Buying your first home is an exciting milestone, but it can be a daunting process to get there. The First Home Owners Grant QLD (FHOG) is designed to make homeownership more accessible for first-time buyers in Queensland. For example, this new 2023 government initiative may provide eligible applicants with $30,000 towards buying or building their new home, valued at up to $750,000. This is double the previous grant, of $15,000. The grant covers a range of property types, including new houses, units, townhouses, off-the-plan purchases and owner-builder constructions. For the most up-to-date and accurate FHOG information, visit the QLD Government website for guidance.
Importance of the grant for first-time home buyers
The First Home Owners Grant QLD plays a vital role in helping first-time home buyers overcome financial barriers and enter the property market. By offering a financial boost, the grant aims to make homeownership more attainable, allowing first-time buyers to achieve their dream of owning a home sooner. It also contributes to Queensland’s housing market by promoting the construction of new homes and stimulating economic growth.
First home owners grant QLD eligibility
Applicant requirements and eligibility
The following requirements may provide some insights into the FHOG, please visit the Government website for up-to-date information.
To qualify for the First Home Owners Grant QLD, applicants must be Australian citizens or permanent residents. In the case of joint applicants, only one person needs to meet the citizenship or residency requirement.
Age also has an impact on your eligibility. You (and any other applicants on your application) must be aged 18 years of age or older.
In some exceptional circumstances, the Commissioner of State Revenue may use discretion in relation to the age requirements for the FHOG in Queensland. If you are under 18 years of age, you may still be able to apply for the FHOG if you meet certain criteria and are approved by the Commissioner. Additionally, if you are applying on behalf of a legal disability trust by a guardian, the Commissioner may also exercise discretion. If this is your case, please seek advice.
Property requirements and eligibility
Buying a new home
For a home to be considered new and the grant to be applicable, the property must be brand new, not previously occupied or sold. The new home must also meet local planning standards and be ready for occupation.
Building a new home
You must be building the home as your principal place of residence, and the value of the property, including the land, must be below $750,000. Coral Homes’ range of home designs may suit your requirements.
A substantial renovation is when all, or most, of the structural or non-structural components of a building are removed or replaced. To be eligible the home must be substantially renovated before you buy it and not have been lived in since the renovation.
Buying a property off-the-plan, where construction has not yet been completed or has only recently been completed, also qualifies for the grant. The property must be new and not have been occupied or sold as a place of residence before.
Owner-builder constructions are eligible for the First Home Owners Grant QLD, provided the home is newly built and has not been previously occupied. Applicants must also meet relevant owner-builder permit requirements and follow all local building regulations.
Residence requirements and eligibility
You must move into your brand new home as your primary place of residence within 1 year of the completed transaction and live there continuously for 6 months, or as stated by your government website.
Income and financial requirements and eligibility
While there are no specific income requirements for the First Home Owners Grant QLD, applicants must demonstrate they are financially capable of purchasing or constructing a new home. Lenders typically assess an applicant’s financial capacity by evaluating their credit history, employment status, and debt-to-income ratio. Seek advice from your financial institution to clarify eligibility.
First Home Owners Grant amount and use
The 2023 First Home Owners Grant QLD provides eligible first-time home buyers with a one-time, tax-free payment of $30,000. This substantial financial assistance can make a significant difference in helping you achieve your homeownership goals, by reducing the initial costs associated with buying and building a new home.
Applicable property types
The grant is designed to support the purchase or construction of a variety of property types, offering flexibility to first-time home buyers in choosing a home that best suits their needs and preferences. The following property types qualify for the First Home Owners Grant QLD:
A standalone, newly built house is eligible for the grant, provided it has not been previously occupied or sold as a place of residence. The new home must also meet local planning and building standards.
First-time home buyers can also use the grant to purchase a newly constructed unit in a multi-unit development. The unit must be new, not previously occupied or sold as a place of residence, and comply with local planning and building regulations.
Newly built townhouses are also eligible for the First Home Owners Grant QLD. As with houses and units, the townhouse must be new, not previously occupied or sold as a place of residence, and meet all relevant planning and building requirements.
How the grant can be used
The 2023 First Home Owners Grant QLD aims to provide financial support for first-time home buyers in purchasing or building their new home. The $30,000 grant can be used in the following ways:
Purchasing a new home
You can apply the grant towards the purchase of a newly built home, whether it’s a house, unit, or townhouse. The grant can help reduce the deposit required, making it easier to secure a mortgage and enter the property market. It’s essential to work with a trusted home builder like Coral Homes to ensure the property you’re purchasing meets the grant’s eligibility criteria.
Building a new home
You might be able to use the grant to help finance the construction of your dream home. This option allows you to choose a suitable design, customise your home colours and fixtures to your preferences, and build in the perfect location. Partnering with an experienced home builder like Coral Homes will ensure your new home is built to the highest standards, while also helping you navigate the grant application process.
First Home Owners Grant QLD application process
Navigating the First Home Owners Grant QLD application process can be overwhelming, but with the right preparation, it can be a smooth and successful experience. Here’s what you need to know about the application process:
To apply for the 2023 First Home Owners Grant QLD, you’ll need to provide several documents to support your application. You can view this required documentation on your government website, however these documents typically include:
- Proof of identity: Provide a copy of your Australian birth certificate, passport, or citizenship certificate. If you’re a permanent resident, you’ll need to submit a copy of your permanent residency visa.
- Proof of income: Include recent payslips or tax returns to demonstrate your financial capacity.
- Contract of sale or building contract: For building a new home, submit a signed building contract with a licensed builder, like Coral Homes.
