first-time buyers

Young couple’s warning to first-time buyers | WATCH

PHOTO: Earlier this year, partners Damon Green and Sarah Law (pictured together) bought a four-bedroom home on Queensland’s Sunshine Coast for $540,000

  • Damon Green and Sarah Law bought a $540,000 home in Queensland this year
  • They were banking on the first home owners grant to give them back $15,000
  • Due to builder’s mistake, the payment went through after the house was built
  • This meant the builder was technically the first owner instead of the couple 

A young couple who bought a brand new $540,000 home have lost out on $15,000 thanks to a little known loophole.

Damon Green and Sarah Law bought the four-bedroom home on Queensland’s Sunshine Coast earlier this year and were banking on receiving the First Home Owners Grant, which entitles first-time buyers to $15,000 from the government.

But unbeknownst to them, their builder bought the property block under ‘builder terms’, meaning payment for the land wasn’t due until the house was actually built and a new buyer had signed a contract.

The sale of the home was settled in May this year after the house was constructed but this meant the builder was technically the first homeowner and not Mr Green and Ms Law.

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