First home owners are often overawed by the process of buying their first home and the steps needed to take to obtain their First Home Owners Grant. The government office which approves this is The Queensland Government, Office of State Revenue.
Their website is www.osr.qld.gov/first-home-owner-grant.
Everything you need to know, your eligibility, which includes your obligations, disqualifications, $1M Cap and $750,000 cap is available at this site. There are also all the forms for Applying for the Grant, with information about when the grant will be paid, what is required for your region, statistics of the First Home Owners Grant and lots more.
Yes, this sounds like a lot, however there other important areas on the site too, so please do spend some time there to familiarise yourself with the process.
Eligibility is something everyone wonders about. The simple fact is that each person who intends to own a part of the home must be an applicant. This includes anyone who is or will be on the title of the property with you. If you have a spouse who will not own any part of the home, you must include them on the application as a non-applicant spouse. All applicants must meet the eligibility criteria. There is a section where you can take an eligibility test. This is a great tool so make use of it. Other important things to know is: You need to be at least eighteen years of age. ou cannot be a company or a person acting as a trustee. You need to be an Australian citizen or a permanent resident (or a joint applicant with someone who is an Australian citizen or permanent resident). There is a restriction on how much you can pay to buy or build a home. Ensure you stay within this limit. You may be eligible for the grant if you are a trustee of a trust (other than a discretionary or unit trust) and all the beneficiaries are individuals under a legal disability who will live in the home as their principal place of residence.
Also, it important for you to know that you and your spouse have:
- never been paid the first home owner grant
- before 1 July 2000, not owned residential property in Australia
- from 1 July 2000, not lived in residential property (in Australia) you have owned.
Also, you will need to move into the home within 1 year of the property being registered in your name. Live in the home for 6 months continuously as your principal place of residence. There are some exceptions. Check these out on the website. You may also get the grant if you have entered into an oral contract, instalment arrangement or a rental purchase agreement. There are handy links on the site to give you more information on these areas. Simply, do your homework as, if you meet the requirements, you will enjoy the benefit of your First Home Owners Grant which is such a bonus when you purchase your first home.
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