First Home Builder Grant – Getting it Right the First Time
If you are thinking of purchasing your first home, it is important that you understand what Government assistance is available by way of incentives and grants. More importantly, it is critical that you have an experienced property lawyer determine your eligibility for the Government Grants. A recent Queensland case, revealed how one unlucky first home buyer was required to pay back stamp duty to the Office of State Revenue by way of re-assessment as they had incorrectly claimed the First Home Owner Builder Grant (FHOB).
Eligibility for Government Grants is a big determining factor for many first home buyers when they are making the decision to purchase a property. In the recent Queensland case of Chee v Commissioner of State Revenue, a first home buyer had incorrectly relied on the FHOB Grant to purchase a display home from a builder. The home was sold to the buyer as a new build however the builder had described the property as an existing dwelling in the contract and transfer forms. The Office of State Revenue concluded the property was not deemed a new build and the first home buyer could not claim the FHOB Grant. Unfortunately, the buyer found out after settlement that they owed additional money to the Office of State Revenue as the grant was incorrectly claimed.
This case highlights the need for ALL buyers to obtain legal advice from an experienced property lawyer before they sign a property contract.
In Queensland, there are many conveyancing firms that do not have the adequate knowledge to interpret the intricate Government Grant requirements. By choosing a firm with minimal experience, you are putting yourself at risk of being reassessed by the Office of State Revenue and worse liable to pay excessive fines. At McLaughlin & Associates Lawyers, we have qualified property lawyers handling your conveyancing from the START to END. In addition to this, our team specialise in contract reviews and each client that comes through our doors chooses to have their contract reviewed before they sign.
Before you choose a ‘cheaper’ or ‘discount’ firm, we suggest you contact one of our property lawyers to discuss your contract and conveyancing needs.
If you require any assistance regarding your property matter, we suggest you contact one of our property lawyers. We can be contacted on 07 3808 7777 or firstname.lastname@example.org.