Government Schemes - First Home Owner Grant (FHOG)

03 Mar 2021

Congratulations if you are looking at buying or building your first home! If you have read our blog on Government Schemes for First Home Buyers, here is more information about the First Home Owner Grant (FHOG).

First Home Owner Grant (FHOG)

In Queensland, First-home buyers can apply for the First Home Owner Grant (FHOG) which will allow eligible applicants to get a $15,000 tax-free grant towards buying or building a new house, unit or townhouse valued at less than $750,000. 

Additionally, you won’t have to pay any transfer (stamp) duty on homes costing less than $500,000.

Eligibility 

The grant is only available for building or purchasing brand new homes or substantially renovated homes. 

It is a condition to move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months to be eligible.

Other conditions are being a minimum of 18 years old, must never have owned property in Australia and at least one of the first-home buyers must be an Australian citizen.

Renovated Houses

Queensland First Home Owners' Grant will apply if you are buying a substantially renovated home. There are further conditions to renovated houses, however, such as it must be substantially renovated before you buy it and must not have been lived in since the renovation. 

Please note that the definition of a substantial renovation is when all, or most, of the structural or non-structural components of a building, are removed or replaced. Most of the rooms in the building must have been renovated and affected the building as a whole for it to be considered a substantial renovation.

Where can I find out more?

As Grants can change and be updated regularly it is important that you check the Queensland Government site Queensland First Home Owners' Grant | Homes and housing | Queensland Government (www.qld.gov.au)

Buying from MyHouse

Trust is the most important factor and myhouse is committed to its clients, both our Sellers and Buyers. We want you to feel confident when you’re purchasing your first home and knowledgable of what is available to you. Contact us today if you’re interested in any of our properties and keep reading our Blogs if you’d like to learn more!