What is the First Home Owners Grant (FHOG)?
Each Australian State and Territories have incentives available for the First Home Owner which can be researched online by clicking on the link below.
In Queensland the FHOG is currently a cash incentive of $15,000 from the 1st July 2018 and is restricted to the purchase of a new property that has not previously been lived in. In some cases a fully renovated property may be acceptable.
If you intend to purchase an existing property you are still entitled to the First Home Owner’s reduction in Stamp Duty up to the purchase price of $500,000. If you are buying vacant land to build on, the purchase price of the land must be under $250,000 to pay nil Stamp Duty.
If you have any questions in relation to your First Home Owner entitlements please do not hesitate to give us a call.