Things you need to know about the First Home Owners Grant for Brisbane Homeowners in 2022

Are you interested in knowing more about the First Home Owners Grant Brisbane?

The First Home Owners Grant is making rounds this year, with the Queensland government more intent on helping Queenslanders to have their own home — doubling the amount of grants given out this year!

For Brisbane residents looking to get a first time home buyer loan, here is a quick guide to Brisbane First Home Owners Grant (FHOG).

First Home Owners Grant Brisbane 2022

First off, what is the First Home Owners Grant?

The FHOG is a government initiative aimed at helping first home buyers have their new first home sooner. It is funded by each state or territory and was introduced in 2000 to offset the effects of goods and services tax (GST) on first home buyers.

The first home buyers grant Brisbane will be helpful for paying fees like stamp duties, title searches, deposits, and other legal costs.

How much is the First Home Owners Grant

When the Grant started on 1 July 2000 it was valued at $7,000. It was increased to its peak of $21,000 and then stabilised at $15,000. This figure will stay and is not likely to change in the near future.

First Home Buyers Grant 2022

Good news: For contracts dated 1 July 2018 and beyond, you can avail of the FHOG for buying a brand new home or building one from scratch. To qualify, your home including the land must be valued at less than $750,000.

Great news: For a first home buyer Brisbane, the FHOG is available to you if you buy a substantially renovated home. Substantial renovations include replacing or altering foundations or floors — basically having most, if not all, of the building removed or replaced. Embellishments like new wall paint is not considered a substantial renovation.

Best news: The grant is paid per new home; not to each of the applicants for the same home. So as a homeowner, you can avail of the grant for each new home you invest in!

For more information, talk to a trusted first home mortgage broker.

First Home Owners Grant QLD eligibility

Below are the requirements to be eligible for the First Time Home Buyers Grant Brisbane.

For the applicant:

• You (and any co-applicants) are at least 18 years old.
• You are an Australian citizen or permanent resident (or applying with someone who is).
• You should not have previously received a first home owner grant in any state or territory unless you subsequently repaid it.

For the property and transaction:

• The home must either be brand new or has undergone substantial renovations prior to purchasing the house.
• The home you are buying or constructing must be new and valued less than $750,000 (including land).
• The home you are purchasing is a kit home or manufactured home that has been moved to a new site but has not been occupied after the move.

For the spouse:

• If you are not a permanent resident, but your spouse is an Australian citizen—you may be eligible for the grant as a joint applicant if you meet the other eligibility requirements.
• You or your spouse should not have previously received a first home owner grant in any state or territory of Australia. However, if you had received a grant that you later paid back, along with its stipulated fees, you may be able to reapply.

How to apply for First Home Owner Grant Brisbane

You can submit your application for the First Home Owners Grant Brisbane via:

• An approved bank or lending institution

Fill out the application form and all supporting documentation, and submit them to an approved agent (e.g., bank or lending institution).

• The Queensland Revenue Office (by post or email)

• By post: Send your completed application form and all supporting documents to

Queensland Revenue Office

GPO Box 953

Brisbane Qld 4001

• Email: Send your scanned application that is complete, signed and witnessed, and legible, to [email protected].

Your application will be processed within 10 working days from receipt of documents. Applying via an approved bank or financial institution may allow you to get the grant sooner. Penalties for falsifying the information provided apply.

You must apply for the grant within one year of owning the new home or of it being completed. The final inspection certificate must be presented. 

Are first home buyers in Brisbane exempt from stamp duty?

First home buyers in Brisbane may be eligible for a stamp duty exemption. This, however, depends on the value of the property you are purchasing. 

Queensland Stamp Duty Rebate/ Concession –   could save you up to $8,750 if you are buying an established or newly built home priced at $550,000 or under. The Concession also works if you’re buying a block of vacant land for under $400,000 where you can get a Rebate of up to $7,175.

For more information, talk to a trusted first home mortgage broker.

Talk to First Home Mortgage Brokers

If you are in the market for a new house and want to avail of the First Home Owners Grant Brisbane, a broker can help. Our mortgage brokers in Brisbane are here to help. Here is how you can Get in touch with us today!