QLD premier Campbell Newman announced the Qld First Home Owners Grant will double to $15,000 from the previous $7000 following the lead of NSW for new homes only a few months earlier.
Mr Newman has labelled this new grant as the First Home Owner Construction Grant which is primarily focused at enticing more people into the market to own their own home. It certainly provides a boost to those who are already looking to buy a new home in comparison to an old home.
Can i still get the First Home Owners Grant for existing
As of October the 11th, the First Home Owners Grant will cease for existing homes which leaves a lot of would be first home owners in a pickle. There is not a lot of time between this announcement and the cut off date to find the ideal home.
If you are keen to purchase an existing home and you want to take advantage of the First Home Owners Grant then we suggest you sign a contract prior to the 11th of October so you are able to apply for the grant and also benefit from the relevant stamp duty concessions.
Can i use the First Home Owners Construction Grant
towards my Deposit?
The simple answer is yes but there is not many lenders that will take the grant into account. If you are purchasing a brand new unit, townhouse or a new home that is already completed then we can use almost any lender.
If you want to use the new First Home Owners Construction Grant of $15,000 to purchase a new house and land package there are only a few banks that will allow us to use the First Home Owners Construction Grant as a deposit. Whats more they will want 5% of the price in genuine savings. If you do not have genuine savings we can get around this if you have been renting through a property manager for at least the last 12 months (can be more than one address in that time) and the rent has been paid on time.
How do I apply for the First Home Owners Construction
We will assist you in applying for the grant once we have your finance approved by the bank. Its a simple application form that we will guide you through an ensure that the grant is ready for you at settlement of your home. The Office of State Revenue is quite quick at processing the First Home Owners Grant so we assume this will continue with the new Construction Grant.