What is The First Home Owner’s Grant?
A term that you will see popping up a lot as you look into buying your first home, is ‘The First Home Owners Grant’. But what exactly is it? How much money do you get? And how do you know if you can even get it? In this article, we break down all of the information floating around about the grant to bring you some answers.
Firstly, the grant varies from state to state. The Queensland Government provides a ‘First Home Owners Grant’ to first home buyers who are building or buying new. The QLD grant has been $15,000 since 1st July 2018 and is only applicable to first home buyers with a property value of less than $750,000.
Am I Eligible?
In order to receive the grant, there are a few other criteria that you need to meet:
- You must be at least 18 years of age.
- One of you must be an Australian citizen or permanent resident.
- You or your spouse must not have previously owned property in Australia that you lived in.
- You must be buying or building a brand-new home.
- The value of the home including the land is less than $750,000.
- You must move into your new home within a year of buying or building the place and live there for at least 6 months of that year.
So how can I apply?
You don’t need to apply for the grant straight away, but there are some deadlines. If you are buying a brand-new home that was already built, you need to apply within 1 year of owning the home. If you are building your home, you need to apply within 1 year of the homes completion date. Most people tend to apply as soon as they have the contract, I mean why wait for free money!?
There are two ways to apply for the grant. You can either apply through the office of state revenue or through a lending institution (like us!).
The easiest way is to apply through an approved lender. Applying through banks or lending institutions allow you to get the funds as soon as possible. You basically just fill out an application form, and the agent will process the grant. Then, once approved, the grant will usually be paid at settlement if you’re buying a home or on the first draw-down of funds if you’re building.
Let us help you!
Still a bit confused? If you purchase a house and land package through First Home Hero, you will be given a designated account manager who will help you through the entire process from start to finish. This makes the process so much simpler and takes the stress out of building a home. To make the deal even sweeter, we are matching the first home owners grant. That means your $15,000 will turn into $30,000. Want to know if you meet the criteria for First Home Hero? Fill out this 60-second form.