The First Home Owners Grant – learn the basics with Ownit Homes
The road to home ownership can look long and confusing, but it doesn’t have to be. At Ownit Homes we take pride in providing our customers with a stress-free home building experience. We know that the best way of avoiding any unnecessary stress is to do plenty of research.
To take some of the uncertainty out of your preparations, we want to take a minute to set out the basics of the First Home Owners Grant. A Federal Government initiative that is carried out differently in each state. Let us walk you through some of the basics.
So, what is the First Home Owners Grant?
The First Home Owners Grant (FHOG) scheme was first introduced by the Federal Government back in July of 2000. It operates nationally but is carried out differently in each state. Despite any differences you might find from state to state, the core purpose of the FHOG is to offset the Goods and Services Tax that is levelled against home ownership.
The First Home Owners Grant universally takes the form of a one-off grant that is payable to anyone that meets the criteria of their state. The FHOG has evolved into a strong economic stimulus tool for state governments and each state has developed their own criteria to better help more potential home owners make the leap into buying their own home.
What sorts of eligibility criteria is there?
Each state has their own set of eligibility criteria, but there are common criteria points that have been taken on by each state. The Queensland State Government, like every other state, has set a maximum purchase price that governs whether or not your purchase makes you eligible for a First Home Owners Grant. In Queensland specifically, that maximum purchase price is set at $750,000.
Particular to Queensland as well, an eligible transaction has to be made on a brand-new dwelling that hasn’t been previously occupied. But there are exceptions made for houses that have been moved or substantially renovated. In order to retain your grant, you need to make that home your principal place of residence within one year of completing your build or purchase and live there continuously for six months.
How do I apply?
You can apply for a First Home Owners Grant through an approved bank or lending institution, or you can apply directly with the Office of State Revenue. Generally speaking, you need to make your application within one year of either taking possession of your new home or completing a build.
There are specific sets of documentation for the different ways that you can meet the eligibility requirements set by the Queensland State Government. You’ll want to look to the state government website for those specific requirements and application forms.
Take the complexity out of building your dream home with Ownit Homes
Making the leap into owning your very own home doesn’t need to be fraught with uncertainty. At Ownit Homes, we have teams of experienced designers, builders and more that have a wealth of experience in guiding new entrants to the housing market.
To get a look at what Ownit Homes can make possible for you, you can arrange a visit to one of our range of display home locations spread throughout south east Queensland. Get in contact with us today to book yourself in by emailing us at email@example.com or give the team a call at (07) 3343 4244.