The Queensland First Home Owners’ Grant

The Queensland Government is known for always considering its people’s benefits, especially regarding housing. Therefore, it has Queensland First Home Owner’s Grant, an initiative to make owning their first home easier and quicker for the state’s residents. The grant was first introduced in 2000, and since then, its amount has varied. Many people have used it after the COVID-19 pandemic to get a home. If your contract date is 1st July 2018 or later, you may get the grant of $15,000 for buying or building a new house, unit or townhouse (if its value is less than $750,000).
Who can apply?
The grant is awarded per home and not to each applicant for the same home. You need to apply for the money if you meet the following criteria.
- You are an Australian citizen or a permanent resident who is at least 18 years of age. You can also apply with someone who meets these criteria.
- You/Your Spouse don’t have a previously owned property in Australia that you lived in.
- The house you are buying or building must be brand new.
- The house and land’s combined value is less than $750,000.
- The new home must be your principal residence within one year of the completed transaction. You must also live in the house for at least six months.
- You are not a company or a trust.
- You are in an arrangement to get the grant but don’t use it to buy a new home.
What are your obligations?
Getting the Queensland First Home Owner’s Grants comes with obligations else, you can forfeit your claim and lose the grant. The application must have the signature of all applicants, and it should be witnessed and complete. You also have to submit supporting documents like the contract, identity proof, etc.
If you are unable to meet the requirement for any reason, inform the Queensland Revenue Office within 14 days of the same. If you don’t, then the QRO will impose penalties. Also, as per your circumstances, you may need to give the grant money back.
When to Apply?
You can apply to get the grant within a year of registering the title of your new home and taking possession. Additionally, you can apply within a year of your new home’s construction is completed and its final inspection certificate is issued whether the homeowner or a contractor manages the construction.
Avoid using the grant as a deposit because the amount can be paid at different times. Also, you don’t need to submit a deposit to get the grant. To get the grant, you can submit an application through
- A lending institution or an approved bank
- By post or email to the Queensland Revenue office.
Endnote
Getting the Queensland First Home Owner’s Grant is a great way for you to build or own your first house, unit or townhouse. The grant is one of the many interesting things about Queensland. All you need is to meet the eligibility criteria, submit an application in time and know our obligations to ensure everything goes smoothly. Using the grant, many Queensland residents have become first-time home owners, and you can become one too!