There’s some great news for first home buyers who are currently searching for homes for sale in Mackay. The Queensland Government’s First Home Owners’ Grant (previously known as the Great Start Grant) has just been extended to 30 June of this year. That means if you sign a contract to buy or build a new home between the dates of 1 July 2016 and 30 June 2018, you may well be eligible for a $20,000 payment towards the cost of that property. This may be in addition to the first home concessions for transfer duty that are available in Queensland for first home buyers.
How to find a home that’s eligible for the First Home Owners’ Grant
Keep in mind that the First Home Owners’ Grant only applies to newly constructed or substantially renovated homes, so your best bet is to look at newly completed homes or a contract to build if you wish to take advantage of the $20,000 grant. That makes Plantation Palms the ideal place to find house and land for sale in Mackay. Not only do we have a diverse range of land options, house and land packages and quality builders to choose from, but we also have a number of newly built homes that would suit the criteria for the grant.
What are the conditions of the grant?
There are a few conditions that you’ll need to comply with for the First Home Owners’ Grant, otherwise you may be required to pay the grant back (and nobody wants to do that!). First, you’ll have one year from the completion of the transaction to apply for the grant. You’ll also need to occupy your new property as your primary place of residence within one year of the title registration date (for purchased homes) or within one year after the final inspection date (if you’re building your home). Once you begin to live at the property, you will need to reside there for a continuous period of six months. As per the grant conditions you can rent the property out before moving in and you can rent out one or more rooms in the house during your six-month residency period, as long as this doesn’t affect the use of your home. There are also some different conditions for the first home concessions for transfer duty, so it’s worth doing your research and planning out how you’ll use your property for the first year, in order to maximise the benefits for your budget.
Further information can be found at the official First Home Owner’s Grant website, or by speaking with the friendly team at Plantation Palms. If you’ve been thinking about making the move to your own home, now could be a great time to make that happen!