- Proof of occupancy: Once your new home is completed and ready for occupation, you’ll need to provide evidence that you’ve moved in, such as utility bills or a statutory declaration.
The deadline for submitting your First Home Owners Grant QLD application varies depending on whether you’re buying or building a new home.
- Purchasing a new home: You must submit your application within one year of the settlement date.
- Building a new home: If you’re building a new home, your application must be submitted within one year of the date your home is ready for occupation.
Tips for a successful application
To increase your chances of a successful First Home Owners Grant QLD application, consider the following tips:
- Check your eligibility: Before starting the application process, ensure you meet the citizenship, residency, property and financial requirements for the grant.
- Prepare your documentation: Gather all necessary documents, such as proof of identity, income and contracts, to support your application. Double-check your documents for accuracy and completeness.
- Understand the application deadlines: Be aware of the submission deadlines to avoid missing out on the grant due to late applications.
- Seek professional assistance: If you’re unsure about any aspect of the application process, consult with experts like Coral Homes or a qualified mortgage broker. They can guide you through the process and help ensure a successful application.
- Keep a copy of your application: Retain a copy of your completed application and all supporting documents for your records. This will be useful if you need to provide additional information or if there are any queries about your application.
How Coral Homes can help you get the First Home Owners Grant
Coral Homes understands the challenges first-time home buyers face and are committed to providing exceptional support throughout the home buying journey. As one of Australia’s leading home builders with over 33 years of experience, Coral Homes is well-equipped to assist you in securing the First Home Owners Grant QLD and making your dream home a reality. Here’s how Coral Homes can help:
Assistance with the FHOG application
Navigating the grant application process can be overwhelming, but Coral Homes is here to help. Our team of experts will guide you through the eligibility criteria, required documentation and application deadlines.
Available home designs and house and land packages
Coral Homes offers a diverse range of high-quality home designs and house and land packages, catering to various budgets, preferences and lifestyle needs. Our extensive portfolio includes single-storey and double-storey homes, as well as duplex and dual-living designs. Whether you prefer a modern, open-plan living space or a traditional, cosy family home, Coral Homes has the perfect design for you.
We also offer house and land packages in prime locations throughout Queensland, ensuring you find the perfect combination of home design and location. Our packages are carefully curated to ensure a seamless and stress-free home building experience, providing excellent value for first-time home buyers.
Personalised support throughout the home buying journey
At Coral Homes, we pride ourselves on delivering exceptional customer service. From the moment you contact us, our team of professionals will be with you every step of the way, providing guidance, advice and support.
We will assist you in selecting the ideal home design and package, securing financing and the First Home Owners Grant QLD, and navigating the construction process. Our commitment to quality, transparency, and communication ensures a smooth home buying experience, allowing you to focus on the excitement of owning your first home.
Experience the Coral Homes difference and let us help you turn your dream of homeownership into a reality.
Recap of the First Home Owners Grant QLD
The First Home Owners Grant QLD is a valuable government initiative designed to make homeownership more accessible for first-time home buyers in Queensland. By providing eligible applicants with $30,000 towards buying or building their new home. The value of your first home including the land can be up to $750,000. The grant aims to reduce financial barriers and promote economic growth in the housing market. Covering a range of property types, including new houses, units, townhouses, off-the-plan purchases, and owner-builder constructions, the grant offers flexibility for first-time buyers to choose the perfect home for their needs.
If you’re considering purchasing or building your first home in Queensland, don’t miss out on the opportunity to take advantage of the First Home Owners Grant QLD. This financial assistance can make a significant difference in achieving your homeownership goals and entering the property market sooner. By working with a trusted home builder like Coral Homes, you can ensure your new home meets the grant’s eligibility criteria, and receive expert guidance throughout the application process.
Coral Homes is committed to providing exceptional customer service and personalised support throughout your home buying journey. With our extensive experience and dedication to quality, provide guidance on the First Home Owners Grant QLD, help you select the perfect home design and package, and turn your dream of homeownership into a reality. Experience the Coral Homes difference and take the first step towards your new home by contacting our team today. We’re ready and eager to assist you in navigating the grant application process and achieving your homeownership dreams.
FHOG Frequently asked questions
The First Home Owners Grant QLD may be able to be combined with other financial assistance programs, such as the First Home Loan Deposit Scheme, and various state or territory-specific concessions. This can provide additional financial support and make homeownership even more attainable for first-time buyers.
No, you cannot apply for the First Home Owners Grant QLD if you have previously owned a property in any Australian state or territory. See the government website for more information.
The grant is designed exclusively for first-time home buyers who have not owned a residential property in Australia before.
First home buyers in Queensland may be eligible for a concession on stamp duty. The First Home Concession provides a partial or full exemption from stamp duty for first-time home buyers, depending on the property’s value. For more information on stamp duty concessions and eligibility requirements, visit the Queensland Government’s website or consult a qualified mortgage broker.
Apply for the First Home Owners Grant QLD is easy. You’ll need to provide supporting documents, such as proof of identity, income, and contracts, to complete your application. Ensure you submit your application within the specified deadlines for purchasing or building a new home. Coral Homes can assist you through this process.
The 2023 First Home Owners Grant QLD provides eligible first-time home buyers with a one-time payment of $30,000 to help with the costs of buying or building a new home. The value of your first home including the land can be up to $750,000.
The $15,000 grant can help reduce the amount you need to save for a deposit, making it easier to secure a home loan and enter the property market sooner. However, keep in mind that lenders may still require you to have genuine savings to demonstrate your financial capacity and ability to repay the loan. Seek financial advice for further information.
Please note, this advice is general and does not consider your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.