FIRST HOME OWNERS GRANT QLD – CLEARING THE FOG ABOUT THE FHOG
As a first home buyer there are a range of government incentives and fee discounts available to get into your first home. The most well known is of course the First Home Owners Grant (FHOG).
The FHOG has been in place for a number of years and has experienced some significant changes over time as it evolved to meet the needs of first home owners. You may recall a time when the grant applied to all types of homes. Today, the FHOG provides funds (to First Home Owners) towards the purchase or construction of a ‘NEW house, unit or townhouse’.
So, what do they mean when they refer to ‘new homes etc’?
A new home refers to:
- a house, apartment, unit or townhouse that
- has not been previously occupied as a place of residence
- has not been previously sold as a place of residence or
- a substantially renovated home (completed by the seller in limited circumstances) (See qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/renovated-houses-first-home for more details
There is also specific eligibility criteria relating to the First Home Owners Grant Qld. Applicants must:
- Be at least 18 years of age.
- Be an Australian citizen or permanent resident (or applying with someone who is).
- Not have previously owned property in Australia that you lived in. (You or spouse)
- Must be buying or building a brand new home.
- Have a value of the home including land that is less than $750,000.
- Move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.
Ultimately, provided you meet the eligibility criteria and the home you wish to purchase/build meets the definition of a new home, then you are well on the way to securing some financial support through the FHOG.
This blog is intended to give you a broad idea of the rules around the First Home Owners Grant in Queensland. We recommend exploring your options and getting good general information from your broker, bank or financier, and seek professional advice from an accountant, financial advisor or lawyer where appropriate.
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This publication covers real estate, property market, finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as professional finance or legal advice. McAdam & Turnbull Realty recommends that professional legal and/or finance advice should be obtained before taking any action on the basis of the general information presented in this publication.
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