How the QLD government can help
There are two different incentives on offer from the QLD government, valued at $28,750 in total, and both are covered below.
You could be eligible for one or both incentives. These are:
First Home Owner’s Grant
How much is the QLD First Home Buyer’s Grant?
The QLD First Home Owner’s Grant is a one-off payment of up to $20,000, available for people who are building or buying a NEW home in QLD.
If you are buying an existing home (one that is already built), you are not eligible for the First Home Owner’s Grant unless your will be the first to live in the home. If not you may be eligible for the stamp duty rebate which is also covered below.
Can I use the $20,000 First Home Buyer’s Grant as my deposit?
Yes, you can use the first home owner’s grant for your deposit with some lenders, allowing you to buy or build your new home sooner.
Some buyers also decide to take out a loan as they don’t have the money saved to buy the land and pay for the building. This is called a construction loan.
The First Home Owner’s Grant can be used as all or part of your deposit to get the construction loan.
There are additional things to consider, such as the timing for when you get access to the grant and when you need to pay your deposit.
What are the ‘rules’ to get the First Home Owner’s Grant?
There are a number of criteria you’ll need to be aware of to be eligible to get the full grant
Type of property – you must be either:
When do you get paid the First Home Owners Grant?
The full grant is paid at different times depending on how and when you applied and what type of property you’re buying / building, it may be paid at settlement or in the last phase of construction.
It is faster to apply through your Citrus Finance mortgage broker who can arrange for your lender to pay the funds into your account.
First Home Owner’s Stamp Duty Rebate
What is the First Home Owner’s Stamp Duty Rebate?
Stamp duty is one of the costs of buying a home. Stamp duty is a tax paid by the buyer of a property. It can be a substantial additional cost of buying a property, so the QLD government has decided to help first home owner’s out by giving them a rebate on all or part of the cost of the stamp duty.
How much do I get from the First Home Owner’s Stamp Duty Rebate?
The amount of money you get back differs by if you are buying an existing dwelling or you are buying vacant land / building.
a. If you’re buying an existing dwelling and:
b. If you’re buying vacant land and:
c. If you are building a home, you’ll only need to consider the stamp duty on the land purchase as stamp duty isn’t payable on the value of the building contract.
When do you get the First Home Owner’s Stamp Duty rebate?
Once the contract on your property has been exchanged, your solicitor will prepare for settlement (the settlement date is the date on which the property officially becomes yours). This involves calculating the extra costs of buying, such as stamp duty, so your rebate is taken into account here. If you do need to pay stamp duty, it is your solicitor’s responsibility to notify you of this and the amount prior to settlement so that it can be handed over by them at settlement.
Your solicitor or conveyancer will complete the forms with you to claim the rebate.
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