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First Home Owners Grant- Changes 12 September 2012

The Newman Government’s First Home Owner Construction Grant is worth $15,000
• The FHOCG is for first home buyers who are buying a newly constructed or off-the-plan property
• The FHOCG replaces the First Home Owner Grant which was $7,000
• Those first home buyers who are about to purchase an existing dwelling will have until October 10 to enter into their contract (to be eligible for $7000 grant)
• First home buyers signing contracts for new properties before September 12 will receive $7000 and those signing on or after September 12 will receive $15,000

The following eligibility criteria still apply:
• It must become your principal place of residence within one year of taking ownership.
• It must be your principle place of residence for at least six months.
• You must not dispose of all or part of the property within one year after you start to occupy the residence as your home.
• The property must be bought or built at a value under $750,000

Please not the above email is not intended as legal advice. Legal advice can only be given having regard to the individual circumstances of the parties. We recommend that both parties consult their lawyer prior to entering into the contract.