News

First Home Owner’s Grant

ByRick Schafer

Source; REIQ.com

The $7,000 First Home Owners Grant (FHOG) applied to people who were buying or building their first home. The grant is administered in Queensland by the Office of State Revenue. The First Home Owners Grant ceased on 11 October 2012. The grant only applied to homes bought on or before 10 October 2012.

The 2012–13 Queensland State Budget introduced the first home owner construction grant (FHOCG), which will be administered under the First Home Owner Grant Act 2000.

The grant is available to first home owners who will be buying or building a new home.

This grant of $15,000 is available for:

  • Contracts to buy a new home (including off the plan) dated on or after 12 September 2012;
  • Contracts to build a new home dated on or after 12 September 2012;
  • New homes being built by an owner–builder where the date the foundations start to be laid is on or after 12 September 2012.

A new home is a home that:

  • Has not been previously occupied as a place of residence;
  • Has not been previously sold as a place of residence; or
  • Is a substantially renovated home (in certain circumstances).

The $15,000 grant will not be available:

  • If the contract replaces an existing contract made before 12 September 2012;
  • For new homes where the contract is dated before 12 September 2012 for owner–builders where the date the foundations start to be laid is before 12 September 2012 established homes.

The FHOG eligibility requirements also apply to the construction grant, including a cap amount of $750,000.

Who is eligible for the grant?

Applicants are eligible if:

  • They are buying/building their first property as a person, not as a company or trust;
  • They (or a joint applicant) are an Australian citizen or permanent resident; and
  • They or their spouse have not previously owned an interest in land in Australia that had a residence on it prior to 1 July 2000.

If the applicant has been married or living in a de facto relationship for more than two years, neither they nor their spouse can have owned a home, individually or with any other person.

For more detailed information visit the Office of State Revenue’s website or send an email.

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