Get a boost when you become a first time home owner.
If you are in the market for your first home, the recent announcement by Queensland Government that the First Home Owners Grant has been extended will be welcome news. Paired with last year’s Budget announcement that first home buyers will also be able to access superannuation funds for a first home deposit, the dream of home ownership has been kept alive for many young people.
Acting Queensland Premier Jackie Trad announced that the $20,000 First Home Owners Grant would be extended and said “Not only are we helping people to get into their first home sooner, we also want to give an incentive to people to buy new properties because that means more jobs.” said Jackie.
Initially when the grant was increased from $15,000 to $20,000 from July 2016 it was set to be for one year only but the success of the scheme and it’s ongoing benefit to both buyers and the jobs market has seen it extended twice to now span a two year period.
Are you eligible for the grant?
- The Queensland First Home Owners’ Grant is available for first home buyers purchasing a brand new home valued at under $750,000
- Contracts entered into between 1 July 2016 and 30 June 2018 will be eligible to apply for the $20,000 First Home Owners Grant
- First home buyers may also be eligible for a stamp duty exemption for under $550,000 find out more by clicking here
For more information on the Queensland First Home Owners’ Grant, visit Queensland State Government’s dedicated page by clicking here.
Can you use your super as a deposit?
Last year’s Budget also had welcome news for first home buyers, announcing that superannuation funds could be used towards a home deposit.
First home buyers will be able to access up to $30,000 of voluntary contributions to their superannuation fund, with up to $15,000 of that able to be salary scarified in pre-tax dollars.
The advantage of building a home deposit in a superannuation account is that funds are only taxed at 15 per cent and withdrawals are taxed at 30 per cent below the marginal tax rate, which is estimated to accelerate saving by at least 30 per cent.
Read more about the access to superannuation funds for first home buyers by clicking here.
With so much good news for first home buyers, maybe your first home is closer than you think!
Looking for the right property?
Robina Group have two residential projects that fit the criteria of brand new, under $750,000:
Vue Terrace Homes – 3 Bed + Media Terrace Homes in an elevated parkland setting, walking distance to shopping, dining, transport and more. From $599,000. Click here to view.
Boheme Apartments – 2 & 3 Bed Apartments in a lakeside setting, just 200m from Robina Town Centre in the heart of Robina. 2 Bed from $475,000 & 3 Bed from $549,000. Click here to view.