With access to a $15,000 First Home Owners’ Grant, there’s never been a better time to buy for first time builders. To be eligible for First Home Owners’ Grant, you must meet the following eligibility criteria:
You must be purchasing a new home, whether that’s a new-build property that hasn’t been lived in or building your own property
Total value of the home and land needs to be less than $750,000
Be a permanent resident or Australian citizen aged 18 years or older and be an individual, not a company or trust. In some circumstances, New Zealand nationals with a special category visa may be eligible.
You (or your spouse/co-purchaser) must not have received the First Home Owners’ Grant previously
You (or your spouse/co-purchaser) must not currently own, or have previously owner, property in Australia that you have lived in
To find out if you are eligible for the First Home Owners' Grant, use the Queensland Government's Eligibility Tester here.
AM I ELIGIBLE FOR THE FIRST HOME OWNERS’ GRANT IF I OWN AN INVESTMENT PROPERTY?
Even if you own an investment property, you may still be eligible for the First Home Owners’ Grant on a new home build, so long as you can provide evidence that you have not lived in the property for the entire ownership (including lease agreements, electricity accounts, and tax returns that declare the rental property).
CAN I USE THE FIRST HOME OWNERS’ GRANT TO PURCHASE AN INVESTMENT PROPERTY?
No – you must occupy the home as your principal place of residence within 12 months of construction or purchase, and occupy the home for a minimum of 12 consecutive months.
DO I STILL NEED TO PAY STAMP DUTY?
You may be eligible to save on the cost of stamp duty if you meet the below criteria:
If you buy vacant land on which to build your first home, and you pay less than $400,000 for the land, you pay zero stamp duty
If your first home is valued up to $500,000, you pay zero stamp duty
If you pay between $500,000 and $550,000 for your first home, you may still be eligible for some savings on stamp duty
DOES IT REPLACE OTHER EXISTING SCHEMES?
No, the First Home Owners’ Grant complements stamp duty concessions and other grant schemes, as well as the Commonwealth’s First Home Loan Deposit Scheme and First Home Super Saver Scheme.
Talk to us today about how to make the most of this once in a lifetime opportunity. Contact us on 13 63 93 to see how we can help you build your new home with Clarendon Homes.