First Home Owners Grant
The Queensland First Home Owners’ Grant is a state government initiative to help first homeowners to get their new first house sooner. The grant amount has varied since it was first introduced in 2000. Contracts dated earlier than 1 July 2018 may still be eligible for a grant.
How much is the First Home Owners grant?
The value of your first home including the land must be below $750,000. You’ll get $15,000 towards buying or building your new home if eligible. The Queensland grant covers new houses, units and townhouses—you can buy off the plan or choose to make yourself.
No matter whether you are buying on your own or as part of a couple, you will only receive one $15,000 payment (if eligible). That’s because the First Home Owners Grant in Qld is paid per new home, not per applicant. Money goes a long way towards your first home deposit but conditions apply. To be eligible for the FHOG QLD, you must buy a brand-new home or build a house from scratch.
How do I know If I am eligible?
Several criteria need to be met to be eligible for the First Home Owners Grant in Queensland. If unsure, you can contact a Newbridge Home Loans and the expert mortgage brokers will help you out.
First of all, you and any co-applicants must be at least 18 years old and be a permanent resident or an Australian citizen (or applying with someone who is). Secondly, you should not have previously received a first homeowner grant in any state or territory unless you subsequently repaid it.
In addition, you may still be eligible for the First Home Owner Grant in Queensland if you have owned an investment property as long as you haven’t lived in it. Lastly, you’ll need to live in your first home for at least six months within a year of becoming the owner.
First Home Owner Grant spouse requirements:
If you are not a PR, but your spouse is an Australian citizen—you may be eligible for the
grant as a joint applicant if you meet the other eligibility requirements.
You or your spouse should not have previously received a first homeowner grant in any state or territory of Australia. However, if you had received a grant that you later paid back, together with any penalty, you may be able to reapply. If unsure you can check with the specialists from https://mynewbridge.com.au/.
When the grant is paid?
Primarily there are two situations; If you have applied through a bank or lending institution or If you have applied directly with Queensland Revenue Office. If you have applied through a bank or lending institution, the timeframe for payment is generally at settlement, for buying a new home, on the first drawdown of funds, for contracts to build your new home or on receipt of a final inspection certificate, for building your new home as an owner builder.
If you are buying or building your new home (either under a contract or as an owner- builder) and applying for the grant directly with Queensland Revenue Office the grant is not paid until you have supplied us with the final inspection certificate.