Budget boon for first home owners and construction industry
Published Monday, 10 September, 2012 at 05:41 AM
JOINT STATEMENT
Treasurer and Minister for Trade
The Honourable Tim Nicholls
Premier
The Honourable Campbell Newman
Queensland first home buyers and the construction industry will benefit from the Newman Government’s first State Budget, which more than doubles the grant for new first home buyers.
Premier Campbell Newman said first home buyers would receive $15,000 - up from $7,000 - when purchasing a newly constructed home or property off the plan, under the re-shaped First Home Owner Construction Grant (formerly First Home Owner Grant).
“This great initiative will entice more people into the property market and make home ownership more affordable,” Mr Newman said.
“This is now the most generous ongoing first home owner grant in Australia.
“We want to see more Queenslanders buying their first home and this grant will certainly give home buyers a great head start,” he said.
Treasurer Tim Nicholls said the First Home Owner Construction Grant would also provide a much needed confidence boost to the construction sector.
“The property and construction sector is one of the four pillars of the Queensland economy, and one the Newman Government is supporting through real and direct action,” Mr Nicholls said.
“We’ve already wiped up to $7,000 off the cost of buying the family home by reinstating the principal place of residence transfer duty concession.
“The First Home Owner Construction Grant is another component of our positive plan for this vital sector, which creates jobs for Queenslanders.”
Mr Newman said the Government had responded to industry concerns in making changes to the original First Home Owner Grant.
“The Master Builders Association has lobbied on behalf of the sector for changes to the grant and the Government has responded in a constructive way,” he said.
“This First Home Owner Construction Grant will provide a targeted and sustainable injection of confidence to the construction sector.
“The previous Labor government’s Building Boost scheme was a short-term sugar hit which benefited property investors outside of Queensland.
“The Government’s First Home Owner Construction Grant will help more Queenslanders buy their first home and provide a much needed lift to Queensland’s property and construction industry.”
[ENDS] 10 September 2012
Contact:
Premier’s Office 07 3224 4500
Treasurer’s Office 07 3224 6900
Facts- FHOCG
• 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
The following eligibility criteria still apply:
• 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.
• The property must be bought or built at a value under $750,000
Premier Campbell Newman said first home buyers would receive $15,000 - up from $7,000 - when purchasing a newly constructed home or property off the plan, under the re-shaped First Home Owner Construction Grant (formerly First Home Owner Grant).
“This great initiative will entice more people into the property market and make home ownership more affordable,” Mr Newman said.
“This is now the most generous ongoing first home owner grant in Australia.
“We want to see more Queenslanders buying their first home and this grant will certainly give home buyers a great head start,” he said.
Treasurer Tim Nicholls said the First Home Owner Construction Grant would also provide a much needed confidence boost to the construction sector.
“The property and construction sector is one of the four pillars of the Queensland economy, and one the Newman Government is supporting through real and direct action,” Mr Nicholls said.
“We’ve already wiped up to $7,000 off the cost of buying the family home by reinstating the principal place of residence transfer duty concession.
“The First Home Owner Construction Grant is another component of our positive plan for this vital sector, which creates jobs for Queenslanders.”
Mr Newman said the Government had responded to industry concerns in making changes to the original First Home Owner Grant.
“The Master Builders Association has lobbied on behalf of the sector for changes to the grant and the Government has responded in a constructive way,” he said.
“This First Home Owner Construction Grant will provide a targeted and sustainable injection of confidence to the construction sector.
“The previous Labor government’s Building Boost scheme was a short-term sugar hit which benefited property investors outside of Queensland.
“The Government’s First Home Owner Construction Grant will help more Queenslanders buy their first home and provide a much needed lift to Queensland’s property and construction industry.”
[ENDS] 10 September 2012
Contact:
Premier’s Office 07 3224 4500
Treasurer’s Office 07 3224 6900
Facts- FHOCG
• 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
The following eligibility criteria still apply:
• 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.
• The property must be bought or built at a value under $750,000