Queensland First Home Owners Grant
As of 1 January 2010 Queensland first home buyers who were purchasing properties in excess of $1M would no longer be eligible for the First Home Owners Grant. The State Government felt that the grant was there to help young Queenslanders enter the housing market and although the Federal Government First Home Owners Grant has ended, they hope that they will be able to continue with this grant “forever”.
Further, the Government is looking to reduce this $1M cap to $750,000 by about mid 2010.
Another step by the Qld Government has been to abolish stamp duty on properties with a value up to $500,000 for first home buyers and also abolish the mortgage duty which could save these first home buyers up to $9,800 in costs of purchasing their first home.
These decisions will have an impact on the housing and property investment market in one way or another.
Filed Under: Property Investment Tips • Property News • Quantity Surveyor
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