You’ve finally decided that the time is right to take the plunge and buy your first home. But do you know that the First home buyers grant Brisbane can make the entire process a lot easier for you?
With soaring property prices in Australia, it can be hard to know where to start. The good news is that several programs and initiatives are in place to help first-home buyers get on the ladder and assist you in buying.
If you’re considering buying your first home, this article will help you discover more about the grant and how it can help you realise your dream of homeownership.
So, let’s begin from the basics and understand what a home buyer grant means.
What exactly is a first home buyers grant?
The first home buyers grant is a fantastic initiative by the Australian Government that can help you get into the property market. The grant provides a one-off payment to eligible first-home buyers that can be used to purchase a new home, an investment property, or build a house.
This grant is means-tested, so you will only get it if your income is below a certain amount. Additionally, the grant is not a home loan, so you don’t have to pay it back.
By getting into the property market now, you’re setting yourself up for a bright future. This is an amazing opportunity for first home buyers to get their foot in the market of real estate Brisbane.
Definitely check out our guide to subdividing land in Brisbane if you want to find another way to make an income on the land you buy.
Check your eligibility for the first home buyers grant Brisbane
You may be eligible for the first home buyers grant Brisbane if you meet the following conditions and requirements:
- You are a citizen of Australia or a permanent resident of the country.
- You are over 18 years of age.
- You do not have a previously owned property in Australia.
- The property you are purchasing is located in Brisbane.
- The grant should not have been previously claimed by you.
How much does the first home buyers grant provide in QLD?
Applying for the Queensland First Home Owners’ Grant might be easier than you think. These state government grants provide $15,000 towards purchasing a new house, unit, or townhouse (valued at less than $750,000).
Whether you are buying or building, the grant can help you get into your first home sooner. It can give you the extra push required to fulfil your dream of becoming a homeowner.
So, if you’ve been considering becoming a homeowner, make sure to find out if you qualify for the Queensland First Home Owners’ Grant.
Further requirements:
These are some additional requirements that you need to fulfil in order to apply for the grant:
- Everyone who will or already owns the new home must be listed as an applicant on the application.
- Your spouse must be listed on the application, either as a non-applicant spouse or as a co-owner spouse (if applicable).
- No matter how many people apply for your new house, you just need one.
- Each new home receives a grant payment, not each application.
- Each applicant’s eligibility, as well as that of their spouse, must be taken into account.
How to submit your grant application?
After checking your eligibility for the first home buyers grant Brisbane, the next step is submitting your application. You can do this in two ways:
- Through Queensland Revenue Office; or
- Through an approved agent or lending institution.
When to apply for the first home owners grant?
The following deadlines must be met for your grant application and supporting documentation:
- Purchasing a home: You have one year from the time you take possession of the new residence and the time your title is registered to apply.
- Contract to build: You must submit your application within a year of the completion of your new home, such as when the final inspection certificate is granted.
- Owner-builder: You must submit your application within a year of the new home’s completion, such as when the final inspection certificate is given out.
How to buy your first home in Brisbane?
Buying your first home is an exciting time. It’s a big step up from renting—you’re finally going to have a place of your own. So, here we bring these tips that guarantee to help you in buying your first home in Brisbane:
Do your research
It is essential to find out what suburbs you can afford and narrow down your search to a few properties that fit your budget. This can help save you a lot of precious time and energy. Plus, it’s more fun to look at homes that you know you can afford.
Talk to agents
Once you’ve found a few potential homes, it’s time to start talking to property agents. They will be able to provide you with further details about the actual property, current market conditions, the first home loan deposit scheme, and lenders’ mortgage insurance.
Get your finances in order
You’ll need to save up for a deposit and get pre-approval for a mortgage. This will help you know exactly how much you can afford to spend on your new home. Just think, you could be settled into your new home before you know it.
Calculate additional costs
Finally, don’t forget about the other costs involved in buying a property, such as stampas a stamp duty and legal fees. Now you can rest assured that you are getting the most bang for your buck—and making the best investment possible.
You can make the process a breeze with a little planning and research. With these tips in mind, you should be well on your way to buying your first home in Brisbane.
Wanna get into your dream home faster?
Download the soho app. With the app, you can contact our expert agents quicker, browse through your property matches, and ultimately find your dream home even sooner. We are finding you homes we think you’ll love, so don’t forget to shortlist or swipe left on our listings so we can send you others that better match what you’re looking for.
