First home buyers building or buying a new home in Queensland will receive a $15,000 grant from 12th September 2012.
In a joint statement released today, Premier, Campbell Newman and State Treasurer, Tim Nichols announced that their first State budget would increase the current $7,000 First Home Owners Grant to $15,000 when purchasing a newly constructed home or a property off the plan. The newly named First Home Owners Construction Grant will apply to contracts signed on or after 12th September, 2012.
Mr Newman hoped that “this great initiative will entice more people into the property market and make home ownership more affordable.”
“We want to see more Queenslanders buying their first home and this grant will certainly give home buyers a great head start,” he said.
Mr Nichols noted that the Government had “already wiped $7,000 off the cost of buying the family home by reinstating the principal place of residence transfer duty concession”. “The First Home Owners Construction Grant is another component of our positive plan for this vital sector,” he said.
The current $7,000 grant for first home buyers buying established homes will end after October 11, 2012.
How it will work:
- The First Home Owners Construction Grant is $15,000
- The grant is available to first home buyers purchasing newly constructed properties or properties off the plan
- The new grant replaces the current $7,000 grant which applies to new and established properties. The grant will no longer be available on established properties after 11 October, 2012
- The property must become the principal place of residence within one year of taking ownership
- It must be the principal place of residence for at least six months
- The property must not be disposed of within one year after the commencement of occupancy
- The property value must be under $750,000