The Queensland Government has revealed that it will scrap the current First Home Owner Grant in the amount of $7,000 in the new budget and will replace it with a First Home Owner Construction Grant in the amount of $15,000.
First home buyers in Queensland therefore need to be quick if they intend to purchase an established pre-loved home as the $7,000 First Home Owner Grant will no longer apply from 12 October, 2012. First time buyers will only qualify for the First Home Owner Grant if they sign a contract by the latest on 11 October 2012.
The First Home Owner Construction Grant will come into effect on 12 September 2012. The eligibility provisions for the First Home Owner Construction Grant are as follows:
- The purchase must be for a newly constructed home, or property purchased off the plan
- The property must be occupied by the purchaser as their principal place of residence within one (1) year of taking ownership and the purchaser must live there for at least six (6) months
- The purchaser must not sell the property within twelve (12) months of moving in
- The purchaser must buy or build a property worth less than $750,000
The Master Builders Association has expressed its support for this change and said that the First Home Owner Construction Grant will provide sustainable injection of confidence to the construction sector.
Should you require any further information regarding the changes to the Grants please contact our Property and Commercial Department oN07 5536 9777 or email firstname.lastname@example.org or use our online enquiry form.