Who is eligible 

You are eligible if:

• You are buying/building their first property as a person, not as a company or trust;
• You (or a joint applicant) are an Australian citizen or permanent resident;
• You or your spouse have not previously owned an interest in land in Australia that had a residence on it prior to July 1 2000.

If the you are married or living in a de facto relationship for more than two years, neither your or your spouse can have owned a home, individually or with any other person.

What type of property is eligible?

It does not matter if you are building a new home or purchasing an established home. The home can be a house, unit, flat or any other type of self-contained, fixed dwelling that meets local planning standards.

The transaction is eligible if:

• The contract to buy a home in Queensland was made on or after 1 July 2000; or
• The owners of the land in Queensland made a comprehensive building contract on or after 1 July 2000 to have a home built; or
• An owner builder started building a home in Queensland on or after 1 July 2000.

When is the grant payable?

The grant is paid:

• For the purchase of a home - when the title is registered in the purchaser’s name; or
• For the construction of a home - when the building is ready for occupation as a home.

It is important to note that all applicants must occupy the home as their principal place of residence within one year of this event.

For more detailed information visit the Office of State Revenue Website at  www.osr.qld.gov.au or speak to one of the Team at Finance Know How.

Finance Know How has access to 100% home loans, and with the new QLD budget releasing the abolishment of Stamp and Mortgage Duty in QLD from July 1 2008, it has never been easier to get your first home!

So what does this mean for you?

Means that first home buyers in QLD do not now have to find the extra money associated with covering the costs of Stamp Duty or Mortgage Duty. So therefore, the amount a first home buyer may need to contribute towards a deposit is even less! Making buying your first home easier than ever!

For further information, read this article posted on www.heraldsun.com.au

Mortgage duty will be abolished from July 1, the first-home buyer transfer duty exemption threshold will be increased and the transfer duty rate schedule revised.

The move is expected to save up to $9500 for an average first-home buyer, but those buying more expensive properties will have to pay more.

“It’s a tough Budget if you own a coal company, it’s a tough Budget if you’re trying to buy a $2 million house, but it’s a pretty great Budget if you’re trying to buy your first house,” Mr Fraser said.

Housing Industry Association Queensland executive director Warwick Temby said the move would make housing more affordable following a series of interest rate rises.

By Gabrielle Dunlevy and Jessica Marszalek

June 03, 2008 05:44pm http://www.news.com.au/heraldsun/story/0,21985,23804828-5005961,00.html