Guide For Buying Or Building A New Home
Purchasing a new home, building a new home, or renovating a home? Here is the ultimate guide to all grants and concessions available in Queensland.
What is available?
• HomeBuilder grant: $25,000.00
• Queensland First Home Owners’ Grant: $15,000.00
• Regional home building boost grant: $5,000.00
Stamp duty Concessions
• First home concession
• Home concession
• First home vacant land concession
• First home loan deposit scheme
Queensland Government Financial Grants
Grants and eligibilities below are only available for Queensland property purchases
*if you buy an off the plan dwelling after 4 June 2020, and the construction of the home commenced before 4 June 2020, then the home does not qualify for HomeBuilder.
Queensland Stamp duty Concessions
You might not lose the concession because of an intervening event. We can apply on your behalf in writing to the Commissioner of State Revenue explaining these reasons.
First home loan deposit scheme
The scheme and eligibilities apply throughout Australia. It is important to note that an application for this scheme can only be made by banks who the Government have selected can participate in the scheme. The banks are listed in the link: https://www.nhfic.gov.au/what-we-do/fhlds/how-to-apply/#FHLDSlenders
First home buyers with less than 20% of deposit will need to pay lenders mortgage insurance. With the scheme eligible first home buyers can purchase a home with 5% deposit. This is subject to lenders criteria.
To be eligible you must satisfy the below: –
– Australian Citizen;
– At least 18 years of age;
– You and your spouse never owned a residential property before;
– Purchase as an individual (not company or trust);
– Must be purchasing a residential property in Australia;
– Must live in the property as your principal place of residence;
– Taxable income must be below $125,000.00 for individual or $200,000.00 as a couple for the preceding financial year;
– Must purchase within the price threshold; and
– You must demonstrate savings equivalent to at least 5% but not more than 20% of the residential property you intend to buy.
To determine whether a buyer is eligible to any of the grants, concessions and schemes it is important to assess each situation on a case by case basis. Whether you are eligible will be determined by your individual circumstances.
Rostron Carlyle Rojas Lawyers can explore your options with you ensuring that you gain the most out of the government Grants and Concessions available. If you have any questions or would like more information regarding the above please contact any of our property experts below.
|Gerard Thorpe (Special Counsel)||[email protected]||(07) 3009 8476|
|Ying Ying Tay (Senior Associate)||[email protected]||(07) 3009 8451|
|Jessica Lee (Lawyer)||[email protected]||(07) 3009 8422|