Getting onto the property ladder as a first home buyer can be difficult, but not impossible. While saving for a deposit can often take many years of hard work and sacrifice, it’s worth it once you’re able to get your hands on the home of your dreams. One of the perks of living in Queensland, however, is the fact that the government offers the First Home Owners Grant to first home buyers.
Not too sure what the First Home Owners Grant is or how it can help you get into your home quicker? As new home builders, we often work with first home buyers to access what they’re entitled to so that they can build their dream homes. Read on to learn more about available grants and your eligibility.
What Is The First Home Owners Grant?
The First Home Owners Grant is an Australian government initiative that is designed to help first home buyers get into a home sooner. It’s a one-off cash grant of $15,000 that is used to help first home buyers get a leg up when buying a home under the value of $750,000 in QLD. The grant is only applicable to homeowners that have never owned a home before and are paid per new home, not to each applicant.
The First Home Owners Grant has been instrumental in helping thousands of potential buyers get into the property market much sooner than they had ever expected to as the grant can be considered a part of your initial deposit and is paid upon settlement of the home.
Who Is Eligible?
The eligibility criteria for the grant is straightforward and concise. To qualify for rather grant you must be able to demonstrate the following:
- You must be an Australian citizen or permanent resident
- You need to be at least 18 years of age at the date of application
- Applicants must never have owned property in Australia that they resided in
- The home you are buying or building must be brand new and never occupied before
- You need to move into your home within one year of settlement and need to reside there continuously for at least 6-months
- The value of your home must be less than $750,000
What Other Grants Are Available For New Homes?
If you are not eligible for the First Home Owners Grant, there are still options to help you get into a new home faster. The Regional Home Building Boost Grant is a one-off cash grant that will be given to you after the construction or purchase of a newly established home in regional Queensland.
Up until April 2021, the government was also offering a $15,000 to $25,000 Home Builder Grant for anyone who was building a new home.
How Does This Work With A House And Land Package?
The First Home Owners Grant can be utilised when buying a home and land package as long as you and any co-applicants are eligible under the application criteria of the grant. Home and land packages are a fantastic and cost-effective way to purchase both land and a customised home with much less effort than if you tried to find land and a quality builder separately.
If you’re currently saving for your first home deposit, then know that there are initiatives and grants out there to help you get into your new home fast. They’re particularly handy if you are planning on building or buying a new property to call your own. If you’re ready to start your new home journey then give us a call today. We can help you make your dream a reality and get you into your first home faster.