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First Home Owners Frequently Asked Questions

First Home Owners Frequently Asked Questions

When does the First Home Owners’ Grant end?

The First Home Owners’ Grant does not have an end date, but it is subject to change at any time.

Currently, the First Home Owners' Grant will expire from 1 July 2018.

How much is the First Home Owners’ Grant?

The current grant amount is $20,000.00.

What are the eligibility criteria for the First Home Owners’ Grant?

To be eligible for the grant:

  • you must be an Australian Citizen or a permanent resident
  • you must be at least 18 years of age
  • neither you nor your spouse can have previously owned property in Australia
  • you must be buying and building a brand new home, unit or townhouse (including off the plan) valued at less than $750k.

See https://firsthomeowners.initiatives.qld.gov.au/eligibility.php

How do I apply for the First Home Owners’ Grant?

You need to submit a formal application to the Queensland Government through the Office of State Revenue. Everyone who will own a part of your new home must be included on the application. The form is available from https://firsthomeowners.initiatives.qld.gov.au/apply.php

What are the conditions of the First Home Owners’ Grant?

The grant has only two conditions:

  1. You must meet the eligibility criteria (see above)
  2. The amount payable is set by the Queensland Government (see above)

Can I use the First Home Owners’ Grant as my deposit?

Yes, you can use the grant towards your deposit.

Most banks will consider the grant as part of your finance application if your loan to value ratio is below 80%, as it is classified as non-genuine savings.

How can a mortgage broker help me with my home loan?

Your mortgage broker can help you find and secure a competitive home loan rate to pay for:

  • new homes
  • existing homes
  • new and existing units
  • new and existing townhouses
  • vacant land
  • construction finance to help you build your new home.

What are the mortgage broker’s responsibilities?

Your mortgage broker is responsible for:

  • helping you understand the various types of home loans that are available, so that you can make the right choice for your situation
  • securing you the most appropriate deal on a home loan that is available through their network of banks and other financial institutions
  • making sure you understand the home loan process and your borrowing power
  • ensuring that your loan application is prepared accurately and honestly.

Contact Preston Finance & Insurance today for a free consultation, and find out how we can help you.

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