The first home buyers grant in Queensland is going to be increased to $20,000 from 1st July 2016 for one year, ending 30 June 2017. The Great Start first home buyers grant (or FHOG) is currently $15,000 in Queensland and is available to people who buy or build new homes valued less than $750,000 and will be increasing by $5,000, to $20,000 effective 1st July 2016.
Unfortunately for First Home owners who have signed a contract of sale before 1st July 2016 they will not be able to replace existing contracts entered into prior to the start date.
To be eligible for the grant you must be an Australian citizen or permanent resident. You or your spouse must not have owned property before in Australia, you have to be at least 18 years of age and you need to be buying or building a brand new home valued under $750,000.
The Great Start Grant Boost is a welcome addition and helps younger people get their foot onto the property ladder. Not only this it helps support the wider economy and the property industry, Urban Development Institute of Australia Queensland branch president Adam Gowlett said, “Any support for the industry is welcomed. Every $1 million spent in the development and construction industry equals three full-time jobs directly created and sustained.”
Queensland’s Treasurer Curtis Pitt echoes Mr Gowlett’s thoughts and believes it will also help housing affordability, “This is a great time to build in Queensland with affordable housing on offer and the Palaszczuk government’s First Home Owners Grant will make it even easier to enter the property market,” he said.
“The new $20,000 grant will instil more confidence in our building sector, as well as more jobs, and help more people to home ownership”.
For full details of the Queensland First Home Owners’ Grant check out the Government’s website here https://firsthomeowners.initiatives.qld.gov.au/ or chat to your Red & Co Finance specialist on 1300 887 328.