The Queensland Government haalways been committed to helping first home buyers purchase their first home sooner. Since 2016 they increased the First Home Owner Grant to $20,000. 

This is a fantastic incentive for those of you looking to buy your first home, but you need to take action. The grant is due to be reviewed so it could all change after June 30th 2018.

So, what exactly is the FHOG and how do you qualify for it? 

As a Queensland first home buyer, you currently may be eligible for a grant from $15,000 to $20,000, depending on the date you signed your building contract. Beyond this, there are specific criteria you must meet to be eligible for the FHOG. You must:

• Be at least 18 years of age
• Be an Australian or permanent resident (or be applying for the FHOG with someone who is)
• Have not previously owned a property in Australia
• Be in the process of building or buying a new home valued under $750,000, and;
• Move into your new home within one year of purchase and live their continuously for at least six months

While the Government a range of financial concessions for first home buyers (i.e. stamp duty), the FHOG specifically targets first home buyers who either purchase or build a “new home”. 

A “new home” refers to either a home which:

1. Has never been occupied or sold as a residential property
2. Has been substantially renovated, where – 
• Either structural or non-structural components of the home are removed or replaced
• Structural includes: foundations, floors, walls, roof and brickwork
• Non-structural includes wiring, non-supporting walls, rendering walls and plumbing
• Must affect most rooms of the house, and;
• The renovations must be more than cosmetic (i.e. window coverage, painting, carpeting, etc.)
 

If you meet the above eligibility criteria, and the home you plan to purchase or build meet’s the Queensland Government’s definition of a “new home”, you are well on your way to securing a $20,000 FHOG grant. 

However, this generous first home buyers’ grant will not be available forever. 

At the time of writing, the existing FHOG grant will be available until June 30th, 2018. So, to take advantage of the FHOG and ultimately move into your first home sooner, ensure you sign a building contract by this date. 

Would you like more information on the Queensland FHOG grant, and how it could help you purchase or build your first home sooner? 

Simply call 0499 136 136 or email the expert team at No Deposit First Homes – client.services@nodepositfirsthomes.com.au. We will walk you through the process, and help you take your first step onto the property ladder.