If you’re a first home buyer it may be worth investigating the possibility of obtaining a Great Start Grant. This grant is an initiative of the Queensland Government designed to help new home buyers afford their first home sooner. It provides first home buyers with a grant of $15,000 towards the purchase of a new home in Queensland valued at less than $750,000.
A new home is a property that has:
- not been previously occupied as a place of residence and has not been previously sold as a place of residence; or
- been substantially renovated, provided that the sale of the property is a taxable supply as a ‘new residential premises’[1] and that the renovation meets the requirements of a substantial renovation.
For a property to meet the criteria of a substantial renovation, all, or most of the structural and/or non-structural components must be replaced. For example the foundations have been altered, the interior has been reconfigured with new walls, flooring and windows in place, or the roof has been lifted or replaced. A substantial renovation can also include non-structural work such as the replacement of the buildings wiring and/or plumbing and the plastering or rendering of a majority of the property’s walls.
To be eligible for the grant you must meet the following criteria:
- Be at least 18 years of age;
- Be an Australian citizen or permanent resident;
- You or your spouse must not have previously owned property in Australia;
- The property must be a new home; and
- Its value must be under $750,000.
If you meet the above criteria then you should look to apply for a Great Start Grant. In receiving the grant you must move into the new home within a year of settlement and live in it for at least 6 months.
Call us at Icon Legal on (07) 3399 6006 if you would like advice about purchasing a property or more information about the Great Start Grant.