First Home Buyers

FIRST HOME BUYERS

Purchasing your first home? Assistance is available……..

What’s the difference between Great Start Grant and the First Home Concession?

The Great Start Grant previously known as the First Home Owner Construction Grant, is a Queensland Government initiative to help first home owners to get their new first home sooner. They can apply for $20,000 to go towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself.

The First Home Concession is where you can offset a concession amount when you have land in Queensland transferred to you that you’ll use as your home. This will allow you to reduce the amount of transfer duty you have to pay.

How will the Great Start Grant Help me?

$20,000 Great Start Grant can help you!

  • If you’re thinking of buying or building a new home, this could
    be what gets you started
  • It could get you something more than you were expecting
  • It can get you into your first home sooner
Am I eligible for the Great Start Grant?

Lets see!
• Are you at least 18 years of age
• Are you an Australian citizen or permanent resident (or are you applying with someone who is an Australian citizen or permanent resident)
• You or your spouse has not previously owned a property in Australia
• Are you building a new home
• Is the value is under $750,000.
Go to https://greatstartgrant.osr.qld.gov.au/ and see if you can apply

Am I eligible for the First Home Concession?

You can claim a first home concession if you:

  • have never held an interest in residential land anywhere in the world
  • have never claimed the first home vacant land concession
  • are buying a home valued less than $550,000—though you can still buy a home valued more than $550,000 and claim the first home concession, the benefit of it is reduced to zero. However, the home concession rate is still used to calculate the duty
  • will live in the home as your principal place of residence
  • are at least 18 years of age (though this may be waived in special circumstances).
Where do I apply?

For the Great Start Grant visit https://greatstartgrant.osr.qld.gov.au/

For the First Home Concession Grant visit https://www.qld.gov.au/housing/buying-owning-home/concessions-for-homes/

Are there any other Grants or Concessions available?

Yes there are so visit the appropriate web sites and see if you are eligible.

What else should I know about purchasing a Home?
  • When placing an offer on a home it is advisable to put in your best offer
  • Seeing a Contract for House and Land for the first time can be overwhelming. Please seek professional legal advice if at any stage you feel pressured into signing a Contract.
  • Be prepared to have your finances in order. This way you’ll know how much you can spend.  Speak to a qualified and registered financial adviser.
  • Don’t forget some of the unknown charges, like a Building and Pest Inspection, Solicitors or Conveyancing Company and if not eligible for a concession, Stamp Duty.