Claiming the Great Start Grant when buying or building a new home

 

You may recall in September 2012 the $7,000.00 First Home Owners Grant was discontinued. In its place, the Queensland Government is currently offering the $15,000.00 Great Start Grant to help home owners who are purchasing or building a brand new house, unit, or townhouse (provided it is valued at less than $750,000.00).

We have received several client enquiries recently in relation to the Great Start Grant and either (a) how to apply for one or (b) what to do if the grant has been received but due to changed circumstances you have not been able to comply with the original conditions to receive the grant)

Once you receive the $15,000.00 grant there are certain conditions which must be complied with in order to retain it, and as a consequence if they are not complied with the full grant amount must be paid back by you in full.

The compliance conditions are as follows:-

·                You must either complete the transaction of the purchase of your new home or complete the construction of your new home;

·                You are required to move into your new home within one (1) year of becoming the registered owner of the property; and

·                You are required to live in the home for a continuous period of 6 months from the original date you commenced occupation.

If you have received the Great Start Grant and your personal circumstances have changed which now affect your compliance requirements then we recommend you contact the Office of State Revenue (“OSR”) to notify them of your changed circumstances. 

Penalties apply if you fail to notify OSR within 14 days of finding out that you are unable to meet the above conditions, with such penalties being paid in addition to repayment of the $15,000.00 grant.

If you wish to discuss the Great Start Grant or any compliance concerns we invite you to contact our solicitor Mark Game or our conveyancing manager Libby Dessaix on (07) 3236 0001.

This information contained in this article is correct as at publication date 25 March 2014. The information is a guide only and is not to be taken as legal advice and at all times we recommend you seek independent legal advice regarding your own individual circumstances from your legal representative.