Get an unbelievable $20,000 gift!
First Home Owners’ Grant
Get into your first home sooner! The Queensland First Home Owners’ Grant is a state government initiative to help first home owners get their new first home sooner. Depending on the property being new, you’ll currently get $20,000 as a once-off gift towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself. This is an amazing opportunity for first home buyers to get into the property market by either building or buying a brand new home.
What to do about this offer
- Consider a brand new home rather than typically buying second hand
- Use our free loan comparison and advice service and talk to one of our mortgage brokers to check your borrowing power or maximum loan, and get advice on purchasing property and how the process works. You can also start by using some of our calculators such as the borrowing power calculator. Please consider this a guide only as the lenders change lending criteria quite often. Lenders also differ significantly in their attitude to first home buyers and some are therefore much more lenient than others so get some free advice from an experienced mortgage broker before you do anything. We call it “having a friend in the game.” We will also show you how you can utilise the $20,000 towards your deposit.
- Get a loan pre-approved by your mortgage broker who will show you all the loan options and do comparisons for you in order to get you the best deal possible from a wide selection of over 25 lenders on our panel, which includes all the major banks in Australia. The pre-approval doesn’t cost a cent but it’s worth big money when you’re out their shopping for a home because it gives you negotiating power and a lot of confidence.
- Get excited and get going and start shopping the property market.
Are you eligible?
The following points are only a brief summary of the eligibility criteria. Please contact the Office of State Revenue should you need a comprehensive ruling on eligibility since the assessment varies between States. You should also discuss your options with a mortgage broker from Multi-Choice because if you have owned property previously it does not always disqualify you from receiving the grant. Remember the adage that says knowledge is power!
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You or your spouse or partner must not have previously owned property in Australia.
- You must be at least 18 years of age.
- You must be buying or building a brand new home, valued under $750,000.
Other concessions for first home buyers
First home buyers are also granted concessions on transfer duty or stamp duty which can dramatically affect your savings requirement on the purchase of your new home.
You can apply for a concession which is normally done through your solicitor doing the conveyance, but it is imperative that your mortgage broker work these numbers for you at the start of your journey and do the costings down to the last dollar so that you don’t have an awful surprise when the bank goes to settle and your solicitor informs you of another $5000 cash requirement before you can take ownership of the home!!
- For new homes the maximum concession applies at a house value of $505,000 and you get the maximum of $8,750 off your transfer duty. The concession cuts off at a property value of $550,000 and you get no concession (nil) off the applicable duty to transfer the home into your name. The cost of transfer duty at the purchase value of $550,000 is $10,600, which demonstrates the need to work out your funds required for your new home very specifically. The transfer duty payable and the applicable concession is on a sliding scale between the the two figures of $505,000 and $550,000.
- Vacant land purchased for values up to $250,000 gives you a full 100% concession where you intend to build your new home. The concession then slides in value to nil at a land purchase value of $400,000.
To estimate your transfer duty on your new home, check out the transfer duty calculator or speak to one of our local experienced mortgage brokers.
Other useful first home buyer help and assistance.
How do you apply?
The best and quickest way to apply is to obtain an application form from your Multi-Choice mortgage broker who will lodge the form with your loan application to the lender of your choice. The grant is then paid via the lender and made available at settlement. You may otherwise process your application through the Office of State Revenue which can be quite a tedious task.
Speak to a broker today
With so many loans choose from we’ll ensure we help you into the right deal from day one.Book a free appointment