Since September 12, 2012, the Qld Government has implemented the GSG scheme to stimulate Queensland's waning building industry. Not to be confused with the $7,000 First Home Owners Grant, if you buy or build a NEW home, you will be eligible to receive a payment of $15,000 (if the value of the new home is less than $750,000.)
Does this apply to buying any existing home too?
No. The GSG conditions define a new home as "a dwelling that has not been previously occupied as a place of residence or sold as a place of residence." However, you may still be eligible for the Great Start Grant if you are buying a "substantially renovated home." This only applies if you are buying a home from a seller that has just undertaken a large-scale renovation of the house.
The renovation must meet certain requirements before it is considered substantially renovated. The scheme defines it as a "renovation in which all, or most, of the structural and/or non-structural components of a building are removed or replaced...Most of the rooms in the previous building must have been affected and the renovations must have affected the building as a whole..."
See here for details: Great Start Grant - Substantially Renovated Home Requirements
This is a very useful offering for those that might have been heavily affected by flooding in Qld. There are often great buying opportunities since flood affected homes are often renovated on a complete overhaul and modification basis post-flooding. They are often raised and extended extensively to be above the floodline and are often a lot better than pre-flood state. Many of these homes will fall under the requirements of a 'substantially renovated home.'
How long do we need to stay there?
In order to keep your GSG, you must move into your home within 1 year of the completed eligible transaction date (the date of possession under contract or the date of completion of the new home and ready for occupation. See here for further details) You must remain living there for at least 6 months continuously.
What if your spouse or partner has previously owned a home they have lived in?
You are not eligible for the grant. Click here for the grant's definitions of 'spouse' & 'partner.'
Am I eligible for the Great Start Grant?
- are at least 18 years of age,
- are an Australian citizen or permanent resident (you or your partner),
- are building or buying a NEW HOME,
- have never owned a property in Australia,
- are buying a property with a value of $750,000 or less.
The Qld Great Start Grant is perfect for anyone thinking about buying their first home. Why not design and build your very own brand new first home instead of purchasing a previously owned older home? You will not only have exactly what you want in a home, but also be supporting the local Queensland building industry.
If you have any questions about designing & building your own home to receive your $15,000 Great Start Grant, give us a call, or email and we can talk you through what is involved in designing your own perfect family Queensland home.
Also see the official Qld Government Great Start Grant webpage for more details.