Don’t forget that the Queensland First Home Owner’s Grant is expiring on 30 June 2017 for New Homes. In a bid to boost the Queensland property market, the Queensland Government boosted the First Home Owner’s Grant (‘FHOG’) from $15,000.00 to $20,000 – but only until 30 June 2017.
The FHOG is designed to assist first home owners to get into the property market, however there are several strict eligibility requirements which must be complied with in order to obtain the grant. For example, to be eligible, the purchase of property must be:
- In the form of a contract dated after 1 July 2016, for the purchase of a new home in Queensland (or a substantially-renovated or off-the-plan house); or
- A comprehensive contract made for the building of a home on land owned by the applicant who is or will be the owner of the land upon which the new home will be built; or
- For an owner-builder – the building of a new home where the foundations are laid on or after 1 July 2016; and
- The property value must be less than $750,000.00.
There are also various other requirements for eligibility such as the age of the applicants (must be over 18), whether you or your spouse have held an interest in land before, and your citizenship status.
It is always best to obtain competent and professional advice if you are contemplating applying for the FHOG, and Affinity Lawyers experienced Gold Coast conveyancing team are well placed to provide you with information regarding the grant and any stamp duty concessions you may also be eligible for.
If you have any queries regarding the FHOG, stamp duty or the Gold Coast conveyancing process, then please feel free to telephone one of our friendly staff members on 5563 8970 to discuss your individual circumstances. Further information may be found at www.affinitylawyers.com.au