First Home Owners Grant Queensland
Clearing the fog around the FHOG in Queensland
In previous blogs we’ve discussed the importance of planning to have sufficient funds to undertake a construction project. Whilst some people may have enough cash savings, most homeowners need to rely on finance, grants and government fee discounts to achieve their dream.
Where the home building customer is a ‘first home buyer’ there are a range of government incentives and fee discounts available. The most popular, of course, is the First Homeowners Grant (FHOG).
The FHOG has existed in Queensland for many years in different forms and has had some significant changes over time as it evolved to meet the needs of first homeowners, and government policy! In earlier times the grant applied to all types of home purchases and construction. However, today, the FHOG provides funds towards the purchase or construction of a ‘NEW house, unit or townhouse’.
To understand the scope of the grant it’s also important to know what is meant by the term ‘new house’ etc.
According to the Queensland Government, (as at Jan 2020) a new home refers to:
• a house, apartment, unit or townhouse that
• has never been occupied as a place of residence
• has never been sold as a place of residence or
• a substantially renovated home (completed by the seller in limited circumstances) (See www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/renovated-houses-first-home for more details.
Details on the grant may also be found at https://www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/qld-first-home-grant/apply-first-home-grant
Following changes to the grant in 2018 the amount of financial support changed to $15,000 for contracts dated from 1 July 2018 or later. Contracts dated before that date may still be eligible and we recommend checking out the relevant government website listed above for further information.
There are also specific eligibility criteria relating to the First Home Owners Grant Qld. Applicants must:
1. Be at least 18 years of age.
2. Be an Australian citizen or permanent resident (or applying with someone who is).
3. Not have previously owned property in Australia that you lived in. (You or spouse)
4. Must be buying or building a brand new home.
5. Have a value of the home including land that is less than $750,000.
6. 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.
Homes constructed by Highfields Builder Pty Ltd are eligible for the FHOG provided the above criteria are met. This blog is intended to give you a broad idea of the benefits and rules around the First Home Owners Grant in Queensland. Scott and Bonni at Highfields Builder recommend exploring your options and getting good professional advice from an accountant, financial advisor or lawyer where appropriate.
When it comes time to plan your new home construction, the team at Highfields Builder are ready to support you from that initial enquiry until the key handover. We’re your local home building specialists across Toowoomba and nearby regions and build quality, energy efficient and cost-effective homes for owner occupation or investment purposes. Check us out at www.highfieldsbuilder.com.au and LIKE us on Facebook @ www.facebook.com/highfieldsbuilder
This publication series covers home building, real estate, home finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as legal advice. Highfields Builder Pty Ltd recommends that professional legal and/or financial advice should be obtained before taking any action on the basis of the general information presented in this publication.
Written and Published by www.presentprofessionally.com.au
Highfields Builder is your local home building specialist in the Toowoomba region
Scott, Bonni and the Highfields Builder team are focused on building strong relationships with customers and delivering outcomes that exceed expectations. The process of building a home can be complex and every customers situation is different. When you build with Highfields Builder you become part of a team committed to delivering the highest standards of excellence in residential home construction, from enquiry through to handover.
DISCLAIMER
This article may include information on home building, real estate, home finance and legal related issues in a general way. It is intended for general information purposes only and should not be regarded as legal advice. Highfields Builder Pty Ltd recommends that professional legal and financial advice should be obtained before taking any action on the basis of the general information presented in this publication.
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