QLD First Home Owners Grant Explained

Here at The Waters Ooralea we are helping First Home Owners break the rental cycle and move into brand new homes within our community.

By utilising the Queensland First Home Owners Grant which is currently at $15,000, you too could own a brand new home in The Waters Ooralea.

5 reasons why you should buy your own home

The First Home Owners grant makes saving for your first property much easier. Use the grant towards your home loan deposit!
Renting a house costs approximately the same amount of money as paying off a mortgage over 25-30 years. Rent in Mackay is rising!
Gain stability in your life and become a part of a community. Owning your own home gives you a set neighborhood, schools and community that you can call your own.
One of the best things about owning a home is building equity. Instead of throwing money away on rent each month, you are actually putting it toward your home. – Why pay rent (which is dead money), when you can own a new home?
Build your dream home that suits your family’s lifestyle and interests. Have more space, redecorate and make upgrades whenever you want.

What is the First Home Owners Grant?

The First Home Owners Grant is an initiative of the Australian Government designed to help citizens and permanent residents purchase or build their first home.

The grant’s value and conditions vary per state and territory; as of 1 July 2018, eligible Queenslanders can receive financial assistance of $15,000 to enter the property market

The grant can be a huge aid in making the initial deposit for a property. Many Aussies take years to save the 20% down payment for the home of their dreams. In fact, the national average is 4.6 years to set aside a house deposit. However, with the First Home Owners Grant, you’ll be able to reach your deposit faster and start moving into your new home much sooner than what was previously possible.

What are the criteria?

You are eligible to receive the First Home Owners Grant in Queensland if you meet all of the following criteria:

You (or your partner) are an Australian citizen or a Permanent Resident, at least 18 years of age.
You have not owned a property in Australia before.
You are buying or building a new home.
The property’s value, including the land, is not more than $750,000.
The new house must be your primary residence for 1 year after the completed transaction and you live there for 6 months straight.

How do I apply for the First Home Owners Grant?

There are two ways to make an application in order to take advantage of the QLD First Home Owners Grant…

You can lodge an application directly at the Office of State Revenue (OSR)
You can submit an application to any of your state’s approved agents, such as banks or lending institutions. Speak to us at The Waters Ooralea for assistance with this.

The second option will help ensure that your application is complete, including the supporting documents, before submitting it to the OSR. It is a good option for first-time home buyers who are not familiar with the application process and want a better chance of approval.

If you are buying a home, you must lodge the application within 1 year of owning the property and registering the title. You must also apply within a year after completion, if you are building a new home.

What are the other terms and conditions?

Each grant is only payable per property. If you and your partner are both eligible, only one of you will be approved for the grant when purchasing or building a new property.
If you move out of the house within 6 months, you will have to repay the grant.
Anyone can apply for the grant regardless of income.
The grant money is not taxable.
Only fixed homes like a house, flat, and home unit are qualified for the grant. Movable homes like caravans and mobile homes are not.
Previously owning a property abroad does not disqualify an individual from the grant.
Owning a house via gift or inheritance will not make you eligible for the grant.

Get a boost into the property investing sector

This grant is not only very helpful for first-time home owners, but also to first time investors. All you would have to do to be eligible for the grant is to live in the property for the first 6 months, before moving out and renting it out afterwards.

Apply for the First Home Owners Grant at The Waters Ooralea

If you meet the above criteria, you can apply for the First Home Owners Grant to purchase one of the new properties at The Waters Ooralea in Mackay.

Move into your own home within a thriving family friendly community, The Waters Ooralea – Mackay’s largest master planned estate south of the river. This fully-integrated residential community is also less than nine kilometres from the CBD and less than three kilometres from the Paget Industrial Precinct, Mackay’s primary industrial precinct.

Why Pay Rent…
When You Can Own?

The QLD First Home Owners Grant can help you break out of the renting rut. The cost of rent is rising in Mackay – why pay off someone else’s mortgage when you can pay your own?

In fact, there has been such a considerable increase in demand for rental properties that during the third quarter of 2018, the vacancy rate in Mackay reduced from 1.9% to 0.9%. This is the lowest vacancy rate in all of Queensland and has caused median rents to rise by approximately $50 per week.

Talk To Us Today

Contact The Waters Ooralea and learn how you can use the First Home Owners Grant to own your dream home in the booming Mackay region.

Not only is there land for sale but also a range of full turn-key house and land packages on offer to make purchasing a new home even more affordable.

Don’t wait – let’s get the application process started today.