Sunshine Coast first home buyers and the construction industry are set to benefit from the most generous ongoing first home owner grant in Australia in the Newman Government’s first budget.
Member for Glass House, Andrew Powell said first home buyers would receive $15,000 – up from $7,000 – when purchasing a newly constructed home or property off the plan, under the re-shaped First Home Owner Construction Grant (formerly First Home Owner Grant).
“This new grant will benefit first home buyers and give the local construction industry a much needed boost,” Mr Powell said.
“First home owners buying a newly constructed or off-the-plan property who sign a contract on or after September 12 will receive $15,000, a great head start on paying off their mortgage.
Mr Powell said this generous grant was aimed at making home ownership more affordable.
“We’ve already wiped $7,000 off the cost of buying the family home by reinstating the principal place of residence transfer duty concession.
The local construction industry is also set to benefit from the targeted and ongoing initiative.
“The construction industry is one of the four pillars of the Queensland economy, along with tourism, agriculture and resources,” Mr Powell said.
“It is a major job generator and important to our local economy and the First Home Owners Construction Grant will help get the sector powering along again.
- The Newman Government’s First Home Owner Construction Grant is worth $15,000
- The FHOCG is for first home buyers who are buying a newly constructed or off-the-plan property
- The FHOCG replaces the First Home Owner Grant which was $7,000
- Those first home buyers who are about to purchase an existing dwelling will have until October 11 to finalise their contract (to be eligible for $7000 grant)
- First home buyers signing contracts for new properties before September 12 will receive $7000 and those signing on or after September 12 will receive $15,000
- The program will be administered within existing arrangements in the Treasury department
- Major banks and financial institutions will continue to advertise the FHOCG in their loan marketing material, reducing the cost for taxpayers
The following eligibility criteria still apply:
- It must become your principal place of residence within one year of taking ownership.
- It must be your principle place of residence for at least six months.
- You must not dispose of all or part of the property within one year after you start to occupy the residence as your home.
- You property must be bought or built at a value under $750,000