Budget 2017: What Queensland first home buyers need to know about it?

IF you’re a first homebuyer in Queensland, this is the lay of the land in the wake of the federal budget. You now have more incentive to get a foot on the property ladder, but put these dates in your calendar to take full advantage of the savings measures.

From July 1, you can start saving for a home deposit by salary sacrificing into your super fund.

Withdrawals will be taxed at a lower rate, but the amount you can contribute is capped at $15,000 a year and $30,000 all up.

Both members of a couple can take advantage of the scheme. The Government says this will help first home buyers to save a house deposit 30 per cent faster.

But while one measure is being introduced, part of another will be taken away.

From midnight on June 30, the Queensland government’s $5000 increase to the first home buyers grant expires, so you only have about seven weeks to build or buy a new home in the state before it reverts back to the original $15,000.

The First Home Buyers Stamp Duty Rebate — up to $8,750 — still applies for all first home buyers who are buying an existing home or building a new home in Queensland, when the value of the property is less than $550,000.

Another measure in the budget that could free up more family homes and ease house prices is enabling downsizers over the age of 65 to make a non-concessional contribution of up to $300,000 into their super fund from the proceeds of the sale of the family home.

QUEENSLAND FIRST HOME BUYERS — WHAT YOU NEED TO KNOW
*June 30 — Queensland First Home Buyers Grant increase expires, dropping from $20,000 to $15,000
*July 1 — The First Home Super Saver Scheme kicks in, allowing first home buyers to funnel up to $30,000 into their super account at a lower tax rate
*The First Home Buyers Stamp Duty Rebate still applies for buying an existing home or building a new home when the value of the property is less than $550,000

Source: RealEstateNews