Queensland’s First Home Grant:
Key Insights for New Buyers
Introduction:
Great news for prospective homeowners in Queensland! The government has recently announced significant changes to the First Home Owner Grant, which are set to benefit many first-time homebuyers across the state. These updates will be especially pertinent for those looking to purchase or build their first home in areas like Gold Coast, Brisbane, and Jimboomba.
Key Changes to the Grant:
The Queensland government has revised the First Home Owner Grant, with these changes applicable to eligible transactions from 20 November 2023 to 30 June 2025. Prospective first homeowners can anticipate applying for the increased grant from the first week of January 2024.
[“Queensland Revenue Office: Grants and property concessions / First home owner grant“]
Eligibility Criteria:
Before diving into the benefits, it’s essential to understand the eligibility criteria for the grant:
Age and Citizenship: Applicants must be at least 18 years old and either an Australian citizen or permanent resident. Joint applicants are also considered if one is an Australian citizen.
Previous Ownership: Neither you nor your spouse should have previously received a first home owner grant in Australia or owned residential property in Australia after 1 July 2000.
Property Type and Value: The property, valued under $750,000, must be new and not previously occupied or sold as a residence. This includes houses, units, duplexes, townhouses, granny flats, modular homes, homes in manufactured parks, and substantially renovated homes.
Residence Requirements: You must move into the new home within 1 year of the transaction completion and reside there for at least 6 months continuously.
Investment Properties: The grant is not available for investment properties, though exceptions exist under certain conditions.
[“Queensland Revenue Office: First Home Owner Grant Eligibility“]
Differences Between First Home Concessions and the Grant:
It’s important to note the differences between the first home concessions for transfer duty and the first home owner grant:
Occupancy: For the grant, you must occupy the property as your principal place of residence within 1 year of the title registration date or final inspection date, depending on the property type.
Living Period: A continuous period of 6 months of residency is required.
Application Timeline: Applications for the grant must be made within 1 year of the transaction completion.
Renting Out: Renting the property before moving in is permissible, and you may rent out rooms during the 6-month residency period under specific conditions.
Consequences of Non-Compliance: Failing to meet these requirements could lead to the necessity of repaying the grant.
[“Queensland Revenue Office: Differences between first home concessions and grant“]
Conclusion:
These changes to the First Home Owner Grant present an exciting opportunity for many Queenslanders dreaming of owning their first home.
At Golden Bell Properties, we’re here to guide and support you, and help you find the perfect home that meets your needs and eligibility for the grant.
