority of the old home has been knocked down to make way for new construction.
Buying off plan where the developer has not yet completed the construction.
Once the current $20,000 grant ends at the end of June, the changes which will come into effect and which you must be eligible for are:
The property must be your main/ principal place of residence within the first twelve months from when you take ownership, and you have to reside there for at least six months of this twelve-month period.
The property should not be sold within the first 12 months of moving in.
The ceiling for this grant to be available is for properties which are up to a value of (or less than) $750,000. So, this can be properties which are off plan builds or new build properties.