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 11 to finalise 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 program will be administered within existing arrangements in the Treasury department
Major banks and financial institutions will continue to advertise the FHOCG in their loan marketing material, reducing the cost for taxpayers
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.
You property must be bought or built at a value under $750,000