Struggling to get into your first home? Act now to receive up to $40K
Tuesday, August 11, 2020
Struggling to get into your first home? Act now to receive up to $40K PLUS in government grants for first home buyers in Queensland.
Your guide to getting into your first home with a leg up of $40k PLUS in grants in concessions. (Grants First Home Owners Grant Qld 2020, Home Builder Grant and stamp duty concessions)
Buying and selling property is an exciting time, but if the process doesn’t go smoothly, it can be stressful to the point where you might wonder if it’s really worthwhile.
At Bennett Carroll, we believe that buying your first home should not only be exciting, but easy and stress-free as well. Our conveyancing lawyers follow a streamlined process that makes the legal side of buying your first home smooth— satisfying contract conditions, sorting legal paperwork and arranging settlement — a breeze so you can concentrate on all of the other things you need to get done.
For expert conveyancing services in Southeast Queensland, contact Bennett Carroll Solicitors. Phone: 1300 334 566
Hi, I'm Guy Gibbons, CEO of Bennett Carroll Solicitors with a short series of things that hopefully will help you if you are looking at buying a home either for the first time, or for the first time in a long time.
Some things are new, some things are the same and some things have been reintroduced probably since you last looked at the situation.
So, the first is the federal governments "Home Builder Scheme" which has a subsidy of up to $25,000 if you are doing a construction or a renovation. A couple of things you need to know about that. You need to be an Australian Citizen with income of less than $125,000 if you are a single or $200,000 if you are a couple.
And you're spending between $150k and $750k. The house needs to be valued at less than $1.5 million.
You can't do external work, things like pools, cabanas, large sheds etc, it needs to be attached to the main residence if it's being renovated.
Owner builders are excluded from the process so you will need a builder in toe, but this process is not just for first home buyers, this is for anybody who is doing construction or renovation so that is a brand new program.
The "First Home Owner Grant" for Queensland builders or buyers is back and is $15,000 and the first thing you need to be aware of is that you need to sign you contract first.
The total contract price needs to be less than $750k and it is for new homes or used homes (existing homes) that have had a substantial renovation. So it's not just for new homes, if somebody has done substantial work and then is selling the home, that may well be illegible, you will need to check these things at the time you are house hunting.
Neither you nor your spouse can be previous principal place of residence owners so it's only for first home owners.
You need to have a look, if you've owned a property before the 1st of July 2000 you might still be illegible but we will have to check that for you.
So that's a rejig of an old program that Queensland Government is now running.
The next thing to look at is the Queensland Governments "Stamp Duty Concessions" and they are similar but not the same so some things have changed there.
Now, for your first principal place of residence, your first home, there is NIL stamp duty for purchases up to $500k or effectively for the first half a million dollars of your home.
If you are just buying land, then that threshold is $250k and then a sliding scale $250k to $400k for the land purchase.
Now, with the principal place of residence, you need to move in and live for one year. If you're building a home then you need to build within two years, move in, and live for one year.
So, even if you are a part owner, you might be able to claim on your share of the purchase so if your partner has owned a property before but you have not and you are going to be purchasing jointly, there might still be concession available to you. We can check on that for you so that you know what your stamp duty is going to be.
Now, if it's not your first principal place of residence but it is your home, so it's just a second or subsequent principal place of residence, then it is NIL duty for the first $350k and then the normal rate of stamp duty will apply. So, we can calculate that for you, we can calculate it on the spot, so if you want to give us a ring and say "Okay, this is my situation, what's the duty going to be?" we can calculate that on the spot and give it to you down the phone, so just give us a call and we will work that out for you.
One of the recent inovations is that it may be that even if you are a foreign owner or non resident then there might be some concession available for you. So, we need to check that for you.
Now, if it's just your home, in order to qualify you need to have moved in within a year of purchase, so you might have a tenant that you're stuck with with this purchase, that's not fatal, you need to move in within a year and to live in the property for at least a year or more.
So that's a quick tour of the benefits of the concessions that are available to you.
Give us a call to go through your specific situation so that we can give you exact numbers and tell you exactly where your situation is.
All the guys at Bennett Carroll are available for you by email, or by call. Contact us and we will be able to take you through exactly what your situation is.
I hope that's helped.