Buying your first home is likely one of your biggest financial commitments so far. You’ve sacrificed, scrimmaged and saved to pull together a deposit, thoroughly researched your purchasing options and are now set to begin your journey as a first home buyer. It’s no easy road, but you’re well on your way – congratulations! You deserve more than a congratulatory pat on the back for your efforts, though, and it comes in the form of the First Home Buyer Grant. It can put as much as $20,000 back in your wallet, off your mortgage or toward an upgraded inclusion package – an invaluable helping hand when purchasing a home. But, there are a few caveats to eligibility of recipients, and it’s worth your while to know not only if you’re entitled, but the steps you need to take to get it, and the rules you need to follow to keep it. Here’s everything you need to know about the First Home Owner Grant in Queensland.
As per most eligibility factors regarding home purchasing, you and your spouse (if applicable) need to be 18 years of age or over in order to be considered a viable applicant for the grant.
If your new home was contracted for purchase between 1 July 2016 and 30 June 2018 your grant total can be up to $20,000; if your home’s contract date is after 30 June, your entitlement is $15,000.
To be eligible, the home you’re purchasing must be brand new (or, at the very least) recently renovated. Your new new home – either built on pre-purchased land or with our house and land packages – must have a value of $750,000 or less. Taking the building option also assures you peace of mind that the house is quality and under warranty.
There are quite a few time frames that the Queensland government need applicants to stick to. You need to move into your home within one year of completion (for a new home build, that is from the point the home is ready for occupation), and live in the home continuously for at least six months after. If you find yourself in unforeseen circumstances that require you to either put off moving in, or to move out before six months, you have 14 days to report your position. You will be responsible for back paying any amount already given if you lose your eligibility after the fact.
For home building, this means the application has to have been lodged by the time the final inspection certificate has been issued. You run the risk of missing out if not completed in time!
For more information on the First Home Owner Grant process and further application requirements head to the Queensland Government website.
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