Are you a first home buyer in Queensland looking to purchase your first home? If so, you may be eligible for a range of grants and concessions that can help you get into the property market.
In this blog post, we’ll explore the grants for first home buyers in QLD and how they can help you get into your first home.
First Home Owner Grant
The First Home Owner Grant (FHOG) is a one-off payment from the Queensland Government to help first home buyers purchase their first home. The grant is available to anyone who is buying or building their first home, and is not available to investors.
The amount of the grant varies depending on the date of your contract. If your contract was signed on or after 1 July 2016, you may be eligible for a grant of up to $15,000. If your contract was signed before 1 July 2016, you may be eligible for a grant of up to $20,000.
To be eligible for the FHOG, you must meet the following criteria:
• You must be an Australian citizen or permanent resident.
• You must be over 18 years of age.
• You must be buying or building a new home, or buying an established home that has not been previously occupied.
• You must be living in the home as your principal place of residence for a continuous period of at least six months.
• You must not have previously owned property in Australia.
• You must not have previously received a FHOG.
• You must meet the income and asset tests.
• You must meet the residency requirements.
• You must meet the loan eligibility requirements.
If you meet all of the above criteria, you may be eligible for the FHOG.
First Home Loan Deposit Scheme
The First Home Loan Deposit Scheme (FHLDS) is a scheme designed to help first home buyers purchase their first home with a deposit of as little as 5%. The scheme is available to eligible first home buyers who have saved a deposit of at least 5% of the purchase price of their home.
Under the scheme, eligible first home buyers can apply for a loan guarantee from the National Housing Finance and Investment Corporation (NHFIC). The loan guarantee will allow the first home buyer to purchase their home with a deposit of as little as 5%.
To be eligible for the FHLDS, you must meet the following criteria:
• You must be an Australian citizen or permanent resident.
• You must be over 18 years of age.
• You must be buying or building a new home, or buying an established home that has not been previously occupied.
• You must be living in the home as your principal place of residence for a continuous period of at least six months.
• You must not have previously owned property in Australia.
• You must not have previously received a FHLDS loan guarantee.
• You must meet the income and asset tests.
• You must meet the residency requirements.
• You must meet the loan eligibility requirements.
If you meet all of the above criteria, you may be eligible for the FHLDS.
Stamp Duty Concessions
The Queensland Government offers a range of stamp duty concessions to help first home buyers purchase their first home. The concessions are available to eligible first home buyers who are purchasing an established home, or building or buying a new home.
The amount of the concession varies depending on the date of your contract. If your contract was signed on or after 1 July 2016, you may be eligible for a concession of up to $15,000. If your contract was signed before 1 July 2016, you may be eligible for a concession of up to $20,000.
To be eligible for the stamp duty concession, you must meet the following criteria:
• You must be an Australian citizen or permanent resident.
• You must be over 18 years of age.
• You must be buying or building a new home, or buying an established home that has not been previously occupied.
• You must be living in the home as your principal place of residence for a continuous period of at least six months.
• You must not have previously owned property in Australia.
• You must not have previously received a stamp duty concession.
• You must meet the income and asset tests.
• You must meet the residency requirements.
• You must meet the loan eligibility requirements.
If you meet all of the above criteria, you may be eligible for the stamp duty concession.
Other Grants and Concessions
In addition to the F