With the end of financial year fast approaching, first home buyers have less than two weeks in which to take advantage of the first home owners grant which currently sits at $20,000.
What has changed?
At this week’s Queensland budget, handed down on Tuesday afternoon, the government announced that as of 1 July the first home buyers grant will be reduced to $15,000.
What this means is, that if you sign a contract, as a first home buyer, after 30 June this year, the maximum grant you will be eligible to apply for will be $15,000 and not $20,000.
Eligibility Criteria
While this news is disappointing for first home buyers there is some good news with the value of the property being purchased remaining at $750,000 for new houses, units or townhouses.
To be eligible for the grant there are four main criteria to be aware of:
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You or your spouse must not have previously owned property in Australia.
- You must be at least 18 years of age.
- You must be buying or building a brand new home, valued under $750,000.
It’s not too late
A lot of thought and planning goes into the decision to sign a contract and commit to purchasing a property and the $20,000 grant has helped many of our clients buy their first home.
Paul Mergard, from Triple Zero Property said it is not too late to take advantage of the full $20,000. “If you have been thinking about buying your first property but simply haven’t had a chance to start the process, I would encourage people to call or come and see us as soon as they can.
“We can explain the process and help with finance so that if you are in a position to go ahead with the purchase of your first home, we can quickly and easily work with you to ensure you don’t miss out on accessing the full amount available until 30 June”.
We regularly work with clients who are purchasing a brand new first home and understand the complexities involved. We can walk you through the process and answer all of your questions.
BUT you need to act now. With less than two weeks before 30 June, there is likely to be a rush on people wanting to take advantage of the full amount before it reduces to $15,000.
We have a variety of properties either under construction, or about to commence which may suit many first home buyers, or we will work with you to secure the land to build your dream home on.
“With the anticipated rush, from people wanting to ensure the take advantage of the full $20,000 grant, we will be extending our office hours to assist as many people as we can”, Mr Mergard said.
To make an appointment or for a no obligation chat call 1300 897 000.
