THE QUEENSLAND FIRST HOME BUYER GRANT

The Queensland Government is offering a first home buyer grant and reductions in stamp duty to assist first home buyers. The grant in Queensland is $15,000. The grant is designed to get first home owners into the market sooner.  If you are eligible for the grant then you will only need a small deposit to get into you first home. For a guide on how much deposit you need see First time home buyer mortgage

First home buyer grant eligible family photo relaxing on the grass
Looking out to the garden across the kitchen bench

TO BE ELIGIBLE 

To be eligible for the first home buyer grant Queensland you must

• You or your partner must be an Australian Citizen or permanent resident,

• You must be buying a brand new home or building a new home

• You or your partner must not have previously owned property in Australia

• You must be at least 18 years old

• You must be buying or building a brand new home that is valued under $750,000

• To qualify for stamp duty exemption the land purchase price must be less than $400,000

• You must not have received a first home owners grant in the past

• You can only receive the grant if you are an individual not as a company or trustee

• You must move into your new home within 1 year of handover of your new home as your principle place of residence.

• You must remain in the home for a continues period of 6 months

• If your home is bought from a related party then must be bought at market value.

• You may not be eligible if you receive financial help to buy your home.

If you buy your home from a related person you will need to provide evidence of the homes market value when applying for the first time home buyer grant.  If you or your partner receives financial help you must lodge a statutory declaration with your application outlining details of whether the money received is owed by you or has been gifted to you. You must also declare whether the person who gave the financial assistance is related to you and whether they intend living in the home.

HOW TO APPLY FOR THE FIRST HOME BUYER GRANT

The easiest way to apply for the grant is to do so through the mortgage broker who will arrange your finance.  The broker will incorporate the application for the grant with your other loan application documents.  The grant is normally paid directly to you financial institution you get your loan from. The grant will not be paid until you have paid at least the greater of a 10% deposit or the grant amount, the contract has been operating for at least a year and you have occupied you home as your principle place of residence. You cannot be in default of your building contract when the grant is paid.  Please keep in mind that the information on these pages is general in nature and does not constitute individual financial advice. Governments can change the above criteria at any time. You can get more information about the first home buyer grant from the Queensland Government website 


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We can help you get into your first home by helping you get finance which incorporates the first time home buyer grant. We can help you find the right property to meet your needs and take you on a journey from purchasing the land, signing a full turnkey fixed price building contract. We will also interface between yourself and the builder during the construction process and providing you with an independent pre-handover inspection.  You can rest easy knowing that we are with you every step of the way.  Contact us today for more information.

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