Updated 4 December 2017
First Home Owner Grant
The Queensland Government is offering a First Home Owner Grant (FHOG) to all eligible first home buyers up to the value of $20,000.
To be eligible for the grant you need to purchase a new home, buy an 'off the plan' property, or buy land and build a residential property on the land. Further, the dwelling must become your principal place of residence for at least 6 continuous months within 1 year of completing the transaction. Finally, the value of the property must be less than $750,000.
If you are eligible for the grant, you may also be eligible for a first home buyers concession on the transfer duty (stamp duty). To be eligible for the stamp duty concession, you must:
- Have purchased or built a new home with a dutiable value of $550,000 or less. Those purchasing or building new properties with a dutiable value of $504,999 or less will receive the maximum stamp duty concession - $8,750.
- Have purchased vacant land where you intend to build a residential dwelling up to the value of $399,999. Those building homes with a dutiable value of $250,000 or less will receive the fill stamp duty concession.
The stamp duty concessions given to first home buyers decrease in value for both new homes and vacant land purchases as the value of the property increases.
To estimate the transfer duty you may have to pay on your new home, try our calculator or speak to one of our local expert mortgage brokers.
For more information please visit Queensland First Home Owners' Grant website.