What is the First Home Owners Grant?

The First Home Owners Grant (FHOG) in Australia is designed to encourage and assist home ownership across the country, and for eligible borrowers it’s a great start to life as a property owner. The grant differs in each state and territory, and in Queensland it applies to new homes only. The First Home Owners Grant (FHOG) is valued at $15,000.

To be eligible for the grant:

  • You must be at least 18 years of age.
  • You must be an Australian citizen or permanent resident (or applying with someone who is).
  • You or your spouse must not have previously owned property in Australia that you lived in.
  • You must be buying or building a brand new home.
  • The value of the home including the land is less than $750,000.
  • You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.

Free Stamp Duty

There is now a concession available if you are purchasing land for the first time which you plan to use for your home. You now don’t have to pay any stamp duty on land purchased up to $250 000. If you purchase land over the value of $250 000, you then pay a reduced rate up to the value of $400 000. This can save you up to $10 000.

What is the Homebuilder Grant?

The Homebuilder Grant is a Federal Government incentive to help you to build your home. This is a one off grant of $25,000 that will only last until 31 December 2020. There is an eligibility requirement that needs to be met in order to qualify.

To be eligible for the grant:

  • You must build a new home as a Principal Place of Residence (Not as investment property)
  • The property value does not exceed $750,000 including land.
  • Construction must commence within three (3) months of the contract date.
  • You must meet one of the following income caps: $125,000 per annum for singles or $200,000 per annum for couples.

Use the online form on the left for enquiries or call us at 07 5596 3341