Queensland First Home Owners Grant Changes to $20,000

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As of 1/7/16 the QLD grant will be $20k, this is for 12mths only. There is nothing additional a customer has to do to get the extra $5k.

From 1 July 2016 the Great Start Grant will be known as the Queensland First Home Owners’ Grant.

The Queensland Government has also announced a one-off, 12-month boost of $5,000 to the grant, which will now be worth $20,000, starting 1 July 2016.

***An applicant is not eligible for the $20,000 grant if a contract replaces another contract that was made before 1 July 2016. An applicant may still be eligible for the $15,000 grant.

For the $20,000 grant, an eligible transaction is one of the following:

-a contract made on or after 1 July 2016 for the purchase of a new home in Queensland (including purchases of substantially renovated and off-the-plan homes)

  • – a comprehensive home building contract made on or after 1 July 2016 by the owner of the land in Queensland or a person who will, on completion of the contract, be the owner of land in
  • Queensland on which the new home will be built
  • – the building of a new home in Queensland by the owner–builder where the foundations are laid on or after 1 July 2016.

For more information head to  https://firsthomeowners.initiatives.qld.gov.au/

Let the team here at Mortgage Advice know if you have any further questions about how to use the grant in conjunction with Lending

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