For many first home buyers, the process of purchasing their first home can be a little confronting and confusing. This is understandable if you, as a first home buyer, have not received enough support and guidance in the process but are too scared to ask the important questions.
Common questions we receive from first home buyers relates to the QLD First Home Owners’ Grant.
What is the First Home Owners’ Grant?
Since 2000, the First Home Owners’ Grant (FHOG) is a QLD Government Initiative that assists Queensland first home owners into their new first home sooner. The First Home Owners’ Grant varies between each State and Territory in Australia.
Is the First Home Owners’ Grant still available?
Of course! The First Home Owners’ Grant is set as a one-off payment of $15,000 and is only available for first time home buyers.
How much is the First Home Owners’ Grant?
If you are eligible, you will receive $15,000 to put towards buying or building your new home. This home can be a house, home and land package, unit or townhouse.
Does the First Home Owners’ Grant count towards my deposit?
The First Home Owners’ Grant can be used towards your deposit for your first home, however, it will not be made available to you at the beginning of your search process. It will be used as part of your overall contribution to your home purchase, but you will need to contribute to the remaining amount of the deposit.
Is the First Home Owners’ Grant valid on any home?
The First Home Owners’ Grant is only available to first home buyers that are buying or building a new home, unit or townhouse.
Can I use the First Home Owners’ Grant on a land only purchase?
The First Home Owners’ Grant is an Initiative that assists with house purchases. If you are wanting to purchase land only, you may be eligible for other Government Initiatives e.g. First Home Vacant Land Concession, Stamp Duty Concession.
Did the First Home Owners’ Grant decrease in value?
Any first home buyer that signed a contract for their first home before 30 June 2018 received the First Home Owners Grant valued at $20,000.
If I am applying to buy my first home with someone else, will we receive two First Home Owners’ Grant amounts?
Unfortunately, it does not work that way! You will only receive one First Home Owners’ Grant per home even if both applicants are first home buyers.
Can the First Home Owners’ Grant be used on my first home if I am not going to live in it?
The home must be your principal place of residency for at least 6 months and is not valid for an investment property.
How do I know if I am eligible for the First Home Owners’ Grant?
Although the QLD Government desires to assist first home owners into their new home, you must meet a certain criteria to be eligible for the First Home Owners’ Grant. If you meet the following criteria, you might be eligible for the First Home Owners’ Grant:
- 18 years or older;
- An Australian citizen or permanent resident (or applying with someone who is);
- Buying or building a brand new home that is valued less than $750,000 (including the land price);
- You or your spouse has not held interest in another home is Australia;
- You or your spouse have not previously received a First Home Owners’ Grant in any State of Territory in Australia; and
- You must live in the home for at least 6 months continuously.