First Home Owner Grant (FHOG)
Each Australian State has incentives available for the First Home Owner. You can research the various incentives on line. In Queensland the FHOG is currently a cash incentive of $20,000 until the 31st December 2017 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 then 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 – then 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.
For information about the First Home Owners Grant for all
Australian States and Territory’s click on the link below!