First Home Buyers Get a $5000 Boost from July 1

28 November, 2016

First Home Buyers Get a $5000 Boost from July 1

Last week, Queensland Treasurer Curtis Pitt announced at a Queensland Media Club luncheon a boost to the Great Start Grant, bringing the grant to $20,000 for buyers of their first newly constructed property under $750,000.  The announcement was greeted favorably by the construction industry, which hopes to see an increase in demand for new homes on the back of the increase to the grant.

The increase to the Great Start Grant will apply for one year from 1 July 2016.  It’s the first major change to the Great Start Grant since it was established in September 2012, having replaced the old First Home Owners Grant which was established in 2000.

Currently the Great Start Grant of $15,000 is available if:

  • your contract to buy or build a new home is dated on or after 12 September 2012
  • as an owner–builder, the foundations for your home were laid on or after 12 September 2012.

Contracts entered into from 1 July 2016 for that financial year will be eligible for the $20,000 boosted grant providing they meet similar eligibility criteria as the $15,000 grant.

If you want to check your eligibility for the Great Start Grant you can do so on the grant website at https://greatstartgrant.osr.qld.gov.au/