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UNDERSTANDING QUEENSLAND’S FIRST HOMEOWNERS GRANT IN 2023/24
Are you dreaming of your first home? With the Queensland Government’s increased First Home Owners’ Grant, your dream could soon become your reality. As part of a new cost-of-living measure, first-home buyers in Queensland can now access a grant of $30,000. The Queensland government has increased the State’s First Home Owner Grant scheme, doubling it […]
UNDERSTANDING QUEENSLAND’S FIRST HOMEOWNERS GRANT IN 2023/24
Are you dreaming of your first home? With the Queensland Government’s increased First Home Owners’ Grant, your dream could soon become your reality. As part of a new cost-of-living measure, first-home buyers in Queensland can now access a grant of $30,000.
The Queensland government has increased the State’s First Home Owner Grant scheme, doubling it from $15,000 to $30,000 effective today until mid-2025.
This $30,000 grant applies to individuals buying or building a new residence valued at less than $750,000. It covers various properties, including houses, units, duplexes, townhouses, granny flats, and modular homes.
Premier Annastacia Palaszczuk stated that the increase was one element of a series of actions to alleviate cost-of-living pressures.
The existing first home owner grant has been very successful, which is why our government is doubling the grant program – meaning eligible first home buyers will receive $30,000 cashback,” Palaszczuk said “I hope this puts the dream of owning a first home within reach of more Queenslanders. [Source: Queensland Government]
However, the First Home Owners Grant is only available to some, and specific criteria must be met to benefit from this initiative.
Am I eligible?
To be eligible to receive the First Home Owners Grant:
- You, or the individual you are applying with, must be an Australian resident or permanent citizen
- You or your spouse must not have formerly owned belongings in Australia
- You must be at least 18 years of age
- You must be purchasing or constructing a brand-new home which is valued under $750,000
Firstly, let’s look at the types of dwellings that would be classed as a new home.
A dwelling can include houses, units, duplexes, townhouses and granny flats built on a relative’s land.
A “brand-new” home refers to a dwelling that has never been lived in or sold as a residence. In specific cases, a brand-new house can also include substantially renovated dwellings or homes relocated from one site to another and set up as a residence. However, this exception does not include homes that have been occupied or sold as residences after being relocated to the new site.
A “substantially renovated” home is one where most or all of the structural and non-structural components of the building have been replaced or removed. For a renovation to be considered substantial, it must have significantly impacted the structure of the building.
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Factors affecting eligibility
You would not be eligible for the First Home Owners’ Grant if:
You have purchased an established home.
The FHOG boost applies to transactions entered into on or after 20 November 2023 and will expire by 30 June 2025.
The grant amount for buying or building a new home is as follows:
– Agreements signed between 20 November 2023 and 30 June 2025 (inclusive) qualify for a $30,000 grant.
– Contracts signed before 20 November 2023 qualify for a $15,000 grant.
For owner-builders, the grant amount is as follows:
– If foundations are laid between 20 November 2023 and 30 June 2025 (inclusive), they are eligible for a $30,000 grant.
– If foundations were laid before 20 November 2023, they qualify for a $15,000 grant.
However, there may still be options…
Suppose you have owned or currently own residential property since 1 July 2000 and have solely used it for investment purposes. In that case, you may qualify for the grant on a subsequent property.
To demonstrate eligibility, you must provide evidence indicating that you have not lived on the investment property. Examples of such evidence include:
– Tenancy or lease agreements
– Current electricity or phone accounts
– Details from tax returns
Your eligibility will be reviewed once you submit your application and the supporting documents.
However, if you were interested in the residential property before 1 July 2000, regardless of its use, you will not be eligible for the grant.
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Other conditions which apply…
Ok, so you have ticked all the boxes and are eligible; what happens next?
To keep the grant, you must move in within one year of the completed eligible transaction and live there continuously for six months. If you do not adhere to these conditions, you may have to repay the grant, as you would no longer be eligible.
Eligible transactions…
For purchasing or constructing a new home, the grant amount is:
– $30,000 for contracts signed between 20 November 2023 and 30 June 2025.
– $15,000 for contracts signed before 20 November 2023.
For owner-builders, the grant amount is:
– $30,000 if foundations are laid between 20 November 2023 and 30 June 2025.
– $15,000 if foundations were laid before 20 November 2023.
You won’t receive the $30,000 grant if you have entered into an eligible transaction (such as signing a contract) before 20 November 2023. However, you may still qualify for the $15,000 grant.
When applying for the grant, you must include supporting documents (such as a signed and dated contract) with your application form.
The form includes a checklist of documents required when meeting with your approved agent or applying with the Queensland Revenue Office. Ensure you have all the documents ready to prevent delays.
Suppose you are applying for the First Home Owners’ Grant with a spouse. In that case, they must be included as an applicant or non-applicant spouse on the application. With joint applications, all applicants must live in the house. If your spouse or joint applicant has previously owned a home they have lived in, you will not be eligible for the grant.
As mentioned above, the grant is dependent on the contract date.
Payment timeframes for the grant are different depending on the type of transaction. Types of transactions are:
- Off the plan
- Installment purchase contracts
- Vendor finance contracts
- Building contract
- Owner-builder
- Other types of transactions
- For more information on types of transactions and payment timeframes, see the Queensland Government website
- If you are eligible for the grant, you may also qualify for the first home buyer’s concession on the transfer duty (formerly Stamp Duty).
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How can we help you?
Determining your eligibility for the grant can be confusing and complex if you need the correct information and knowledge. Errors in determining your eligibility can mean you will not only have to pay back the grant in total, but you may also be liable to pay penalties.
Engaging a solicitor to assist is the best option. For more information on the First Home Owners’ Grant or to seek legal advice on purchasing your first home, please contact us.
ContactUnited Service Club: Level 4, 183 Wickham Terrace, Brisbane QLD 4001
Free: 1800 217 217
Phone: 07 3236 0001
Fax: 07 3236 0005
Email: mail@aylwardgame.com.au
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