Sadly, First Home Buyers in Queensland do not qualify for the First Home Buyers Grant when buying an established home, however, you do qualify for the First Home Concession for transfer duties. The First Home Concession can save you up to $8,750 in transfer duties for a property purchased up to a value of $500,000. The concession diminishes for properties purchased for up to $549,999 and runs out for properties valued over $550,000
To be eligible for the first home concession you must;
- Have never claimed the first home vacant land concession;
- Have never held an interest in a residence anywhere in Australia or overseas;
- Be at least 18 years of age (this requirement might be able to be waived);
- Move into it with your personal belongings and live there on a daily basis within 1 year of settlement;
- Not dispose (sell, transfer, lease or otherwise grant exclusive possession) of all or part of the property before you move in; and
- Be paying market value if the residence is valued between $500,001 and $549,999.
In order to keep the benefit of the first home concession in full after you move in, you must not dispose of all or part of the property within 1 year. A partial concession may apply if you dispose within 1 year.
For more accurate information visit Buying Own home
Daniel Trotter
As a Mortgage Broker at Brisbane Home Loans, Daniel brings experience from both sides of the lending process. He began his career with a major Australian bank and progressed to Credit Officer, where he assessed and approved home loan applications and gained firsthand insight into how lenders evaluate borrowers. After working with several mortgage broking firms, Daniel brought that credit assessment expertise to Brisbane Home Loans, where he focuses on structuring applications correctly, navigating complex lending scenarios and giving clients the strongest opportunity for approval. His experience allows him to approach home lending with an understanding of what happens on the assessor's desk, not just what appears in a lender's product guide.
