First Home Owners Grant Queensland QLD
The First Home Owners Grant Queensland was launched on July 1, 2000 along with similar schemes being introduced in all other states and territories in Australia. Each state and territory government was given the responsibility of administering the federally funded project on behalf of the Commonwealth Government, as a compensation package for the perceived adverse effect the new Goods and Services Tax (GST) was expected to have on first home buyers, which was introduced on the same day.
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The First Home Owners Grant Queensland, as do all its sister programs elsewhere, pay a tax free, one off grant of $7,000 to all eligible first home buyers either purchasing or building their first home. The Queensland Government itself offers a further $4,000 to first home buyers intending to build or buy a new home in regional areas. They were also exempt from paying any stamp duty on properties valued up to $500,000 and are given partial rebates off stamp duty on properties being purchased up to $600,000. The First Home Owner Grant itself is now capped at $750,000.
All this means that if a first home buyer is purchasing an established home valued at $400,000 they will receive $7,000 from the First Home Owner Grant and stamp duty concessions of $5,250, giving a total savings of $12,250.
On a new home valued at $400,000 being built in a regional area they will receive the First Home Owner Grant of $7,000, stamp duty concession of $5,250 and a further grant of $4,000 giving a total incentive of $16,250.
All these grants and concessions are real money and well worth claiming for. One of the best advisors you can engage to help you make certain that you don’t miss out on anything that you are entitled to is to engage the services of a mortgage broker. A mortgage broker will ensure you complete the application form correctly and that all the required supporting documentation is attached. They will also forward it to the Queensland State Revenue Office on your behalf, you can then expect the approval to be made when settlement on your property is due, or if you are building, when the first scheduled (or progress) payment is due to be paid by your lender in compliance with the terms and conditions of your construction loan. If you don’t get your claim in early it will still be accepted up to 12 months after settlement, or finish of construction, whichever is relevant to the particular first home buyer. The Commissioner can extend this time limitation further if certain circumstances permit.
Those eligible for the First Home Owner Grant Queensland must be able to comply with the following requirements:
• Be either an Australian citizen or a permanent resident who has lived in Australia for at least six months and 18 year of age or more. New Zealanders are treated as Australian citizens in this instance under the provisions of the Migration Act 1958.
• You must be a genuine first home buyer and to have never owned a home or property anywhere in Australia previously. Neither must your spouse or domestic partner of any gender, whether they have any interest in this particular property or not.
• If you are buying the property in joint ownership with any other person or persons, none of them must have owned property in Australia before either.
• You must be a ‘natural’ person. This means that you can not be a company nor a trust, although the Commissioner can make exemptions in the case where the trust has been specifically set up with a disabled person as the beneficiary.
• The home you are purchasing must not exceed the value of $750,000 and it must comply with all local, state and federal building regulations. It must therefore be a stand alone house, flat, unit, apartment or townhouse.
The First Home Owners Grant Queensland in conjunction with the other grants and incentives goes a long way to making it easier for first home buyers to enter the market but it must be remembered that all these programs are only for the first home buyer. Once you have taken advantage of them they are gone forever, so it is important that you make the right decision on what you purchase as your first home. You can avoid many of the pitfalls by making use of your mortgage broker to not only help you with obtaining the First Home Owner Grant Queensland but also in obtaining the right home loan to suit your particular circumstances.
Related posts:
- Federal Government First Home Owners Grant
- First Home Owners Grant FAQ
- First Home Owners Grant (ACT)
- When Will I Get the First Home Owners Grant?
- How to apply for first home owners grant
- First Home Owners Grant FAQ NSW
- First Home Buyers Grant Northern Territory (NT)
- How to Apply for the First Home Owners Grant in South Australia (SA)
- Can I Apply for the First Home Owners Grant if I Have Previously Owned a Property Which Was Then Sold?
- Eligibility for first home buyers grant
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