Are you looking to buy your first home?
First home buyers, take note: Queensland Treasurer Curtis Pitt recently announced an increase of $5,000 to the Great Start Grant, meaning the total grant is now $20,000. All first home buyers purchasing newly constructed property under $750,000 are eligible to apply for the grant.
The increase to the Great Start Grant will apply from 1 July 2016 for 1 year only, this is great for first home buyers looking to buy, new or off the plan. It’s the first major increase to the Great Start Grant since it was established in September 2012, replacing the previous First Home Owners Grant established in 2000.
FACTS YOU SHOULD KNOW:
- The previous ‘Great Start Grant’ has been renamed and as of July 1 2016 it is now called the Queensland First Home Owners’ Grant
- The$15,000 Great Start Grant applies to contracts dated between 12th September 2012 and 30th June 2016
- The $20,000 Queensland First Home Owner’s Grant is not available to replacement contracts where there was a previous contract entered into before 1st July 2016, meaning you can’t rescind a contract and sign a new one on the same property to claim the increased grant
- Contracts entered into from 1st July 2016 for that financial year will be eligible to apply for the boosted $20,000 Queensland First Home Owner’s Grant
- To apply for the current grant you must be buying or building a brand new home valued at under $750,000
First home buyers may also be eligible for a stamp duty exemption for homes under $550,000, which is an additional kick start to entering the market. There is nothing like a brand new home, or the feeling of buying your first home and with these incentives on offer and interest rates at all time lows, it is certainly an interesting time to be looking at the property market.
If you want to check your eligibility for the Queensland First Home Owner’s Grant, you can visit Queensland State Government’s dedicated page by clicking here.