Happy New Financial Year First Home Buyers!

July 05, 2016
Vicki Wisely

Happy New Financial Year First Home Buyers!  

 

And the Queensland Government has kicked it off with a bonus.

 

From July 1st, 2016 the Queensland state government has increased the First Home Owners’ Grant by $5,000 but only for one year, taking it from $15,000 to $20,000.

This is fabulous news for those looking to enter the market while Queensland home prices provide value for money compared to our larger states. 

The ‘bonus’ only applies if you have entered into your contract on or after July 1st 2016.  Sadly, replacement or revised contracts are not eligible but other than that the same criteria still exists.

  •  At least one of the applicants must be an Australian citizen or permanent resident

  • None of the applicants have previously owned property in Australia

  • You must be 18 years of age or older

  • You must be buying or building a new home or a home that has been substantially renovated.

By definition, a new home is a house, apartment, unit, duplex or townhouse.  It also includes a granny flat that has been built on a relative’s land, homes built off the plan (under contract) with a builder or you can even be the ‘owner builder’. 

As long as it has never been occupied or previously sold as a place of residence.

They will also consider a ‘substantially renovated home’, a renovation where most of the buildings structural and non-structural components have been removed or renovated.  This does not include cosmetic work, so doing a coat of paint and replacing the carpet isn’t going to be enough. As the definitions for this are quite stringent, we strongly recommend holding clear discussions with the relevant authority before proceeding.

Great news for ‘Rentvestors’. Providing you purchased your investment property after 1st July 2000, have never lived in it and can provide items such as rental agreements or tax return details, you might still be eligible for the full grant.

So take a click over to the website because its full of easy to understand information as well as contact details.

  

First Home Owners Grant Queensland

 

Naturally, we recommend you do your own research and ask plenty of questions before you look to purchase.  This article is intended to guide you to https://firsthomeowners.initiatives.qld.gov.au/index.php for accurate information.

Posted in: First home buyers

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