Did you hear the news? The Queensland Government has increased the First Home Owners’ Grant by an extra $5,000, taking it up to $20,000.

The only catch is that the extra cash is only on offer until 31 June, 2017. That means if you have been thinking about purchasing your first home, you will next to act quickly to advantage of the extra $5,000.

When purchasing property for the first time, $5,000 goes a long way. Whether you use the money to increase your deposit or pay for extras like conveyancing fees and moving costs, every bit helps you to get into your home sooner. By putting the money towards your deposit, you can avoid paying lenders mortgage insurance (LMI), which can add thousands of dollars to your home loan.

Despite the increase to the grant, the rules regarding eligibility haven’t changed. To apply for the grant, you must be:

  • An Australian citizen or permanent resident, or applying for the grant with an Australian citizen or permanent resident
  • Buying a property in Australia for the first time
  • At least 18 years of age
  • Purchasing or building a brand new home valued at less than $750,000
  • Intending to use the property as your primary place of residence for at least 12 months after settlement

Newly built, all homes at Cornerstone Living are eligible for the Queensland First Home Owners’ Grant. And with most residences valued well under the $550,000 mark, you’ll also enjoy transfer duty concessions on your apartment or townhome, saving you up to $8,750. See the table below for an outline of savings.

First home buyers table

Figures via Queensland Government.

After a long search, first home buyer Liam Stewart recently purchased an apartment at Cornerstone Living. Now he has moved into his home, he loves having a foot on the property ladder.

“I was property hunting for nine months before I found Cornerstone Living and I was thrilled with what I could get for my money,” he said. “Moving into a brand new apartment that I own is a great feeling and the floor plan is so well designed that you get a real sense of space.”

If you aren’t sure whether you can apply for the grant, you can test your eligibility on the Queensland Government website.