The Queensland Government Budget has been announced and we will not sugar coat it, it has got some teeth.
It has taken a substantial bite out of the First Homeowners Grant and is looking for a larger slice of the foreign ownership pie. There are a few more less than pleasant surprises in there, however we will ease you into this brave new future by focusing on the changes to the First Homeowner’s Grant & Foreign Acquirer Duty.
The First Homeowner’s Grant
The good news is that unlike many other states in Australia, Queensland’s First Homeowners Grant has survived another round of Government cuts. It has not remained unscathed, returning in the form of a $15,000 grant. Down from the $20,000 sum that first homeowners have benefited from since 2016.
For more information on how to check your eligibility and how to apply for the first homeowners grant, click here to check out this article we wrote earlier in the year.
Foreign Acquirer Duty
The news is not amazing if you are a foreign investor looking to purchase a property on our fair shores, with government announcing an increase in the Foreign Acquirer Duty first introduced in 2016. The increase will see the tax rise from 3% to 7%.
If you are wanting to know a little more about what the budget has install for us in the coming year, click here for a great article from the ABC. It could be a lot worse, Zimbabwe’s peak month of inflation was estimated at 79.6 billion percent in mid-November 2008. So, remember this little mantra while you are reading through ‘at least it is not Zimbabwe bad’.