In 2000 the state Government of Queensland instituted a First Home Owners Grant to help residents buy their buy their first home, sooner than would be possible on their own. A couple of years ago the state government raised the amount of the grant making it possible for those who signed contracts as of July 1, 2018 or later to receive a grant for $15,000 towards buying or building a new townhouse, house, or unit valued at less than $750,000.
Those who signed contracts between 2000 and July 1, 2018 may still be eligible for a grant in a lesser amount than the $15,000.
Guidelines for the Grant
You must be purchasing or building a brand new home.
Must be at least 18 years old to apply for the grant
You must be an Australian citizen, permanent resident, or you must apply with someone who is an Australian citizen or permanent resident.
Neither you nor your spouse can have previously owned a home that you lived in.
The value of your new home and property should be less than $750,000
Your new home should become the main residence in which you live within a year of when the transaction was completed.
You must live in new home continuously for 6 months.
What is considered a New Home?
To be considered a new home the house, unit or townhouse cannot have been previously occupied as a place of residence. It also cannot have been previously sold as a place of residence either. It can be a previously built home if that home has been substantially renovated. You will need to check the First Home Grant guide in order to learn the criteria of what is considered to be a substantially renovated home
Applying for the First Home Grant
When buying a home you must apply for the First Home Grant Qld within a year of taking full possession of your home. If you have a contract to have a home built or are building your own home you must apply for the grant within 1 year of the completion of your new home (the certificate of final inspection being issued.)
You can submit your application for the Queensland First Home Grant either through a bank or other lending institution or through the Office of State Revenue.
Once you have submitted your application and all of the necessary paperwork the application will normally be processed within 10 working days.
If you are approved for the First Home Grant Qld payment generally occurs at the settlement for buying a home or on the first drawdown of funds or the final inspection certificate for the building of your new home if you are an owner-builder.
If you are considering applying for a First Home Owners Grant then you may want to get and read the First Home Owners Grant 2020 guide. This guide is divided in simple to read chapters that covers a variety of topics and includes such things as an eligibility tester, rules for applying for the grant, and how to apply for the grant.