Here at Johnsons Solicitors & Attorneys, our team assists a range of clients from varying backgrounds. One of the key clients we often help is the first home buyer. To assist you in developing a clearer understanding of the first home grants available in Queensland, our team has compiled a helpful summary below.
First Home Owners’ Grant
Each Australian state government has their own First Home Owners’ Grant scheme to assist first home owners.
In the State of Queensland, if your contract is dated 1 July 2018 or later, you can apply for the Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). There are also other requirements that apply and eligibility criteria to meet and the Office of State Revenue reserves their rights to approve or object to the grant application, including and not limited to:
- Being over the age of 18 years old;
- Being an Australian Citizen or Permanent Resident;
- Must not have previously received a first home owner grant in any state or territory of Australia;
- You or your spouse (if applicable) must not:
- currently own property in Australia that you live in
- have previously owned property in Australia that you lived in
- have owned a home before 1 July 2000, whether you lived in it or not;
- Must move into your brand new home as your principal place of residence within 1 year of the completed transaction, and live there continuously for 6 months.
Similar to the grant above, each state government also offers a HomeBuilder grant initiative to provide eligible individuals and couples towards building, buying a new home or substantially renovating an existing home that they will own and occupy.
Depending on when you sign into the contract, the grant amount is:
- $25,000 for contracts signed between 4 June and 31 December 2020; and
- $15,000 for contracts signed between 1 January and 31 March 2021.
Here in Queensland, the eligibility requirements includes and is not limited to:
- Must not have previously received a HomeBuilder grant in any state or territory of Australia;
- Must be at least 18 years of age. (Companies and trusts cannot apply.);
- Must be an Australian citizen at the time of application;
- Your 2018–19 or 2019-20 annual taxable income must be below:
- $125,000 for an individual; or
- $200,000 for a couple.
- You will be the registered owner on the title;
- The home will be your principal place of residence after completion or settlement;
- The contract is signed between 4 June 2020 and 31 March 2021 to:
- buy an off-the plan or new home valued at $750,000 or less and construction had not started before 4 June 2020; or
- build a new home where the build amount and the value of the land (including any existing structures) is $750,000 or less; or
- substantially renovate an existing home, where renovations cost between $150,000 and $750,000; and value of property (home and land before renovation) is less than $1.5 million.
Ask Johnsons Solicitors & Attorneys
Do you need assistance in navigating the various first home grants available to you? Get in touch with our team today. Based on the Gold Coast, we help clients all over Australia and even internationally. Contact the office on 07 5571 1600 today.