The first home owners construction grant (FHOCG) was introduced by the state government in the 2012 – 13 Queensland state budget. It is available to first home owners who will be purchasing or building themselves a brand new home. The grant will not be available to first home home owners who buy an established home.
For those first home owners looking at buying an established home you can still access the $7000 FHOG on homes purchased with a contract dated before 11 October 2012.
If the following criteria applies to you, you may be eligible for the new grant:
- the contract must be dated the 12 September 2012 or after to buy a new home (including off the plan)
- the contract must be dated the 12 September 2012 or after to build a new home
- for first home owners looking at owner building the foundations must be started on or after the 12 September 2012
A new home as defined by the Office of State Revenue 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 last point seems to be open to interpretation and therefore is worth asking the question if you are buying a heavily renovated established home.
To be eligible for the FHOCG you must also comply with the requirements for the FHOG and the contract price for the FHOG is capped at $750, 000.