The Australian federal and state governments work together to bring the first home owner grant scheme. As of July 2010, the grant amounts to $7,000, and eligible first home owners might also get special transfer duty concession. Home buyers who enter into an oral contract, an installment arrangement or rental purchase agreement can also apply for the grant.
Eligibility for First Home Owner Grant in Queensland, Australia
To qualify, a first home buyer has to be an Australian citizen or a holder of Australian permanent residency such as permanent work visa or permanent business visa. He also has to be at least 18 years of age, and is buying or building a home worth less than $750,000. He has to move into the home within one year of the registration of the property under his name, and he has to live in it for at least six months continuously.
If the home buyer is married, he and his spouse must have never been paid the first home owner grant. They also must not have lived in an Australian residential property they have owned.
If a first home buyer finds himself in special circumstances, the state of Queensland might approve his grant although he doesn't meet all the requirements.
Applying for First Home Owner Grant in Queensland, Australia
A first home owner have to apply for the grant within one year of buying or building the home. In the case of buying, he has to apply within one year of the title being registered. If he builds the home, he has to apply within one year of the house being completed.
The first home owner can download the application documents from the Queensland Office of State Revenue (OSR). Besides filling the forms, he also has to provide supporting documents. Depending on his circumstances, the documents can include proof of identity, copy of executed contract of sale or building contract, title registration and evidence of the unencumbered value of the property.
First home buyers can apply for the grant directly at the Queensland OSR, or through a qualified bank or lending institution. Applicants who apply through banks and lending institutions usually get the grant sooner. Approved agents include Aussie Home Loans, Commonwealth Bank, National Australia Bank or NAB, St George Bank, Westpac, ANZ Bank, Adelaide Bank, Bendigo Bank, Suncorp-Metway and Citibank. The OSR has a complete list of approved banks and lending institutions.
The OSR usually takes ten working days to approve or reject a first home owner grant application. The time it takes for home buyers to actually get the grant money varies depending on the type of transaction in which the home buyers take possession of the home and whether they apply through approved agents.
First Home Owner Concession in Queensland, Australia
On top of regular home concession for transfer duty, first home owners can also get special first home concession, which can save them up to $8,750 in duty. The first home concession is available to first home owners who move into the home within one year of buying or building it and live in it as the principal place of residence. The first home owners also have to be at least 18 years of age, and have never held an interest in residential land. They must not sell, transfer, lease or grant exclusive possession of part or all of the home before moving in or within one year of the date they move in.
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Della Bong - Della Bong holds a Bachelor of Arts in media and communications from the University of Melbourne, as well as a Master of Commerce from the ...
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