Our Guide to the First Home Owners Grants

March 23, 2017 - Posted in Financial Planning, First Home Buyers, Home Loans

Woman carrying moving box with home in background

Incorporating the first home owner’s grant into the purchase of your own home is an excellent option to take advantage of. The first home owner’s grant offers you the opportunity to get your first home sooner and it can greatly ease the pressure of your first home loan, as long as you get it right!

Here’s our guide to everything you need to know about the first home owner’s grant in Queensland.

What Type of First Home Owners Grants Are Available in Queensland?

At the moment, the first home owner’s grant in Queensland is very generous. As long as you are building or buying your own home, you’re entitled to $20,000 as a once-off gift from the state government to put towards your first home.

How Do You Know You’re Eligible?

In order to know if you are eligible for a first home owner grant, it’s best to contact the Office of State Revenue. It’s also worth discussing your options with a mortgage broker, as there’s always a possibility you’re still eligible to receive a grant even if you’ve owned a home previously. There are some circumstances that will still allow you to qualify! In general, you must:

  • Be 18 years of age or over
  • Be buying or building a new home, valued under $750,000
  • Not have previously owned any property in Australia (including you and your spouse/partner)

What Other Concessions Are You Entitled to as a First Home Owner?

You might be surprised to learn that the First Home Owner’s Grant isn’t the only money you might be entitled to for building or buying your new home. First home buyers can also receive concessions on stamp duty or transfer duty, which can greatly affect your budget when buying a home. The concession can be complicated to calculate, so be sure to have your mortgage broker crunch these numbers so you know exactly how much money you’ll receive and how much you’ll need to pay. This way, you’ll avoid any nasty hidden surprises when your solicitor starts the conveyance.

When Are You Entitled to the Money?

The grant is generally made available at settlement, but the best way to know the specifics for your situation is to obtain an application form from your Multi-Choice mortgage broker. We will then be able to check and lodge the form to your lender on your behalf. This ensures that you’re getting all the money you are entitled to for a maximum saving on your home loan!

For further advice about buying your first home with some help, speak to a professional mortgage broker. Multi Choice Home Loans can help you get your home by taking you through the process and ensuring you receive any grants and concessions you’re entitled to.

For quality advice and services for all things home loans, call one of our friendly local brokers on 1300 36 36 99 or get in touch online.