This is the ultimate guide on the 2021 First Home Owners Grant QLD. In this in-depth guide you'll learn:
What is the QLD First Home Owners Grant?
Who is eligible for the grant in QLD?
How much is the grant in QLD?
What houses can I use it on?
How to test your eligibility
How to get started
The First Home Owner Grant is a one-time $15,000 payment that comes from the Queensland Government. The money can be used towards the cost of a new home.The grant is for anyone building their first home or buying a brand new home. There are eligibility rules in place to help the Queensland government avoid giving the grant to buyers who are not new homeowners. The grant helps the state of Queensland collect more tax revenue on housing while making sure the residents reap the many benefits of homeownership. The grant can be used to buy units, apartments, houses, or townhouses up to a certain purchase amount. You can combine the Queensland First Home Owner Grant with other grants to afford more house.
The First Home Owner Grant (FHOG) is a government scheme created to offset the effect of the Goods and Services Tax (GST) on owning a home. The grant helps new homeowners afford the many fees related to buying a home. The FHOG was first introduced in July 2000 to states across Australia. Each state manages and creates its own grant funding. If you're in Queensland, you can apply for the QLD First Home Owners Grant by applying for funds set aside specifically for the state. The grant is payable to first home buyers as long as they meet the eligibility criteria determined by the government. The Queensland real estate market is fast growing as more and more first home owners get access to help from the government to buy homes. If you're ready to buy a home, act fast to avoid missing out on the many good property deals in Queensland
The First Home Owner Grant QLD is definitely still available to first home buyers who already live in Queensland or who want to move there. As long as you've signed a home building contract between 1 July 2018 and now, you can apply to receive the $15,000 FHOG. If you buy a brand new home from 1 July 2018 onwards, you are also eligible to apply for the grant. The FHOG remains available as long as there's funding created by the state or territory where you live. The grant has grown from a $7,000 cash payment to its current sum of $15,000. Briefly, the grant amount increased to $21,000 but has decreased in Queensland back down to $15,000.
In addition to the First Home Owners Grant QLD, there is also the addition of our exclusive Kixstaart grant ($15,000). With both grants adding up to a whopping $30,000 there has never been a better time to purchase your first home.
Not everyone that lives in Queensland qualifies for a First Home Owners Grant. Take a look at the criteria below to learn whether or not you can receive the QLD First Home Owner Grant ($15,000) payment towards your home purchase. Keep in mind that you need a signed contract in place that says you'll buy or build a new home before you can apply. The only exception to this rule is if you're the owner-builder. Here are the eligibility rules for the First Home Owner Grant.
Both you and any co-applicants must be 18 years of age or older. A co-applicant is usually the person you are buying the home with such as a spouse or parent.
Only Australian citizens are eligible to apply for the First Home Owner Grant. Permanent residents can also apply for First Home Owners Grant even if their spouse isn't an Australian citizen. The only requirement for joint applications is that one person be an Australian citizen or permanent resident. Permanent residents are anyone that holds a permanent visa in Australia. New Zealand citizens can apply if they have a special category visa under the Migration Act 1958. New Zealand residents with expired passports are not eligible for FHOG even with a special category visa. Permanent residents with expired New Zealand passports are also ineligible. To find out whether your visa is temporary or permanent, look up its subclass using the visa list.
Have you ever receive the First Home Owner Grant? If so, you won't be able to apply again. The grant is only open to new applicants. This rule applies across state and territory lines. If you've received a grant in another territory or state, you can't simply move to Queensland and start again. There's one exception to this rule. Previous grant recipients who had to repay the grant along with penalty fees might still be able to reapply. In this scenario, the government decides eligibility on a case by case basis.
New Home Owner
Another important consideration when applying for the First Home Owner Grant is whether you've been a home owner before. Both you and your spouse must be new home owners. This means you have never owned and don't currently own property in Australia that you lived in. You can own property that you don't live in as long as you bought it after 1 July 2000.
Property investors are eligible to receive the First Home Owner Grant in very special situations. You can own an interest in a residential property if it's only been used for investment purposes since 1 July 2000.Investment purposes means you never used it as a residence for yourself or your spouse or partner. Investors who can show they have not ever lived in the investment home can apply for First Home Owners Grant QLD. To apply as an investor, you'll need evidence like lease agreements that show you had a tenant in your property for as long as you've owned it. You can also use electricity or phone accounts as evidence. Some investors also present tax returns to prove the property is only used as a rental for potential tenants.
Natural persons can apply for the First Home Owner Grant, but not businesses. A natural person is an individual human being and not a legal entity. This is why investors that own properties in a business name are eligible to apply for the grant. They can apply in their personal names even if they own multiple properties as a business owner.
The QLD first home owners grant is a grant of $15,000. However, it is not the only grant that helps first home owners. Another grant to pair with the First Home Owner Grant is a grant our team at total first home solutions has partnered with the government, to create an additional $15,000 grant called the kixstaart grant.
By adding both grants together, if eligible you can access up to $30,000 worth of grants to help you on your journey to become a home owner.
And the best part? This $30,000 can be used as your deposit, so you don't have to struggle to save for a deposit while you're paying rent.
One of the most important things to remember when considering the First Home Owner Grant is the amount you plan to spend on a new home. Your purchase price for the land and building costs can't be more than $750,000. If you're purchasing a brand new home, and it hasn't been lived in before, you might be eligible as long as you meet the other eligibility criteria. When building a new home, buy the block of land then make sure the land improvement costs fall below a total of $750,000. You are required to live in your home as your primary residence for a minimum of six months. This doesn't mean six months off and on. You must live in the property for six straight months after the home is built. Make sure you move in within 12 months of the home being built to maintain your eligibility. The same applies if you buy a new home. You need to move into the new home within the first 12 months of buying it and live in it for 6 straight months.
Your brand new home has to remain your main residence for at least six months during the first year of ownership. You can rent out rooms in your home after you've met the 6 month residency requirement. If you rent out rooms before the 6 month period is over, just make sure the rental situation doesn't affect your ability to live in the home as a main residence. For example, if you live in a one-bedroom home, you cannot rent the only bedroom and sleep somewhere else while the tenant lives in the home. If you do choose to rent out any space in your new home, just remember that you can affect your eligibility for the first home concession or the vacant land concession. The grant and first home concession both have similar requirements but they are not the same benefit. The first home concession has its own set of eligibility rules that you need to meet in order to receive the benefit.
The most common houses that first home owners in qld purchase are brand new house and land packages located just outside of Brisbane. Because banks aren't wiling to give you a $800,000 home loan for your first property, you have to start small, assuming you have a good credit rating and banks are happy with your income, expect to purchase a home in the $300,000-500,000 range.
Testing your eligibility for the first home owner grants in qld is simple. Our property experts at total first home solutions have set up an online form where you just have to answer a few questions that will help us determine if you're eligible or not.
Simply click here to access the form and see if you're elgible!
The application process for the First Home Owner Grant QLD is simple when you understand the eligibility requirements. The grant process can take time especially if you are buying an off-the-plan home. In this case you need a property title in hand before the grant can be paid. If you are unsure where to go for expert help or want to take an eligibility test, visit our online eligibility test tool to get started today!
Once you've filled out this form, we'll get in contact with you and run you through your situation. If all goes well, you'll be on your journey to owning your first home... How exciting!