First Home Owners’ Grant Queensland

When it comes to buying your first home, the rules and regulations surrounding the First Home Owners’ Grant and the various transfer duty concessions can be quite ambiguous and complicated. Place Advisory will outline two ways to save on your first home purchase as well as Queensland’s new legislative changes and the requirements to qualify for the grant and transfer duty concessions.

As a first home buyer, now is a perfect time to take advantage of the record low interest rates and the new First Home Owners’ incentive. As of 1 July 2016, Queensland’s First Home Owners’ Grant will increase from $15,000 to $20,000 for a period of 12 months. This means if you build or buy a newly constructed house, unit or townhouse, valued at less than $750,000, after 1 July 2016, you will be eligible to receive $20,000 to go towards your purchase.

As with any Government grant, there are numerous rules and regulations that must be met in order to qualify. The main criteria are outlined below, however more in-depth questions are asked upon application.

Transfer Duty Concessions

Not only are first home buyers in Queensland eligible for the First Home Owners’ Grant but depending on the purchase price of the dwelling, they may also be entitled to transfer duty concessions.

Transfer duty, previously called stamp duty, is a tax that applies to anyone who buys, sells or transfers property in Queensland. Transfer duty is calculated on either the amount paid or the value of the property, whichever is greater.

The Queensland Government has implemented a sliding scale for first home buyers who qualify for stamp duty concessions. If the value of the property is under $550,000, the amounts outlined below are deducted from the total transfer duty amount that is payable.

See also:

First-home buyers: know your market