New change to the First Home Owners’ Grant

New change to the First Home Owners’ Grant

New change to the First Home Owners’ Grant

The Queensland Government has introduced the Queensland First Home Owners’ Grant, formerly known as the Great Start Grant, which is an initiative that entitles a first home owner to $15,000 or $20,000 towards buying or building a new house, unit or townhouse.

As of 1st July 2016, the First Home Owner’s Grant will be boosted to $20,000 (compared to the usual $15,000) for 12 months to assist anyone acquiring their new first home.

Eligibility for the Queensland First Home Owners’ Grant:

  • The buyer cannot be a company or a trust
  • The buyer must be at least 18 years of age
  • The buyer must be an Australian citizen or permanent resident (or applying with someone who is an Australian citizen or permanent resident)
  • The buyer or spouse has not previously owned property in Australia
  • Purchase price cannot be more than $750,000.

A ‘new home’ that entitles the buyer to the First Home Owners’ Grant is a house, unit or townhouse that:

  • Has not been previously occupied as a place of residence
  • Has not been previously sold as a place of residence or
  • Is a substantially renovated home (renovation in which all, or most, of the structural and/or non-structural components of a building are removed or replaced).

If you have been thinking of buying or building your new first home, then this will be the perfect opportunity for a further $5,000 off your purchase price.

If you would like to know whether you would be eligible for the Queensland First Home Owners’ Grant or would simply like more information on the Grant, feel free to contact our Property team at property@hatzis.com.au or call 07 3345 4388.

 

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