16 Jul First Home Owner Grant ?
Back to school for kids today, also meaning back into routines for most working parents!
I have had a lot of enquiries about the Queensland First Home Owner Grant (FHOG) and the recent change from the Government, so I decided to write down few important points about it.
The QLD FHOG is a state government initiative to help first home owners to get their new first home sooner. The grant had temporary reached the significant amount of $20,000 until 30 June of this year, and has been the most effective ways of helping families to get at start with a new home. It has also given people other housing options previously unaffordable.
The big change is that from 1st July 2018 the FHOG has been reviewed to $15,000 but don’t panic! If you signed your contract prior to this date you are still eligible to receive the boosted $20,000 grant.
Criteria and eligibility conditions remain the same:
• you must be an Australian citizen or a permanent resident (or applying with someone who is),
• all applicants must not have previously owned property in Australia,
• Applicants to be over 18 years of age,
• Purchase must be a brand-new home or a construction,
• Property must be valued under $750,000 (land included if construction)
Some lenders will allow you to access funds from the Grant upfront, to allow land settlement for example, however the OSR release it at slab completion. It is very important to check with your lender when you’ll be able to access the money or even better, let’s your mortgage broker do this for you.
A good mortgage broker would provide you with the Grant Application, help you to complete it and provide all necessary documentation. Most of the time the original Form is required by the lender which deal with the OSR on your behalf, so you do not have anything more to do from your side.
However, if you have enough money to settle and want to keep the hassle of the application, you can!
You can check your eligibility by undertaking the quick test here: https://firsthomeowners.initiatives.qld.gov.au/eligibility.php