What Is The First Home Owners Grant And How Can It Help You?

If you’re an Australian citizen or permanent resident buying or building your first home, you may be eligible for a First Home Owners Grant. Whether you’re buying an established home or want to build a new house from scratch, the FHOG could provide an invaluable financial buffer and help you get that house you really want.

So how does the First Home Owners Grant work and how can you get the process started?

 

First Home Owners Grant QLD

The Australian Government offers various programs and grants to help first time home buyers get on the property ladder. Although a national scheme, the terms and conditions vary on state or territory. So the value of the grant and the eligibility criteria will depend on which state you are looking to buy your home.

The FHOG QLD is currently valued at $15,000.

 

What’s the FHOG QLD eligibility criteria?

First home owners in Queensland are eligible for the 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.

 

How do I apply for the First Home Owners Grant?

There are two ways to submit an application for the Queensland First Home Owners’ Grant. One is through an approved bank or lending institution and the other is by lodging it directly with the Office of State Revenue.

If you apply through an approved agent (i.e a bank or lending institution), they will assist you in ensuring that your application is properly completed and that your supporting documentation is sufficient prior to lodging it with the Office of State Revenue. If you’re unsure about the process, this is the best way to submit your application.

Should you choose to lodge your request directly with the Office of State Revenue, make sure your application form is thoroughly filled out and that you include the correct supporting documentation (which must include the signed contract to buy or build your first home, if applicable) to avoid delays or rejection.

 

When should I apply for the First Home Owners Grant QLD?

In order to receive the owner grant, you must apply within the following timeframes:

 

Home Buyer

You must apply within 1 year of taking possession of the new home and your title being registered.

 

Contract to Build

You must apply within 1 year of the new home being completed; for instance, the final inspection report being issued.

 

Owner Builder

You must apply within 1 year of the new home being completed; for instance, the final inspection report being issued.

 

What other grants are there for first time buyers?

The first home owner grant is a fantastic leg-up for first time buyers. But you could also be eligible for further grants or concessions depending on your circumstances.

 

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. When buying your first home, you may be eligible for a concession which could reduce or negate the transfer duty amount.

To be eligible for the First Home Concession you must:

  • Be 18 years of age or older.
  • Move into your home within one year of the settlement.
  • Not have claimed a first home vacant land concession in the past.
  • Not sell, transfer or leas all or part of the property for at least one year after moving in.
  • Have never previously held an interest in a residence in Australia or overseas.

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, you may be eligible for a concession to the transfer duty.

To be eligible for the First Home Vacant Land Concession you must:

  • Be buying vacant land valued under $400,000.
  • Have never previously claimed this concession.
  • Have never held an interest in a residence in Australia or overseas.
  • Be at least 18 years old.
  • Only build one home on the land.
  • Build your first home, move in and live there within two years of the settlement.
  • Not sell, transfer or lease all or part of the property before moving in.
  • Not sell, transfer or least or all part of the property for one year after moving in.

 

House & Land Packages

At Plantation Palms, we have a number of house and land packages for sale. So whether you want to buy some land and build your home from scratch or buy a pre-built house, we can help you find your dream home.

For more information on your options and take that first step towards becoming a home owner, contact one of our friendly staff today.

Leave a Reply

Your email address will not be published. Required fields are marked *