Cost of living boost for first home buyers

• Palaszczuk Government backing first time home buyers by doubling grant, as part of a raft of cost of living measures delivered by the government.
• The 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

Premier Palaszczuk is please to be able to assist to ease pressures on Queenslanders looking to purchase their first home.

“I know how much cost of living is impacting Queenslanders, especially first home buyers.

“Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation.

“I want to see home ownership rates continue to rise, which is why our government is stepping up to lend a helping hand.

“The existing first home owner grant has been very successful, which is why our government is doubling the grant program – meaning eligible first home buyers will receive $30,000 cashback.

“I hope this puts the dream of owning a first home within reach of more Queenslanders.”

 

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

• • new home
  • off-the-plan purchase
  • substantial renovation
  • contract to build
  • owner–builder

For more information visit https://qro.qld.gov.au/property-concessions-grants/first-home-grant/

Source: https://statements.qld.gov.au/statements/99186 – Sunday, 19 November, 2023 at 12:52 PM