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Our guide to the Queensland first home owners' grant

The Queensland state government offers first homebuyers significant grants and concessions designed to help them into their homes sooner.

Depending on the date of your contract, you may be eligible for $15,000 or $20,000 towards buying or building your new house (if it’s valued at less than $750,000).

As with any scheme of this type, there are important conditions in place, so we’ve put together this short guide for anyone thinking of buying land and building a home in one of Satterley’s Queensland communities.

$15,000

That’s the amount you’ll get towards purchasing or building your new home if you’re eligible for the grant.

$20,000

If you’ve already signed a contract and it’s dated from 1 July 2016 to 30 June 2018 you may be eligible for more! The grant was lifted to $20,000 for that two-year period.

$750,000

That’s the maximum value of the home for this grant which covers houses, units, townhouses, duplexes and granny flats. The land on which the home is built is included in the valuation.

“NEW”

The grant only applies to “brand new” homes. Your home can’t have been used or sold as a place of residence before.

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When should you apply? After you’ve signed the contract to buy or build your home (unless you’re an owner builder, that is). You have one year to apply from when your new home is completed, for instance 12 months after the final inspection report is issued.

DON’T FORGET THE FIRST HOME CONCESSION

The Queensland government also offers a separate incentive to first home buyers called the first home concession. It applies to all homes valued under $550,000 and for homes valued under $500,000 the concession allows owners to pay no transfer duty.

(Transfer duty is a fee paid on certain transactions in Queensland. It works on a sliding scale but can work out to between 1.5% and 5.75% of the value of a property. In other words, the first home concession could save you thousands of dollars.)

 You can find out more about the First Home Owners’ Grant, including eligibility criteria, at the Queensland Government website.

 

DOWNLOAD THE FHOG GUIDE HERE

 

DISCLAIMER: Eligibility requirements and some restrictions apply to all first home buyer grants, exemptions, concessions and reductions. To assess your eligibility, visit the Queensland Government website or call 1300 300 734. The information contained in this guide is general in nature and does not constitute legal or financial advice.

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