First Home Owners Grants and Assistance In Queensland
The Queensland First Home Owners’ Grant is designed to help first home owners buy their new first home sooner. First home owners can get $15,000 or $20,000 towards buying or building a new house, unit or townhouse, provided it is valued at less than $750,000. Whether you choose to buy off the plan or build yourself is up to you!
This grant is only available for first home owners getting new homes. Existing or established homes are not eligible for the grant.
For the $20,000 grant, you need to do the following with your contract:
– The contract needs to be made on or after 1 July 2016 for the purchase of a new home in Queensland.
– A comprehensive home building contract needs to be made on or after 1 July 2016 by the owner of the land in Queensland or whoever will be the owner of the land in Queensland in which the new home will be built.
One point of difference with the Queensland First Home Owners’ Grant is that if you are an investor who has never owned a principal place of residence, instead only owning an investment property since 1 July 2000, which you have not lived in, you may be eligible for the Queensland First Home Owners’ Grant.
There are various terms and conditions for the grant, which you can find here. You can also test your eligibility and get more information in the frequently asked questions section of that link.
If you would like to enquire about a home loan and the options for first home buyers, click here to make an enquiry and be connected with a MoneyQuest broker in your area.
Disclaimer:
This article is written to provide a summary and general overview of the subject matter covered for your information only. Every effort has been made to ensure the information in the article is current, accurate and reliable. This article has been prepared without taking into account your objectives, personal circumstances, financial situation or needs. You should consider whether it is appropriate for your circumstances. You should seek your own independent legal, financial and taxation advice before acting or relying on any of the content contained in the articles and review any relevant Product Disclosure Statement (PDS), Terms and Conditions (T&C) or Financial Services Guide (FSG).
Please consult your financial advisor, solicitor or accountant before acting on information contained in this publication.
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