All About Loans News: Great Opportunities for First Home Buyers in Queensland

The government initiatives that can get you into your first home sooner!

If you are a first home buyer in Queensland and not already aware of the of the great concessions and contributions you can receive from the government to go towards your first home, it's time to find out exactly what you can get and how.

Great Start Grant:

The Great Start Grant is a $15,000 contribution that the government provides for first home buyers who are buying a new house, unit, or townhouse (valued at less than $750,000). You can even receive the grant if you're looking to build your home. To receive this grant however, the property you are buying must be new and can't have previously been lived in.

This is an excellent boost for first home buyers and builders. It's definitely something that you should take into account when you are saving and looking for your first home.

How to Apply:

There are two methods of applying for the Great Start Grant. You can apply directly to the Office of State Revenue (ORS) or you can submit your application to the lender that you are securing your home loan from. When you apply directly to the ORS you receive your grant about a month after your property has been purchased and the ownership has been registered over the title of the property. Applying through your lender is a faster and easier process. When you take this option you gain access to the funds at the settlement date of your loan. You may receive your money sooner if you are building your own home.

For information on how to apply visit: https://greatstartgrant.osr.qld.gov.au/apply.php

Stamp Duty Concession:

If you are a first home buyer in Queensland and you are buying your home for $500,000 or less you won't have to pay stamp duty. For other home buyers this can be a significant up-front cost that takes a large dent out of their savings. For example if you weren't a first home buyer and you purchased a home for $500,000 you would have to pay approximately $8,750 in stamp duty.

So what this concession means is that you have far less up-front cost when you purchase your new home, and that you can put more money toward your deposit.

How to receive stamp duty concession:

To receive this stamp duty concession you need to submit a statutory declaration proving that you are a first home buyer as well as your stamp duty documents. You can either organise and submit these documents yourself to the Office of State Revenue, or you can employ a solicitor to do this for you. We recommend hiring a solicitor not only for your stamp duty paperwork, but also for the agreements surrounding the purchase and ownership transfer of your property. This gives you some protection from legal issues that may arise, and also takes a lot of difficulty out of the process.

If you want to calculate your stamp duty and your government contributions go to the Office of State Revenue estimator at: https://www.osr.qld.gov.au/calculators/transfer-duty-grants-calculator.shtml