First home buyers — SB Realty

First Home Owner’s Grant

August 28, 2015 Leave a Comment

Queensland First Home Owner’s Grant

On July 1, 2018, the Queensland Government re-introduced the Queensland First Home Owner’s Grant which is now worth $15,000.

So if you have been thinking about buying your first home, the time to act is now!

If you are renting a home on the Gold Coast or elsewhere in Australia and want to live in Queensland, and have never bought or owned a home before, you could be eligible for the $15,000 grant.

This Queensland Government initiative was put in place to help people wanting to purchase their first home get into that home sooner. If you are eligible for the grant, you will be able to receive $15,000 towards either buying or building your very first new house, unit or townhouse.

The Queensland First Home Owner’s Grant could help you make the decision towards buying or building a new home on the Gold Coast, and could even help you get into something better than you expected and sooner than you imagined.

What could you do with a $15,000 First Home Owner’s Grant? If you are an Australian citizen or permanent resident (or applying with someone who is) that is at least 18 years old and have never owned property in Australia, you could be eligible!

The First Home Owners Grant applies to:

New Homes
House and Land packages

The government has introduced this grant in order to encourage the building of new homes in Queensland.

You can buy off the plan or choose to build yourself.

To be eligible for the grant:

You must be at least 18 years of age.
You must be an Australian citizen or permanent resident (or applying with someone who is).
You or your spouse must not have previously owned property in Australia that you lived in.
You must be buying or building a brand new home.
The value of the home including the land is less than $750,000.
You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.

There is no need to feel as if you will never be able to save a suitable deposit to buy your own home. Contact us here at SBRealty on the Queensland Gold Coast today to find out how we can help you get into your first home.

Phone: 0405 046711

For further information go to www.qld.gov.au

Filed Under Realty News Tagged With First home buyers, First Home Owners Grant Qld

Rainwater tanks no longer mandatory in Qld

February 2, 2013 1 Comment

Reforms to cut thousands from new home costs

QUEENSLANDERS planning on building a new home this year (2013) have been given an opportunity to save a little, after the Newman Government announced reforms that will cut thousands off the cost of construction.

Minister for Housing and Public Works Tim Mander said the Government planned to scrap laws that make it compulsory to install rainwater tanks and gas, solar or heat pump hot water systems in all new homes. “These requirements add an unnecessary cost to homeowners and place an unwanted drag on the construction industry,” Mr Mander said. “These changes will potentially reduce the cost of building a new home by more than $5000.

$15,000 First Home Owners Grant

“Taken in conjunction with the $15,000 first home owner’s grant for new dwellings, that’s a massive saving for anyone planning on building a new home. People who want to install rainwater tanks or a particular type of hot water system can still do so. The difference is that the decision is now theirs to make.”

Under the new laws, Councils will be able to opt to retain mandatory rainwater tank requirements where they can prove a net benefit to the community.

Mr Mander said the changes would also allow existing home owners to replace a broken electric hot water system with a similar model. “Under existing laws, owners of homes in reticulated natural gas areas are restricted to gas, solar or heat pump hot water systems, which often cost thousands of dollars more than the electric model they’re replacing.

“Although solar or heat pump systems are more energy efficient, they are more expensive to buy and often require extra plumbing and electrical work to retrofit the existing property before they can be installed. Replacing a broken hot water system is often a significant, not to mention unexpected, expense,” Mr Mander said. “It’s not fair to force people to choose the more expensive product.”

HIA Executive Director Warwick Temby applauded the moves to improve housing affordability. “These are very pragmatic decisions that will make a meaningful contribution to improving housing affordability, especially for first time buyers,” Mr Temby said.

Master Builders Director of Housing Policy Paul Bidwell also welcomed the decision. “This is very positive news for our industry and for the broader Queensland community,” Mr Bidwell said.

“The cost of a rainwater tank adds up to $6000 to the price of a new house and in some cases this can be even more on smaller lots. These changes will significantly reduce the cost of housing. Our members advise the extra costs of tanks and energy efficient hot water systems will be removed from the cost of new homes if consumers choose not to install them.”

Budget for extra costs when buying a home

January 29, 2013 Leave a Comment

Minimise costs by being prepared

By Shirley Broun

THINKING of buying your first home? Then be aware that the cost of the home you want to buy is boosted by the many extra costs encountered throughout the buying process. And it is important that you factor in this added expenditure when budgeting to buy a new home. So, being prepared can save a lot of heartache and frantic worry trying to get into your first home.

Most people are aware that securing finance for a home loan to fund the purchase automatically brings with it upfront and ongoing fees. It is advisable to ask the lender or mortgage broker to list all the fees of the loan you are considering and when they are payable before signing any agreement.

Fees which may be included are application fees, valuation fees, establishment fees, service fees, transaction fees and exit fees. Lenders may also require you to take out mortgage insurance and while you are paying for it, the insurance actually insures the lender against any default on repayment. However, sometimes this is a requirement for you to get the home loan.

When taking out a home loan, ensure the fee structure suits your situation and budget. Don’t be afraid to ask the relevant questions to ensure you know exactly what’s on offer.

Stamp Duty Concessions

Stamp Duty can add a substantial amount to a property purchase but there is good news for First Home Buyers. In Queensland, First Home Buyers can benefit from a $8750 Stamp Duty Concession on properties up to $505,000, as of July 1, 2012.

The 2012–13 Queensland State Budget also introduced the first home owner construction grant (FHOCG), administered under the First Home Owner Grant Act 2000. The grant is available to first home owners who will be buying or building a new home. This grant of $15,000 is available for: Contracts to buy a new home (including off the plan) dated on or after 12 September 2012; Contracts to build a new home dated on or after 12 September 2012; New homes being built by an owner–builder where the date the foundations start to be laid is on or after 12 September 2012.

A new home is a home that: has not been previously occupied as a place of residence; has not been previously sold as a place of residence; or is a substantially renovated home (in certain circumstances).

The $15,000 grant will not be available: if the contract replaces an existing contract made before 12 September 2012; for new homes where the contract is dated before 12 September 2012; for owner–builders where the date the foundations start to be laid is before 12 September 2012; or for established homes.

The FHOG eligibility requirements also apply to the construction grant, including a cap amount of $750,000.

You may still be eligible for the $7000 first home owner grant for established home purchase contracts dated before 11 October, 2012. For further information http://www.osr.qld.gov.au

Conveyancing and other costs

Legal costs can vary from a few hundred dollars up to a few thousand, depending on the complexity of the purchase and value of the property.

Building and pest inspections are also a good idea and are sometimes a condition of the loan approval. Regardless, it is wise to conduct these inspections for peace of mind. The cost varies but is usually between $250 and $500. You are advised to seek quotes to get the best price and ensure the company has a good track record.

Filed Under Investing News, Realty News Tagged With cost savings for first home buyers, Costs to buy a home, First home buyers