Queensland First Owners Grant increased to $20,000

Queensland First Owners Grant increased to $20,000

As of 1/7/16 the QLD grant will be $20k, this is for 12mths only. There is nothing additional a customer has to do to get the extra $5k.

Please see some specifics on criteria below that might be helpful.

From 1 July 2016 the Great Start Grant will be known as the Queensland First Home Owners’ Grant (FHOG).
The Queensland Government has also announced a one-off, 12-month boost of $5,000 to the grant, which will now be worth $20,000, starting 1 July 2016.

***An applicant is not eligible for the $20,000 grant if a contract replaces another contract that was made before 1 July 2016. An applicant may still be eligible for the $15,000 grant.

For the $20,000 grant, an eligible transaction is one of the following:

-a contract made on or after 1 July 2016 for the purchase of a new home in Queensland (including purchases of substantially renovated and off-the-plan homes)

  • – a comprehensive home building contract made on or after 1 July 2016 by the owner of the land in Queensland or a person who will, on completion of the contract, be the owner of land in
  • Queensland on which the new home will be built
  • – the building of a new home in Queensland by the owner–builder where the foundations are laid on or after 1 July 2016.

We can assist with completing the forms for the FHOG as part of the loan application when you come through North Brisbane Home Loans.

The $20,000 can go towards the costs, mortgage insurance or be reimbursed back to clients at time of settlement. If you have a 5% deposit – the 5% will need to be genuinely saved with most lenders with the FHOG to be used on top. With some lenders if you total deposit including the FHOG is 10% – then the FHOG can be used as part of the deposit.

Contact us for the right set-up and advice.

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