Buying Your First Home
Buying your first home will be one of your most memorable achievements
First Home Buyers
Buying your first home can be a daunting prospect but this first home buyers guide should assist you understand the First Home Owners Grant for first time home purchasers. The best part of being a first time home owner is that you may be eligible for the first home owner grant and a duty concession for your first home or the land that you buy to build your first home.
First Home Owners Grant
The Queensland First Home Owners’ Grant is a state government initiative to help first home owners to get their new first home sooner.
If your contract is dated 1 July 2018 or later, you can get the Queensland grant of $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). The grant is paid per new home; not to each of the applicants for the same home.
To be eligible for the grant:
- You must be at least 18 years of age.
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You or your spouse must not have previously owned property in Australia that you lived in.
- You must be buying or building a brand new home.
- The value of the home including the land is less than $750,000.
- You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.
First home concession
You can claim a first home concession for transfer duty when acquiring your first residence if you meet certain requirements.
The first home concession only applies to a home valued under $550,000 and can save you up to $15,925. The home concession may still apply for a home valued over $550,000.
You do not have to be an Australian citizen or permanent resident to claim a concession, but you must meet the eligibility criteria. Additional foreign acquirer duty may apply if you are a foreign person.
To be eligible for a first home concession when you buy or acquire a home, you must:
- have never claimed the first home vacant land concession
- have never held an interest in another residence anywhere in Australia or overseas
- be at least 18 years of age (we explain below when we may waive this requirement)
- move into it with your personal belongings and live there on a daily basis within 1 year of settlement
- not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in
- be paying market value if the residence is valued between $500,001 and $549,999.