Tuesday, March 26, 2013

The Great Start Grant




The Great Start Grant is a Queensland Government initiative to help first home owners to get their new first home sooner. You’ll get $15,000 towards buying or building your new house, unit or townhouse (valued at less than $750,000). You can even buy off the plan or choose to build yourself. It’s a great opportunity to buy or build a new home in our great state.

Frequently Asked Question from The Great Start Grant website:


Where can I apply for the grant?
You can apply for the Great Start Grant through an approved bank or lending institution. You can also apply directly to the Office of State Revenue by mailing us your application.
Note: You may be paid the grant sooner if you apply through an approved bank or financial institution.

How long do I have to apply for the grant?
You must apply for the grant within the following timeframes.
Buying your home
You must apply within 1 year of taking possession of the new home and your title being registered.
Contract to build
You must apply within 1 year of the new home being completed, for instance, the final inspection report being issued.
Owner-builder
You must apply within 1 year of the new home being completed, for instance, the final inspection report being issued.
In some special cases, this period may be extended. If you are applying outside the application period, you need to include in your application a written statement explaining your circumstances.

When will the grant be paid?
The date the grant is paid depends on whether you are buying or building a new home, and if you are applying through an Approved Agent or OSR.
General payment timeframes are listed below.
Type of transaction
Application through OSR
Applying through a bank or lending institution

You may be paid once you...
You may be paid...
Buying your home – off the plan
Have a registration confirmation statement showing your name on the title of the property
At settlement
Buying your home – instalment purchase contracts
Fulfil all of the following:
·       The contract has been operating for one year
·       You have paid at least 10% of the purchase price or $15,000, whichever is greater
·       You are not in default of the contract
·       You have occupied the home as your principal place of residence
N/A
Buying your home – vendor finance contracts
Own the home under the contract
N/A
Buying your home – all other contracts
Have a registration confirmation statement showing your name on the title of the property
At settlement
Building your home – building contract
Have a final inspection report
On the first draw down of funds
Building your home – owner-builder
Have a final inspection report
Once you have a final inspection report

When do I have to move in and for how long?
·       All applicants must live in the home as their principal place of residence for at least six continuous months commencing within 12 months of completion of the eligible transaction.
·       It is the responsibility of the applicant(s) to satisfy the Commissioner that they have met the residence requirement. Applicants may be required to verify this later by providing documentation supporting their period of occupancy.
·       Should you not meet the residence requirement, within 14 days after the relevant date, you must notify OSR in writing and repay the grant.
Failure to advise the Commissioner in writing may result in the applicant(s) being required to repay the grant with penalties.
For more information, please visit The Great Start Grant website at greatstartgrant.osr.qld.gov.au

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