Until the end of December 2017, the First Home Owners grant remains at the current level of $20,000 for all eligible first time home buyers. One second after the stroke of midnight, this grant will be reduced to $15,000.
You can benefit from two incentives when you are a first home buyer,the Government Grant of $20,000 until the end of December and then the Stamp Duty incentive which you may also be eligible for. This incentive can be against any home, either a new build or an existing home valued at up to $550,000. Note that the government grant is only valid for new constructions.
If you are eligible for both, this means you can receive a maximum of $28,750 towards your first home.
First Home Buyers Grant Qualification
To qualify for this, you must have:
Purchased a block of land, this must be done before a building contract is signed. It is this building contract which must be signed before midnight on December 30, 2017.
If you find you can receive this grant, you can use this as your deposit on a new home, and this can allow you to build or buy your new home much quicker.
The Rules for The First Home Buyers Grant
Type of Property – you must be building your own home or buying off plan. Purchasing a new home which has not yet been lived in. Or finally, a substantial renovation where the majority of the previous structure is knocked down.
Purchase Price – the purchase price of any property must be under $750,000, for the land and house combined.
This must be your first home and you must not have owned a property previously. If you are purchasing with your partner who has owned a property previously, you will not be able to receive the grant, but you may be able to receive the stamp duty concession.
Age and Citizenship
You must be an Australian Citizen who is 18 years of age or older. If you are with a partner, one of the applicants must be an Australian citizen or a permanent resident of Australia.
The application for the grant must be your first, it is not possible for you to apply more than once.
First Home Australia can help you fully understand all of the incentives on offer, and if you decide to choose one of the many properties which we have up for grabs in awesome locations, you may be eligible to receive a further bonus incentive of $10,000 from us as a first home buyer.
Add this to your $20,000 government grant and stamp duty and you can receive a total up to $38,750 towards your new home. Wow!
To take full advantage of the current grants and incentives, First Home Australia has many properties available, where we will pay your rental charges until your first home has been constructed. And many of these home and land packages are available in many prime locations throughout Queensland.
Call us today!