It’s not often that the government will just give you money to put towards purchasing something – but that’s exactly what the government first homeowner’s grant entails.
As of 1st July 2018, the government will provide $15,000 towards buying or building a new home, provided that the new property is not valued at over $750,000, giving a helping hand to first-time home buyers across the state.
Who can apply for the first homeowner grant?
Applying for the government grant for first home buyers couldn’t be easier, and it’s more than likely that you already qualify.
The most basic criteria you will need to meet to apply for government assistance for first home buyers is:
- You (and anyone else who is applying for the grant with you) must be over the age of 18
- You must be an Australian citizen or permanent resident, or be applying with someone who is
- The home you are buying or building must be valued at less than $750,000
- The home you are buying or building must be a brand-new dwelling (e.g. house, unit, duplex, townhouse, or granny flat build on a relative’s land) that has not been previously occupied or sold as a place of residence.
There are some instances that will disqualify you from the first homeowner’s grant, such as having received the grant in any other Australian state, or if you are currently living in and own a property in Australia. You can take a full eligibility test here.
What properties are eligible for the grant?
If you’re building or buying new and for the first time, you’re more than likely going to be eligible for the government first homeowner’s grant. There are two other circumstances, however, in which you may also be eligible for the grant. These are:
- You’ve purchased a significantly renovated home. To qualify for government assistance for first home buyers, the property must have been substantially renovated before you bought it and not lived in since the renovation.
- You’re an owner-builder. This means you have built or plan to build a home on land you own without entering into a contract to build (e.g. you’re a self-employed builder).
Pre-established homes are not eligible for the grant, even if it’s the first house you have ever owned.
Applying for the Government Grant for First Home Buyers
In order to apply for the government grant for first home buyers, you’ll first need to meet the criteria we’ve mentioned above. After that, you’ll need to submit your application, signed by all applicants, witnessed, and accompanied by supporting documents. These include proof of identity (Australian birth certificate, Australian passport, etc.) and financials.
Your financials will depend on whether you are buying a new home or are building a home. You will require a contract, signed by the applicants and the builder/seller, a registration confirmation statement (that shows the applicants as the registered owners), and a final inspection certificate.
Once you’ve completed your application and have your required accompanying documents, you can apply through an approved agent or with the Office of State Revenue.
When will I receive my grant?
To receive the government grant for first home buyers, you must apply either within 1 year of taking possession of the new home or within 1 year of your new home being completed.
Once your government first homeowner’s grant is approved, it will generally be paid at settlement (for buying a house), on the first drawdown of funds (for contracts to build your home), or on receipt of the final inspection certificate (if you have applied as an owner-builder).
If you lodge your application through the Office of State Revenue, you will receive the funds in accordance with your transaction type. Usually it’s when you own your home under contract if you’ve bought new, or when you have your final inspection certificate in the case of building.
The road to home ownership can be a tricky one – be sure to check out the Queensland government’s website for full details on how to claim your government grant for first home buyers. When it comes time to build your new home, feel free to contact us at Domaine Homes to see how we can help get you into a new home sooner.