Are you interested in buying your first house in Queensland and you’re trying to know all the process entails? Then you should find out if there is any government support available to you as a first-time owner and if you have what it takes to qualify for the offer.
The good news is, the government has support for first-time HomeOwners in form of incentives and grants. It is called The First Home Owners Grant (FHOG) is a single payment that was established to help people purchase their first property in Queensland. The grant is worth $15,000 and available to people who buy a new home that’s worth less than $750,000.
To help you navigate the First Home Owners Grant QLD, we have answered some of the questions people have asked about first Home Ownership grants in Queensland.
How much am I entitled to under the First Home Owners Grant QLD?
First-time Home Owners are entitled to $15,000, being the First Home Owner Grant if they meet certain conditions. The first condition to be eligible is to build a new home or purchase a house that has never been lived in. Secondly, the value of your home, land inclusive shouldn’t exceed $750,000.
You might also qualify for the First Home Owners grant if the home you buy has been renovated to a large extent. That is if most parts of the home or the entire home were replaced or changed.
The things considered to be substantial renovations include altering and replacement of foundations and floors. Simple cosmetic work like sanding the floors or repainting isn’t considered substantial renovation that qualifies you for a First Home Owners grant.
Eligibility conditions for First Home Owners Grant in QLD
· You must be an adult above 18 (no business or trust allowed)
· You must be a citizen or permanent resident of Australia. If you have a partner who is a citizen, you will be considered.
· You must not have received s First Home Owner Grant in Australia.
· You must not have lived on your own property in Australia. If you have owned it as an investment without living in it, you might still qualify.
· You need to stay in your home for not less than six months within the first year after purchasing or building the house.
The application process for First Home Owner Grant QLD
You can have your Mortgage broker take you through the steps for applying for the First Home Owner Grant is easy. It is not a complicated process, but there is some paperwork involved. Fill out the form you find below and you’ll be connected to an expert to help you.
Do first-home buyers in QLD pay stamp duty?
First-home buyers can be exempt from stamp duty if they meet several conditions.
First, you can qualify if you buy vacant land and pay $400,000 or below for your block. That qualifies you to save $7,175 stamp duty cost. Also, if the value of your first home reaches $500,000, you are exempt from stamp duty payment, which saves you a whopping $15,925; the maximum stamp duty rebate first home buyers in QLD can get.
For easy estimation, a new home worth $530,000 saves you $3,500 in stamp duty, while you pay $6,300. But, if the cost of your first home reaches and exceeds, $550,000 you don’t need to pay stamp duty at all.