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Great News – First Home Owner Construction Grant Released!

17 Sep 2012 katiejones 0 Comment

You have probably heard by now, but if you’ve been contemplating building or buying a brand new home, now is the time to do it!

The State Government has just released its budget and a $15,000 first home owner Construction Grant is amongst come new initiatives.

Below is the media release from the Office of State Revenue that outlines the finer details of the FHOCG.

“First home owner construction grant

The 2012–13 Queensland State Budget introduced the first home owner construction grant (FHOCG), which will be administered under the First Home Owner Grant Act 2000.

The grant is available to first home owners who will be buying or building a new home.

This grant of $15,000 is available for:

A new home is a home that:

The $15,000 grant will not be available:

The FHOG eligibility requirements also apply to the construction grant, including a cap amount of $750,000.

You may still be eligible for:

Grants and concessions available to first home buyers

Grant or concession

For purchase of

Value

What has changed? 

First home owner construction grant New home $15,000
  • Increase from $7,000
  • For contracts to buy or build, contract date must be on or after 12 September 2012
  • For owner–builders, laying of foundations must start on or after 12 September 2012 
First home owner grant  Established home $7,000 Contract date must be before 11 October 2012
First home concession  New or established home Applies to homes up to $550,000 No change
First home vacant land concession  Vacant land on which a first home will be built Applies to land up to $400,000 No change
Home concession  Second or subsequent home Saving on duty payable of up to $7,175 No change”

Source: ‘Queensland Office of State Revenue’

 

If you would like any further information you can contact the Queensland Office of State Revenue .

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