When looking to buy your first property in Mackay, there are many things to consider. From Mackay real estate rentals to our Hotondo house and land packages, Plantation Palms have many flexible options that will help you take that leap.
But before you consider any of these, there are three things you should know about that could make buying your first Mackay home even easier.
The Queensland First Home Owners’ Grant
Getting on the property ladder is tough. Saving up for a deposit alone can be a mammoth task. That’s why each State Government in Australia offers programs and grants to help Australian Citizens and Permanent Residents make that all-important first purchase.
In Queensland, the grant currently stands at $15,000.
What is the eligibility criteria for the Queensland First Home Owner’s Grant?
You are eligible for this grant if:
- You are an Australian Citizen, a Permanent Resident or applying with somebody who is.
- You or your partner have never owned a property in Australia,
- You are at least 18 years old.
- You are buying a brand new home or dwelling (i.e it has never been occupied).
- The property is valued under $750,000.
- You move into your home within one year of the completed eligible transaction and live there for at least 6 months continuously.
First Home Transfer Duty Concession
Transfer duty, also known as stamp duty, is a tax levied by the State Government on certain documents and transactions which includes buying a home. The total transfer duty amount varies depending on the value of your property.
When buying your first home, you may be eligible for a concession which could reduce the transfer duty amount. In some cases, the concession could even equal the total transfer duty amount.
What is the eligibility criteria for the First Home Concession?
- You must be 18 years of age or older.
- You must move into your home within one year of the settlement.
- You must not have claimed a first home vacant land concession in the past.
- You must not dispose (sell, transfer or lease) of all or part of the property prior to moving in.
- You must have never previously held an interest in a residence in Australia or overseas.
- You must not dispose of all or part of the property for at least one year after moving in.
The First Home Concession only applies to properties up to $550,000 in value. Properties of higher value may still be eligible for a Home Concession.
First Home Vacant Land Concession
If you are buying vacant land to build your first home you may be eligible for a concession to the transfer duty.
What is the eligibility criteria for the First Home Vacant Land Concession?
- You must be buying vacant land valued under $400,000.
- You must have never previously claimed this concession.
- You must never held an interest in a residence in Australia or overseas.
- You must b at least 18 years old.
- You must only build one home on the land.
- You must build your first home, move in and live there within two years of the settlement.
- There must be no building, or parts of a building, on the land before you acquire it.
- You must not sell, transfer or lease all or part of the property before moving in.
- You must not sell, transfer or least or all part of the property for one year after moving in.
Keen To Buy?
Are you keen to take advantage of these concessions and take the first step towards owning your first home? For more information on our Hotondo house and land packages or Mackay real estate rentals, contact us today.