The Process of Buying – First Home Owners Grant

While many people are aware that there is a first home owners grant, few of you may be aware of the specific details on the grant.

The Queensland State Government states the first home owners grant to be ” to help you buy or build your first home. It is a federal initiative that is administered and funded by the state government.”

Eligibility of the grant varies however the basic requirements as stated by the Queensland  Government Office of StateRevenue are as follows:

You may be eligible for the grant if …

You are:

• at least 18 years of age
• not a company or a person acting as a trustee
• an Australian citizen or a permanent resident (or a joint applicant with someone who is an Australian citizen or permanent resident).

You may be eligible for the grant if you are a trustee of a trust (other than a discretionary or unit trust) and all the beneficiaries are individuals under a legal disability who will live in the home as their principal place of residence.

You and your spouse have:

• never been paid the first home owner grant
• before 1 July 2000, not owned residential property in Australia
• from 1 July 2000, not lived in residential property (in Australia) you have owned.

You will:

• move into the home within one year of buying it
• live in the home for 6 months continuously as your principal place of residence.

Exceptions

We may approve the grant in special circumstances if you:

• are under 18 years of age
• move into the home after one year
• live in the home for less than 6 months.

However, we must consider that there are good reasons for you to get the grant.

You might not get the grant if you have entered into a/an:

• oral contract
• instalment arrangement
• rental purchase agreement.

Before applying, check with us to see if you are eligible.

Applying for the grant is simple, you will actually find that most mortgage brokers and banks will organize this paperwork for you when you are applying for your loan.  However more information on applying for the grant can be found at the Queensland  Government Office of StateRevenue

An update on the current FHOG was posted earlier this month by SPACE, check it out here

For more information please visit these informative sites

REIQ

Queensland Government Office of State Revenue

Queensland Government