What incentives and grants are available to first home buyers?
If you’re a first home buyer, we can assist you with ensuring that you receive any incentives, grants, or concessions that you may be eligible for.
The two main incentives available to first home buyers in Queensland are the Great Start Grant and the Stamp Duty Concession.
What is the Great Start Grant?
The Great Start Grant is a Queensland Government initiative to help first home owners to get their new first home sooner. This is sometimes called a “building boost” or “first home owners grant”.
You’ll get $15,000 towards buying or building your new house, unit or townhouse. You can even buy off the plan or choose to build yourself. It’s a great opportunity to buy or build a new home.
Who is eligible for the Great Start Grant?
Generally, to receive the $15,000 Great Start Grant the following criteria apply:
i. You’re at least 18 years of age
ii. You’re an Australian citizen or permanent resident (or you’re applying with someone who is an Australian citizen or permanent resident)
iii. You or your spouse must not have previously owned property in Australia
iv. Be building or buying a new home
v. The value of the home is under $750,000
How do I get the Great Start Grant?
Urban Home Loans can organise all the paperwork along with your home loan application to ensure that you receive the $15,000 Great Start Grant and it will be completely free of charge to you. Alternatively, you can contact the Queensland Office of State Revenue to organise it yourself.
What is the Stamp Duty Concession?
When you buy a property, one of the fees that the Government charge is called “stamp duty”. Stamp duty on a property worth $500,000 can be as high as $8,750!
However, if this is your first property you will receive a concession to waive this amount.
Generally, you must be over 18 years old and purchasing your first home to live in to receive the concession. It does not need to be a brand new home, however if it is purchased for more than $550,000 you may not receive a full concession.
Urban Home Loans will provide you with a Loan Quote with an estimate on how much stamp duty you will have to pay. Alternatively, check out our Stamp Duty Calculator to see for yourself!