From 1 July 2016 the Great Start Grant will be known as the Queensland First Home Owner Grant and depending on your date of contract you'll get $15,000 or $20,000 towards buying or building your new house, unit, or townhouse (valued at less than $750,000).The First Home Owner Grant (FHOG) initiative from the Queensland Government to help you get your first home sooner. To be eligible for the grant, you need to purchase a new home, buy and 'off the plan' property, or by property and build your new home yourself. Further, you must move into the home as your principal place of residence within 1 year of completing the transaction and remain in the home for a continuous period of 6 months. To qualify for the grant, the property value must be less than $750,000.
If you are eligible for the grant, you may also be eligible for the first home buyers concession on the transfer duty (formerly called stamp duty). You can apply for a concession on:
· New homes up to the value of $504,999 and receive the maximum concession of $8,750 of your transfer duty. Concessions apply for new homes up to the value of $550,000.
· Vacant land where you intend to build you home to the value of $250,000 and get a 100% concession on transfer duty. Reduced concessions are granted for land up to the value of $399,999.
The first home buyers concession decreases in value for both new homes and vacant land purchases as the value of the property increases. To estimate your transfer duty on your new home, try our calculator or speak to us on 1300 861 143
“In preparing in this article we have not taken into account any particular persons objectives, financial situation or needs. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain financial advice specific to their situation before making any financial investment or insurance decision.”