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First Home Owner Grant Queensland Update

NEWS JUST IN!

First home owners are one step closer to purchasing their first home, as the Queensland Government announced on Sunday 19 November 2023 they will be doubling the First Home Owner Grant to a whopping $30,000. 

Extracted from a Ministerial announcementthe government is doubling the First Home Owner Grant, taking the total to $30,000 for eligible first home buyers.

This will come into effect from Monday, 20 November.

This means more Queenslanders have access to a helping hand when entering the property market.

The Palaszczuk Government is backing first home buyers, through increases to the First Home Owner Grant scheme.

The improved incentive includes doubling the First Home Owner Grant, taking the total to $30,000 for eligible first home purchases.

The $15,000 boost will come into effect for transactions entered into on or after Monday, 20 November.

This increase means Queenslanders will have access to the equal highest First Home Owner Grant in Australia, triple the grants available in New South Wales and Victoria.

It is estimated this doubling of the grant will support around 12,000 buyers to unlock their first home by 30 June 2025, when the boost is set to expire.

This is great news for those new home buyers that want to ditch renting for good and take a step into the property market. 

4 tips on how to save for your first home

ELIGIBILITY

First Home Owner Grant Eligibility

You must be buying or building a new home valued less than $750,000 (including land and any contract variations). You must be 18 years or older and this must be the first residential property owned in Australia.

The home:

  • must not have been lived in or sold as a place of residence at the time of completion
  • could be a
    • house, unit, duplex or townhouse; or a granny flat built on a relative’s land
    • home that has been moved from one site to another (including kit homes or modular homes)
    • home in a manufactured home park
    • substantially renovated home
  • must be one of the following eligible transactions

Government Grants and Schemes

While government grants and incentives for first home buyers can provide financial assistance, navigating the various programs and understanding their eligibility criteria can be confusing. These programs might change over time, so it’s crucial to stay updated on the latest offerings.

To overcome these challenges, it’s advisable to do thorough research, seek advice from experienced professionals, and consider working with a reputable business or service provider  who specialises in helping first home buyers. Additionally, staying informed about changes in government policies, grants, and incentives can provide opportunities for financial assistance. Always consult with experts and relevant authorities to get the most accurate and current information for your specific situation.

Thompson Sustainable Homes has been a well respected and trusted builder for over 60+years. Helping Australians just like you, become home owners in a beautifully built and affordable new home.

This blog is dated 20 November 2023. It has been prepared by Thompson Sustainable Homes to provide general information and guidance on the HGS or FHBG to home buyers. Thompson Sustainable Homes is not a financial institution and we strongly advise that you contact your financial provider before making any decisions.

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