First Home Owners Grant

//First Home Owners Grant

First Home Owners Grant

Time to get it while the getting is good!

If you have been saving your pennies to purchase your first home, we have some great news for you!

The powers that be (Queensland Government) have smiled upon us all by extending the closing date of the First Home Owners Grant until the 30th of June 2018. This means you have a little more time to access to the $20,000 grant. This is not the first time the grant has been extended, so it may be your last chance to get a helping hand from the government to get into the property market.

So let’s have a quick look at the eligibility for the Queensland Government’s First Home Owners Grant:-

  • You must be an Australian citizen or permanent resident (or applying with someone who is).
  • You or your spouse must not have previously owned property in Australia.
  • You must be at least 18 years of age.
  • You must be buying or building a brand new home, valued under $750,000.

There is a great quiz on the First Home Owners Grant website, that can help you find out whether you are eligible to take advantage of the grant, click here to take the quiz.

The news is even better if you are looking to build or purchase a new home within the Fraser Coast Regional Council area. The Fraser Coast Regional Council is offering a further $10,000 towards your new home with it’s Fraser Coast Building Grant.

Yes, that is on top of the Queensland Government’s First Home Owners Grant, if you are eligible for both grants.

To be eligible for this grant applicants must:-

  • ensure the application is completed in full at the time of lodgement (an incomplete application will not be accepted);
  • lodge the Final Building Inspection Certificate within 12 months of the date of grant approval;
  • be a natural person (ie not a company) and at least 18 years of age;
  • ensure at least one applicant is an Australian Citizen or a permanent resident at the time of applying;
  • ensure each person holding a relevant interest in the property is an applicant;
  • be building a new home where the contract date is on or after 1 July 2017 or as an owner builder who has received building approval on or after 1 July 2017; and
  • receive an annual gross income less than $85,000 (single applicant) or less than $100,000 for two or more applicants.

Applicants and their spouses must not have:-

  • previously received a grant under this scheme or the Hervey Bay Affordability Scheme/Destination Hervey Bay Grant; and
  • the residential property has not been the subject of a grant previously under this scheme or the Hervey Bay Affordability Scheme/Destination Hervey Bay Grant.

If you are interested in applying for the grant click here to access the lodgement guide.

At Lewis & McNamara we understand that buying a property is no small matter and sometimes it can seem as confusing as it is exciting.

By | 2018-03-27T04:48:43+00:00 March 14th, 2018|Law|Comments Off on First Home Owners Grant