First Home Owner Construction Grant not black and white
The First Home Owners Construction Grant in Queenlsand isn’t black and white, with first home owners looking to substantially renovate a property - as opposed to building one from scratch - still eligible.
“Many young people don’t understand that a ‘new home’ doesn’t necessarily mean something that has just recently been built or is in the process of being built; substantial renovations are also eligible for the FHOCG,” says Lachlan Walker of Place Advisory.
The FHOCG is a $15,000 grant provided by the Government to Australian citizens purchasing their first home, which must be valued at under $750,000.
The terms indicate that the place of residence must be a new property and must not have previously been occupied or sold as a place of residence.
Walker says substantial renovations are when all or most of the structural and/or non structural components of a building are removed or replaced.
According to the Queensland Government website, a substantial renovation involves any structure building work such as replacing or altering foundations, floors, supporting walls, brick and roofs.
Non structural building work includes repairing electrical wiring, replacing or altering non supporting walls and plumbing and plastering or rendering walls.
“I believe that substantial renovation gives people many more options,” says Walker.
“They can buy into an area that they like far more easily, and have the option of a self-renovation job, or they can purchase a property that has recently been substantially renovated, just as long as it has not been previously occupied or sold as a place of residence,” says Walker.
Cosmetic work, such as painting or sanding floors, does not count as substantial renovation.