Great news for First Home buyers with today’s announcement from the Queensland Government. The First Home Owner Grant is being doubled and is now $30,000 for eligible first-time home buyers.
The boost to the grant takes effect from Monday, 20 November 2023 until 30 June 2025.
The eligibility for this grant is specific. It applies to individuals:
The eligible transactions for this grant includes new home purchases, off-the-plan purchases, substantial renovations, contracts to build, and owner-builder arrangements. It does not include homes have been lived in or sold as a place of residence at the time of completion.
Each state offers different grants and Queensland’s First Home Owner Grant is now among the highest in Australia. First home buyers in Queensland are being offered triple the amount in Queensland compared to what is available in states like New South Wales and Victoria. It will be interesting to see if other states follow suit.
This grant will be welcome news for first-time buyers who are currently navigating the property market.
With all grants there are often strings attached. The government has strict rules about who is eligible and often times the eligibility criteria extends beyond the settlement date.
It is important to know the conditions that apply after settlement. Common conditions are that you are required to live in the home for a certain period and/or timeframe and your, existing or future, partner/de facto/spouse can impact your eligibility for some grants.
The Government can claw back grants if your circumstances change. At Conveyancing Depot our conveyancing lawyers can help if you require advice on a grant you are applying for. It is important to get informed if you are going to be applying for any grants.
If you are buying property in Brisbane, Queensland or anywhere else in Australia we can help, just contact one our team at our law firm for conveyancing today.
Our conveyancers offer a friendly and professional service with quality advice.
Contact us on 1300 900 440 to discuss your property matters.
Disclaimer: This article has been prepared for general information purposes and may not apply to your situation. This information should not be relied upon for legal, tax or accounting advice. Your individual circumstances will alter any legal advice given. The views expressed may not reflect the opinions, views or values of Conveyancing Depot and belong solely to the author of the content. © Conveyancing Depot Pty Ltd.
If you require legal advice specific to your situation please speak to one of our team members today.
Here at Conveyancing Depot Lorilea is our Marketing Manager. She has a bachelor's degree in...