Everton Park 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:
- contracts to buy a new home (including off the plan) dated on or after 12 September 2012
- contracts to build a new home dated on or after 12 September 2012
- new homes being built by an owner–builder where the date the foundations start to be laid is on or after 12 September 2012.
A new home is a home that:
- has not been previously occupied as a place of residence
- has not been previously sold as a place of residence
or - is a substantially renovated home (in certain circumstances).
The $15,000 grant will not be available:
- if the contract replaces an existing contract made before 12 September 2012
- for new homes where the contract is dated before 12 September 2012
- for owner–builders where the date the foundations start to be laid is before 12 September 2012
- established homes.
The FHOG eligibility requirements also apply to the construction grant, including a cap amount of $750,000.
You may still be eligible for:
- the $7,000 first home owner grant for established home purchase contracts dated before 11 October 2012
- a transfer duty concession when buying an established home.
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 |
|
| 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 .
