News

14 June 2018

Reduction in first home owner’s grant

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.

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