Who qualifies for the first home buyer grant and how does it work in the state of Queensland?
At the moment, there is a first home buyer grant of $15,000. To qualify you need to be buying a property that’s never been lived in before or building a brand new property. Whether that’s a house, a unit, or a townhouse, it must be a property that’s never been occupied before. In addition, the property must be under the value of $750,000 to qualify.
And thirdly, you and/or your spouse must not have previously owned property and claimed the first home buyer grant. On top of the first home buyer grant is also a stamp duty concession, available for new and existing properties.
If the property is under $500,000, you won’t need to pay stamp duty. If the property is between $500,000 and $550,000, you will get a discount and anything over $550,000 isn’t available for a stamp duty discount.
If you’re buying land to build a property on, in order to avoid stamp duty, the land value needs to be under $250,000.
