Exciting news for first home buyers in Queensland! The First Home Buyers Grant has been doubled to $30,000, making it a fantastic time to step into the property market. At Orchard Finance Group, we’re here to help you navigate this opportunity and find the loan for your first home.
In this latest blog update from Orchard Mortgage Brokers, we will be explaining more about the first home buyers grant, how you can use it and who is eligible for the first home buyers grant. We will also be answering frequently asked questions.
What Is The First Home Buyers Grant?
The First Home Buyers Grant is a government initiative aimed at helping first-time homebuyers get into the property market. Recently, the Queensland Government has doubled this grant to $30,000, providing significant financial support for those looking to purchase their first home.
This increase is a huge boost for first-time buyers, helping them overcome one of the biggest hurdles to homeownership: the initial deposit.
Who Is Eligible for The First Home Buyers Grant?
Eligibility for the First Home Buyers Grant primarily focuses on first-time homeowners. If you’ve never owned property before and are planning to buy or build a new home, you could be eligible for this grant.
Not sure if you can get it? Keep reading and then feel free to reach out to us, because there are certain criteria related to the value of the home and your personal circumstances that may affect your eligibility.
At Orchard Finance Group, we can guide you through these criteria and help you determine if you qualify for the grant. However, here are some key details to consider:
Key Details Of Eligibility:
Age: You should be at least 18 years old. There are some rare exceptions, like for those under 18 or if the application is on behalf of someone with a legal disability.
Citizenship: It’s essential that you’re an Australian citizen or a permanent resident. If you’re applying jointly, at least one of you needs to be a citizen of Australia.
No Previous Grants: Neither you nor your spouse should have received a first home owner grant in Australia before. If you have, you won’t be eligible.
Home Ownership History: If you or your spouse have owned a home in Australia after 1 July 2000 that you lived in, or any home before this date regardless of whether you lived there or not, you won’t be eligible.
Investment Properties: The grant isn’t available for investment properties. But if you’ve owned a property for investment purposes since July 2000 and are now buying your first home to live in, you might still qualify.
Living in Your New Home: You need to move into your new home within a year of buying it and stay there for at least six months.
Type and Value of Home: The home you’re buying or building must be valued under $750,000. It should be new, not previously lived in or sold as a residence. This includes houses, units, duplexes, townhouses, tiny homes & granny flats (better fact check) and even homes moved from another site, like kit homes or modular homes.
FAQs About First Home Buyers Grant
How much is the Qld First Home Buyers Grant?
The First Home Buyers Grant in Queensland has been doubled to $30,000.
Do you help with the Grant application?
Yes, we can help explain the process to you.
Can I use it to build a tiny home or granny flat?
“You may be eligible for a grant if you build a detached dwelling on a relative’s land. A detached dwelling may include a granny flat or tiny home. A relative can be a parent, grandparent, child, stepchild or sibling of an applicant, or the spouse of any of these.” source
Can the grant be used towards any type of home?
The grant is intended for first-time homebuyers purchasing or building new homes. There are limits on the value of the home that can be purchased.
Can I use the grant if I have bought a home in another state?
You won’t be eligible for the first home buyers grant if you have bought a home in another state. You could still be eligible if you have bought property but not lived there. Contact our mortgage brokers if you need any clarification.
If my partner has bought a home in the past, can I still get the First Homeowner Grant?
No, in most cases you will not be able to use the First Home Buyers grant if your space has previously owned property in Australia, or if they have used the First Home Buyers Grant in the past.
Can I use the FHG to pay for stamp duty?
In Queensland,you won’t pay any stamp duty for your first home valued up to $500,000. If you are looking at purchasing a property worth between $500,000 and $550,000 you may still be eligible for stamp duty savings.
How do I apply for the grant?
You can apply for the first home buyers grant through your lender/bank or with the Queensland Revenue Office.
Contact Our Mortgage Brokers Today
Navigating the world of home loans and grants can be complex, but it doesn’t have to be and you don’t have to do it alone. Whether you’re buying your first home, building a new one, or looking to invest, our team at Orchard Finance Group is here to provide expert advice and support.
With our extensive experience and personalised service, we’ll help you find the loan that suits your needs and guide you through every step of the process. Get in touch with Michael Wills today through our website, or by calling us on (07) 5475 4500.
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Licensing statements: Orchard Mortgage Brokers (Qld) Pty Ltd ACN 671 112 137 Trading As Orchard Mortgage Brokers is an authorised Credit Representative 556459 under Australian Credit Licence 389328 General disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. Subject to lenders terms and conditions, fees and charges and eligibility criteria apply