First Home Owners Grant to be reduced from 1 July 2018

The First Home Owners Grant will be cut back to $15,000.00 from 1 July 2018, according to the 2018-19 Queensland State budget.

The change will apply to any contract entered into from 1 July 2018. First home buyers who have a signed contract for a new property on or before 30 June 2018 will still be able to apply for the grant at the current rate of $20,000.00.

The grant is only available to first home buyers who are buying a new or off-the-plan property under the value of $750,000.00.

First home buyers are encouraged to check your eligibility on the Queensland government website.

To avoid any pitfall and any unintended legal consequences, first home buyers who are often inexperienced in property transaction should refrain from signing any legal document to purchase before seeking independent legal advice.

Denovo Lawyers has extensive experience working with first home buyers in their property purchase. Talk to us so we can guide you through the process.