Attention first home buyers!
The government has recently announced that on 1 July this year the first home owner’s grant will be reduced from $20,000 down to $15,000. Any contracts entered into after 30 June will only be eligible for the reduced amount.
In order to be eligible for the grant you must meet the following criteria:
- you must be at least 18 years of age;
- you must be an Australian citizen or permanent resident;
- you or your spouse must not have previously owned property in Australia that you lived in;
- you must be buying or building a brand new home;
- the value of the home, including land, must be less than $750,000; and
- you must move into and live in the home within 1 year, and stay there continuously for at least 6 months.
If you meet the above criteria, in order to take full advantage of the first home buyer’s grant you should strive to enter into a contract before 1 July.
If you have any questions about eligibility for the grant, or conveyancing questions in general, please feel free to contact us on 07 4036 9700.