If you, or someone you know, is considering getting a foot onto the property ladder for the first time in 2019, you may be eligible for some pretty sweet financial incentives offered by our state government.
In Queensland, the First Home Owners Grant (FHOG) offers a one-off payment of $15,000 to first-time owners buying or building a first home. The grant is available for properties valued up to $750,000.
To be eligible, you need to meet the following criteria:
Each applicant must be a natural person and not a company or trust.
At least one applicant must be a permanent resident or Australian citizen.
Each applicant must be at least 18 years old.
You or your spouse, partner or co-purchaser must not have previously owned an interest in land in Australia which had a residence on it, before 1 July 2000.
You or your spouse or partner cannot have lived in a residential property which you owned from 1 July 2000.
You or your spouse, partner or co-purchaser may not have claimed the grant previously.
You need to live in the home for a continuous period of at least 6 months.
To further assist you into your first home, the Queensland government also provides eligible purchasers with concessions on transfer duty for new and existing homes valued less than $550,000 and vacant land valued less than $400,000.
If you’d like to know more about the FHOG eligibility criteria, stamp duty concessions, or applying for a home loan, please do give me a call.