First Home Owners' Grant - what's the deal?
If you have not owned a home before and are thinking about buying or building a new home in Queensland, you may be interested to learn about the Queensland Government's first home owner grant.
The value of the grant depends on your contract date:
- $15,000 for contracts dated 1 July 2018 or after
- $20,000 for contracts dated from 1 July 2016 to 30 June 2018
To be eligible for the First Home Owners’ Grant:
• You must be buying or building a new home (a new home is a house, apartment, unit or townhouse and includes off-the-plan purchases) valued at less than $750,000;
• 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; and
• You must be at least 18 years of age;
There are ongoing eligibility requirements. You must move into the home as your principal place of residence within 1 year of completing the transaction and remain in the home for a continuous period of 6 months.
If you are eligible for the grant, you may also be eligible for the first home concession on transfer duty. Strict requirements and rules apply depending on whether you are purchasing a new home or vacant land to build a new home.
Argon Law is a Sunshine Coast law firm based in Maroochydore. We are commercial lawyers with many years of experience in property transactions and are eager to assist you in any way we can.
Always ensure you seek professional advice for your specific circumstances. The above is not advice and is intended to be general in nature only.