Kathryn Lee - 8 Apr, 2019
Each Australian state and territory has its own FHOG, each with its own grant amounts and requirements. The good news is, Queensland is among the most generous, offering $5,000 more than NSW, SA or Victoria. Here’s what you need to know about the First Home Owner Grant QLD.
2000 was undoubtedly a great year in Australia – not only was it the beginning of a new millennium, but we also hosted the Olympic Games. But what you may not know is that it also marks the year that owning a home became significantly more accessible in Australia. In July 2000, the Australian government introduced the First Home Owner Grant. This nationwide initiative was introduced to offset the GST (Goods and Service Tax) and make purchasing a home more affordable.
The First Home Owner Grant is a state initiative by the Queensland government, designed to make it easier for eligible individuals, couples and families to purchase their first home. Despite sometimes being referred to as the ‘building grant’, it covers existing houses, units and townhouses, as well as new builds – so long as they’re new.
Yes, the $15,000 Queensland First Home Owner Grant is still available and will continue to be throughout 2019. Unfortunately, the previously available $20,000 grant was discontinued on 30 June 2018.
However, if you signed a contract with a builder to construct a home between 1 July 2016 and midnight 30 June 2018, you may still be eligible for the $20,000 grant.
At the moment, there is no date for when the $15,000 grant will end. However, be sure to check the most current information when applying for your FHOG, as the grant amount is subject to change in accordance with the annual state budget and changing real estate prices.
Yes, unfortunately, the First Home Owner Grant doesn’t get home buyers out of paying stamp duty. However, if you are buying a home valued less than $550,000 or vacant land less than $400,000, you are eligible for a concession on a sliding scale. The higher the value of your home or land within these limits, the less of a discount you’ll get.
There are a few key requirements you must satisfy in order to successfully apply, so it’s important to familiarise yourself with these before you submit your application.
The Home Owner Grant QLD is only available to homes considered new, or for those building a property. If you’re buying an established home, you’re not eligible for the $15,000 First Home Owner Grant, but you can still claim the discount on stamp duty for purchases over $550,000.
There are two different ways you can apply for the FHOG in Queensland. Firstly, if your property has already been settled, you can apply directly through the Office of State Revenue, Queensland. However, this can be quite a complex process and if you fail to submit the correct information, it can slow down the application process considerably and even result in a fine.
The second and recommended way to apply for the FHOG is to apply through an approved agent. This can be your bank or lending institution, however you may also want to consider hiring a broker to ensure your application goes as smoothly as possible. Going down this route generally results in your application being approved much faster than if you apply directly yourself. You would provide your completed application form and all supporting documentation to the agent to process the grant. They would then confirm your eligibility and submit your application to the Office of State Revenue, who may then get in touch for more information.
Whichever way you to decide to apply, you’ll want to ensure you supply all necessary documentation. This includes:
You may also need:
Your application must be submitted within a year of taking possession of your new home and registering your title.
You may also need:
Application submission must occur within 12-months of the new home completion, and the final inspection report delivery.
If you’re not buying a home in QLD, then you may be eligible for the First Home Buyer Grant in another state. Just remember that all states have different guidelines, so you need to read the legislation before applying for the FHOG.
If you want to speed up your grant application, may want to consider using one of eChoice’s experienced brokers to assist with your application and ensure the process goes off without a hitch. Plus, we also have access to hundreds of mortgage products, so we can help you find a competitive deal that best suits your needs.