Every state and territory in Australia has its own first homeowner’s grant, each state has its grant amounts and requirements. Queensland is the most generous offering up to $5000 more than NSW, SA and Victoria.
At the start of the new millennium in July, marks the year that owning a home become significantly more accessible in Australia. In July 2000 the Australian government introduced the first homeowner’s buyers grant. This nationwide initiative that was introduced to offset GST and make purchasing a home more affordable for Australian citizens.
What is the first homeowner grant in Queensland?
The first homeowners grant is an initiative by the Queensland government, to make it easier for eligible individuals, couples and families to own their first home. You can get $15,000 towards buying or building your new house, unit or townhouse as long as it is valued less than $750,000. The grant is paid per new home, not to each of the applicants for the same home.
What is the criteria to become eligible for the first homeowner’s buyers grant?
To be able to get the first homeowners grant you must be,
- At least 18 years of age.
- Must be an Australian citizen or permanent resident. (or applying with someone who is)
- You or your spouse must not have previously owned property in Australia that you lived in.
- You must be buying or building a new home. A new home is either a house, unit or townhouse that has never been occupied as a place of residence or sold as a place of residence.
- You may use the first homeowner’s buyers grant on a substantially renovated home including the land it’s situated on. There is a criterion that needs to be met before the release of the grant.
- It must be substantially renovated before you buy it.
- Must not have a been lived in since the renovation.
- The seller:
- Must be registered for the GST and be selling the home in the course of their business.
- The seller must give you a tax invoice that shows the GST component of the home purchase price.
- Must give a statement that confirms the house has not been occupied or sold since renovation.
Substantial renovations definition: A substantial renovation is when all, or most, of the structural or non-structural components of the building, are removed or replaced. Most of the rooms in the building must have been affected, and the renovations must have affected the building as a whole for it to be considered a substantial renovation.
- You must live in your new home as the principal place of residence within 12 months of the completed transaction and live there continuously for 6 months.
- The value of the new house and including the land must be less than $750,000.
- Must be buying in Queensland.
- The new home cannot be in a family trust.
- You must not receive financial help to build or buy your new home, from a related person who also will regularly stay in the home.
- Unless you are an owner-builder, you must have signed a contract to buy or build your first home before applying.
When do you get your first homeowner’s grant?
When you’re are eligible for the first homeowner’s buyers grant, you will receive the homeowners grant once you have;
Begun building a new home
- Signed a building contract for your new home.
- Put down a deposit for a block of land. This must be done before signing the building contract.
- Registration statement that identifies the applicants as the registered owners.
- Final inspection certificate.
- Valuation notice.
- Rates notice.
Buying a new home
- Contract signed and dated by the seller and applicants.
- Final inspection certificate.
- Registration statement that confirms the applicant as the registered owners of the new home.
- Statement from the seller confirming that the property hasn’t been previously been occupied or sold as a place of residence.
- Stamped and lodged form 1 transfer.
Please note that that your application submission must occur within 12 months of the new home completion, and the final inspection report delivery.
Did you know?
Pop Up Homes are not only granny flats; our homes can also be used as a main dwelling. Additionally, you can use a Pop Up Home for your first homeowner’s buyer grant as you will be building a new home, as long as you have your block of land before signing the builders contract you will be eligible for the first home owners buyers grant.
Pop Up Homes have 3 modern styles to choose from and come in 2 sizes. The size ranges from 37 square metres to 58 square metres. The 3 modern styles to choose from include,
- The Keppel 1 bedroom 37 square metres, Price starts from $39,990.
- The Fraser 2 bedroom 58 square metres, Price starts from $49,990.
- The Moreton 3 bedroom 58 square metres, Price starts from $51,990.
A Pop Up Home is an affordable solution for the young and old and a good way to get your foot in the door in the housing market.
Contact Pop Up Homes on 1300 121 556 now for your free consolation with one of our Pop Up Home specialists.
Sources:https://www.echoice.com.au/guides/first-home-owners-grant-qld/ https://www.blackk.com.au/first-home-buyers-grant-qlds-comprehensive-guide/ https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant