Tax and legal advice

The first home owners construction grant

By Lachlan Walker

Lachlan Walker 70x60Most of us have heard of the First Home Owners Construction Grant. It is a concept which is synonymous with every-day phrases such as ‘property’, ‘investment’ and ‘off-the-plan’. But few people are actually aware of what the grant is, who is eligible, when and where to apply for it, and how much it can actually help you. It’s a whole lot simpler than you may think, and can make a big difference when it comes to purchasing your first home.

Blogger: Lachlan Walker, Place Advisory

WHAT is the First Home Owners Construction Grant?
The First Home Owners Construction Grant (FHOCG), also known as the Great Start Grant, is a $15,000 government bonus, introduced in 2012 exclusively for first home buyers. This grant is available for people buying or building a brand-new house, apartment or townhouse, off the plan properties and owner-builder constructions. In order to receive the grant, properties being purchased must be lived in by the buyer for at least six months continuously, within one year from purchase date, and be valued at under $750,000.

WHO can apply for the First Home Owners Construction Grant?
To be eligible for the FHOCG you must be buying your first home; you or your partner cannot have previously owned property in Australia. You must be at least 18 years of age, be an Australian citizen or permanent resident, or be applying with someone who fits this criteria.

WHEN do you need to apply for the First Home Owners Construction Grant?
This table courtesy of the Office of State Revenue illustrates that the FHOCG must be applied for within the following time frames.

 

This time period may be extended in some cases; those applying outside the application period will need a written explanation within their application explaining their circumstances. It is not necessary to pay for the grant upfront before the purchase.

WHY should you apply for the First Home Owners Construction Grant?
Why not? If you’re thinking of buying or building a new home, this grant could be the very thing you need to get started. Not only does the FHOCG give you the potential to get something more than you may have been expecting, it can help get you into your first home sooner.

HOW do you apply for the First Home Owners Construction Grant?
This is usually the most pressing question in in regards to the FHOCG, and once again the answer is surprisingly simple. If you have read through the criteria and deem yourself to be eligible, visit https://greatstartgrant.osr.qld.gov.au/apply.php to download your application form. Once completed this must be mailed to the Office of State revenue at:
Office of State Revenue
GPO Box 953
Brisbane Qld 4001

Alternatively you can apply at approved bank or lending institutions, which can be a faster process. See a list of approved bank or lending institutions here by visiting this link: https://www.osr.qld.gov.au/first-home-owner-grant/approved-agents/ .

Now that this somewhat mysterious concept has been explained it’s time to take advantage of the First Home Owners Construction Grant; stop paying rent and start paying off a home!

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About the Blogger

Lachlan Walker

Lachlan Walker

Lachlan Walker is head of the Place Advisory division at Place Projects, Brisbane’s premiere project marketing company. Lachlan is recognised as one of Queensland’s preeminent residential property market experts, specialising in South East Queensland residential property.

His role is to provide product specific advice to clients by gathering and applying internal and external market intelligence which is translated into meaningful market reports. He is widely published and is continually called upon to provide commentary on the residential market by various media and property journalists nationally.

Lachlan has extensive experience in property market research and has provided professional consultancy and advisory services to leading property clients including the likes of Leighton Properties, Lend Lease, Watpac, FKP, Brisbane Housing Company and Consolidated Properties.

Visit www.placeprojects.com.au for more information.

Email:
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podcast

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune in to this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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Son Pham is the accredited Head of Mortgages at Rethink Financing\/Rethink Investing. He has over 6 years\u2019 experience writing loans, over 12 years in the wealth management industry working for the likes of CBA, AMP and private practice and he is also a licenced financial planner (AFSL 326450). He has multiple investment properties that are cash flow positive which help pay his mortgage on his home and fund his lifestyle.<\/p>\r\n

Son is able to write all types of residential and commercial property loans.<\/p>\r\n

In this episode of Property Showcase, head of mortgages at Rethink investing Son Pham joins host Tim Neary to unpack how an investor should approach getting a mortgage in place with banks tightening down on serviceability.<\/p>\r\n

Hear from\u00a0Son\u00a0about:\u00a0<\/p>\r\n

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    In this episode of Property Showcase, director of investment services for Open Corp Michael Beresford,\u00a0joins\u00a0editor of Real Estate, Tim Neary to share why he disagrees that the cooling market means that the best times are behind us.<\/p>\r\n

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Mortgages in a tighter lending economy and why Brisbane is a good option
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Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
object(stdClass)#1184 (52) {
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  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
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  string(139) "

Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds

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