Australia first introduced the first home owners grant in July 2000.
Queensland has used this initiative to help first home buyers get their first home sooner. The grant originally was at $15,000 towards any new house, unit or townhouse valued at less than $750,000. As of 1 July 2016, Queensland increased the grant to $20,000 giving even more incentive for those looking to buy, which is a one-off 12-month boost of $5,000.
In order to be eligible, there are a few criteria that you are required to fit into.
How can I be eligible for the first home owners’ grant?
- An Australian citizen or permanent resident (or completing a joint application with someone who is).
- You or your partner have not previously owned a property in Australia
- Over 18 years of age.
- The property must be brand new, or being built and valued under $750,000.
When purchasing brand-new, you are able to buy off the plan or build the home yourself too. This is a great incentive for those thinking of getting into the property market to help accelerate funds towards the property. The Queensland Government website provides a cost calculator to figure out how much you will be eligible for, depending on when your purchase went through.
How can I apply for the first home owner’s grant?
Are you thinking about buying your first home? Hunter Galloway has a variety of resources that can assist you with this process to help you gain a better understanding of extra costs, taxes and requirements involved. We can also help you apply for the first home owners’ grant so that it is an easy process. Our services are completely free too. Chat to our team of experts for a free assessment now on 1300 088 065 or send an enquiry to us here.
The Queensland First Home Owners’ Grant is administered under the First Home Owner Grant Act 2000.