Those looking to buy a house for the first time in the state of Queensland will now be eligible for a grant of $15,000. The new first home builders’ grant of $15,000 is the same rate the Queensland government paid to first home contracts dated between October 2012 and 30 June 2016.
For house contracts dated between 1 July 2016 and 30 June 2018, the grant amount has been slightly more at $20,000. If you’re buying a brand new home, the property does not need to have settled by midnight on 30 June 2018, you just need to have signed the contract.
We expect this would have driven many first home buyers to execute contracts in June, to take advantage of this higher rate.
The Queensland First Home Builders’ Grant is a state government initiative to help first home owners to get their first home sooner. The grant can be used towards buying or building a new house, unit or townhouse, valued up to $750,000.
Typically, the grant helps first-time home buyers with a little extra funds in hand; a buffer to get your dream home sooner. For instance, a first-time buyer could use the grant money to cover part of their deposit when they apply for the construction loan or mortgage.
At the moment there is no date for when the $15,000 grant will end. And so, if you are planning to buy a brand new home and are an eligible first home buyer, it may be smart to move sooner than later to take advantage of the grant before it is further reduced.
If you are wanting further information on first home builders’ grant or building in Queensland book a call with one of our independent home building experts on 1800 184 284.