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How the first home owners grant works

While first home owners are generally able to get mortgages to buy or build their new homes, the First Home Owners Grant is a $20,000 grant designed to get you into your first home sooner.  

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This grant can help if:

  • You’re thinking of buying or building a new home
  • It could get you something more than you were expecting
  • It can get you into your first home sooner

Are you eligible?

  • You must be an Australian Citizen or permanent resident, or alternatively applying with someone who is
  • You or your spouse must not have previously owned property in Australia 
  • You must be at least eighteen years of age 
  • You must be buying or building a brand new home, valued at under $750,000

When do you receive the grant?

This grant is usually paid at the time of settlement to your financier, and applied directly to your home loan. If you are building a home, the grant will be paid when your first loan repayment is due.

Is there anything else you may be eligible for?

As well as being eligible for the First Home Owners Grant in Queensland, you can also be eligible for the First Home Transfer Duty Concession. This transfer duty concession, previously know as Stamp Duty Concession can apply for both homes and vacant land.

For the First Home Transfer Duty Concession, you must:

  • Not have held an interest in residential land anywhere in the world
  • You must occupy the residence as your home within one year of the transfer date, and live in the property for 12-months

About the First Home Owners Grant

The First Home Owners Grant (FHOG) scheme was introduced on 1 July 2000, to offset the effect of GST on home ownership. This is a national scheme funded by the states and territories, and administered under their own legislation.

The Queensland First Home Owners Grant is a state government initiative, and starting from the 1st July 2016, the Queensland Government announced a one-off, 12-month boost of $5,000 to the grant, which will now be worth $20,000, provided your contracts are signed prior to the 30th June 2017.

Contact Which Property to find out more about how the First Home Owners Grant can help you!

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