Great Start Grant

Finance for First Home Owners in Queensland

For a First Home Owner based in Queensland, the Great Start Grant offers the following incentive to purchase a new property as their first home:

  • $15,000 grant
  • $0 stamp duty on purchases under $500,000

The Great Start Grant is a Queensland Government initiative to help First Home Owners to get into their new First Home sooner. The Great Start Grant can only be used towards buying or building a new house, unit or townhouse (valued at less than $750,000).

The Great Start Grant has eligibility criteria, which can be found on the Queensland Great Start Grant website (see Great Start Grant in the First Home Owners resources). Only the Queensland Government can provide final eligibility for the Great Start Grant, however My First Place can discuss any general concerns whether you fit the Great Start Grant criteria.

There is also a transfer duty (stamp duty) concession available for First Home Owners for purchases up to $550,000. This concession is available on both newly built homes, and established homes. The concession varies depending on the purchase price of your First Home, however for purchases under $500,000 you will not pay transfer duty as the concession is greater than the duty payable. There are a number of eligibility criteria to fulfill, which are detailed on the Queensland Office of State Revenue page (see Great Start Grant in the First Home Owners resources).

This transfer duty concession is separate from the Great Start Grant, and is not dependent on receiving the Great Start Grant. The Great Start Grant is also not dependent on receiving this transfer duty discount, and there may be instances where you are eligible for one, but not the other.

When and how the Great Start Grant is paid to the First Home Owner is critical when considering financial circumstances, and purchasing capacity. As is the transfer duty applicable to your purchase. A My First Place financial consultant can provide advice regarding lending capacity, and any constraints regarding the use of the Great Start Grant, and duty concession within your new home purchase as a First Home Owner.

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