First Home Owner
The first home owner grant changed to the Great Start Grant in October 2012. The Great Start Grant is available for first home buyers who are buying or building a brand new home as their first home from 12 September 2012.
Available if: your contract to buy or build a new home is dated on or after 12 September 2012 as an owner – builder, the foundations for your home were laid on or after 12 September 2012.
There are certain requirements you need to meet to keep the grant. Information on eligibility and how to apply is available on the Great Start Grant website
Transfer Duty and Concessions
When you sign a contract for your new home, you will also be liable for transfer duty (previously known as stamp duty). As a first home buyer, you might also be eligible for a transfer duty home concession. The Queensland Government web sites transfer duty and grants estimator will give you an idea of how much duty you may have to pay and if you are eligible for the grant. There are important differences between the residency requirements of the grant and home concessions. Don’t get caught out: if you don’t meet the requirements, you may have to pay back the entire grant and some or all of the concession, possibly with penalties.
Consult a Finance Broker – to arrange the best loan to suit your needs
Pre-approved loans – can put you in a better negotiating position then someone who is still arrange finance.
Prepare a short list of preferred suburb – that suits your lifestyle, bearing in mind affordability and accommodation requirements.
Research sales in those preferred suburbs – using BOURKE Prestige Agents recent sales and/or www.just listed.com.au inspect every property in your preferred suburb so you have a feel for the prices. Attend all open homes in the area.
Develop a relationship with a Sales Consultants – who specialises in your preferred area. Your Sales Consultant will be able to advise you of any additional information you may need and also inform you of any new listings that hit the market before they are advertised.
When you find a property that suits your requirements
Ask your agent to send a copy of the sale contract to your solicitor or conveyancer’s or alternatively register online to have a contract emailed to you. If you are considering making an offer through BOURKE Prestige Agents, we recommend that you obtain a copy of our Purchaser Protection Pack which outlines the process of the purchase every step of the way. Your solicitor will arrange a building and pest inspection to make sure you are aware of any major defects and pest concerns e.g.: white ant, termites.
Follow your Solicitors or Conveyancer’s – advice on the sale contract and taking into consideration the building and pest reports, you are now able to make an informed decision to proceed with the purchase of the property.
Once Negotiations have been finalised – you will be required to sign the sale contract and pay a 10% deposit. Your deposit will be held in a trust account until settlement. Contract is exchanged, condition timeline begins e.g. 7 days for Building and Pest, 14 days for Finance, once these two conditions are met Contracts will then be unconditional.
Prior On Settlement Day – it is advisable that you do a final inspection before settlement takes place. This is to ensure that the property is in the same condition as when you last inspected it and that all the inclusions are as per the contract you signed.