The government is championing first-time homebuyers by doubling the First Home Owner Grant, increasing the support to $30,000 for those who qualify. The initiative, implemented on the 20th of November, aims to provide a substantial boost to eligible first-time homebuyers in Queensland, offering them more significant financial assistance as they embark on their journey into the property market.
This increase means Queenslanders will have access to the 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.
Over the last three years, the Palaszczuk Government has supported more than 24,000 households into their first home through $365 million in grants.
Between 2016 and 2021, rates of home ownership in Queensland increased from 62.2 per cent to 63.5 per cent.
First Home Owner Grant Eligibility
You must be buying or building a new home valued at 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.
If you think you’re eligible for Queensland’s first-home buyers Grant and need help financing, contact support@walkerhill.com.au today!
