Good News for First Home Buyers
The Good News begins 1 July 2016
You may not have heard the good news but from 1 July 2016 the Great Start Grant will be known as the “Queensland First Home Owners’ Grant”.
The First Home Owner Grant Act 2000 was recently amended to increase the grant amount from $15,000 to $20,000 for eligible transactions entered into between 1 July 2016 and 30 June 2017. This is a one-off 12 month boost by the Queensland Government, therefore it’s a great time to buy or build a new home.
The Queensland First Home Owners’ Grant is a state government initiative to help first home owners to get their new first home sooner. Depending on the date of your contract, you’ll get $15,000 or $20,000 towards buying or building your new house, unit or townhouse. You can even buy off-the-plan or choose to build yourself.
To be eligible for the 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.
The additional grant is not available to contracts that replace previous contracts entered into before 1 July 2016. As a result, you cannot simply enter into a new contract to get yourself the additional $5,000.