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.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
