First Home Owners Grant
Time is running out! Queensland First Home Owners Grant increase ends on 30th June 2017
The Current $20,000.00 applies to new homes which have not yet been lived in or which you are having built and is valued at less than $750,000.00. You can buy off the plan or build through a registered builder. This $20,000.00 represents a great opportunity and some lenders will accept the FHOG (First Home Owners Grant) as part of your deposit.
Stamp Duty Concessions
In Queensland there are also concessions for Stamp duties on your first home also up to $550,000.00
You can claim a first home concession if you:
- have never held an interest in residential land anywhere in the world
- have never claimed the first home vacant land concession
- are buying a home valued less than $550,000—though you can still buy a home valued more than $550,000 and claim the first home concession, the benefit of it is reduced to zero. However, the home concession rate is still used to calculate the duty
- will live in the home as your principal place of residence
- are at least 18 years of age (though we may waive this requirement in special circumstances).
The first home concession is calculated at the home concession rate minus the first home concession amount.
Talk to your broker about this when you have your appointment.