First Home Buyer Grant in Queensland
Money is quite often thought of when purchasing your own home for the first time. To help first-time buyers own a property, the Queensland government offers a First Home Owners’ Grant (FHOG). As a first home buyer in Queensland, you could qualify for the $15,000 First Home Owner Grant. This is an opportunity to be given cash, by the Government, that will go towards your first home deposit.
The FHOG in QLD is accessible on the off chance that you buy your first home off the plan, yet you may likewise be qualified for the FHOG if you purchase an established home that has been considerably remodeled. This implies that all, or most, of the building, has been removed or supplanted. As a guide, significant remodels incorporate replacing or altering foundations or replacing or changing floors. Restorative work, for example, painting the walls or sanding floors, doesn’t add up to a substantial renovation with regards to the FHOG in QLD.
Are you eligible for the First Home Owners Grant in QLD?
- New Property Ownership
The Grant is for real first home buyers who have not claimed any property previously. You should not have recently possessed or part-claimed any property in your own name.
In case you’re purchasing your first home with your partner or spouse, they can’t have owned property before either (if they have claimed property previously and they meet the meaning of a “partner” as indicated by the Queensland Office of State Revenue, you won’t be qualified for the $15,000 grant, yet you may, in any case, have the option to guarantee the stamp duty rebate)
- Property Type
To qualify for the first home buyers’ Grant, you should either:
- Build your own home (either as an owner-builder or through a builder you procure)
- Purchase a new home, “off the plan”, for example, a house and land package like that being offered by Northside House and Land.
- Purchase a new home that has just been built however hasn’t been lived in already
- Purchase a “substantially renovated” home
- Property Price Tag
To be qualified for the $15,000 first home buyers’ grant, the absolute price tag of your property must be under $750,000.
In case you’re purchasing “off the plan” or purchasing a newly built property, deciding your price tag is basic. It’s the total value that was on your contract.
In case you’re building your first home, the total price tag will be the expense of your land in addition to the detriment of the building contract, and to any extra development costs (features or things, for example, fences, landscaping, or solar panels).
- Home occupancy
You should live in your new home for at least six consecutive months, beginning within a year of your purchase date.
If you fail to do this, you will have to pay back part or the entirety of your Grant, else, you will be charged a punishment.
You should be at least 18 years of age on the date of procurement.
It would be best if you were an Australian resident or permanent resident. Or on the other hand, if you’re purchasing your first home together, at that point, you OR your spouse or partner must be an Australian resident or permanent resident.
You should not have recently gotten a first home buyer grant in any Australian state or region. In case you’re purchasing with your partner or spouse, they should not have gotten the Queensland grant or an equivalent grant in some other Australian states either.
Applying for the First Home Owners’ Grant
There are two unique ways you can use for the FHOG in Queensland. Firstly, if your property has just been settled, you can apply directly through the Office of State Revenue, Queensland. However, this can be a significant complex procedure. On the off chance that you neglect to present the right data, it can hinder the application procedure impressively and even result in a fine.
The second and recommended approach to apply for the FHOG is to apply through an approved agent. An authorised agent can be your bank or loaning institution, be that as it may, you may likewise need to consider hiring a broker to guarantee your application goes as smoothly as would be prudent. Going down this route generally results in your application being endorsed a lot quicker than if you apply yourself directly. You would give your finished application form and all supporting documentation to the agent to process the Grant. They would then affirm your qualifications and present your application to the Office of State Revenue, who may then connect for more information.
Whichever you choose to apply, you’ll need to guarantee you supply all essential documentation. This incorporates:
- Australian birth certificate or Australian passport
- Australian driver’s license or proof of age card
- Australian passport, visa or citizenship certificate, a current passport, and visa
- Australian proof of age card
- Medicare card, car registration or a scan of debit/credit
- Utility bill charge (gas or electricity), bank statement, home insurance policy
- Certificates to affirm marital status or name changes (for example marriage, divorce, death, separation)
Purchasing your first home in Queensland can be an overwhelming procedure, yet with the correct realtor and financial experts close by, it very well may be basic.