Could the First Home Buyers Grant QLD help you buy your first home sooner?
It’s not easy being a first home buyer in 2024. According to a Senior Economist from ANZ, first-time buyers are currently facing some major hurdles, including rising prices, higher interest rates, inflation and escalating rents. Fortunately, there is some good news. Since November 2023, the QLD First Home Owners Grant has doubled in value.
What is the First Home Buyers Grant QLD?
The First Home Owners Grant (FHOG) is a government incentive aimed at helping Australians buy their first home. It offers eligible buyers a one-off financial grant to help manage the high costs associated with buying a first home.
The QLD First Home Owners Grant is designed to make homeownership more attainable for those who might be struggling to save for a deposit. By enabling first home buyers to purchase a home, this initiative helps young Australians to achieve greater stability and security in their lives.
Eligibility Criteria for the FHOG
To qualify for the FHOG QLD, applicants will first need to demonstrate that they meet the following criteria:
- You must be an Australian citizen or permanent resident aged 18 years or over.
- You can’t have previously received the grant or owned residential property in Australia.
- After settlement, you must move into the property within 1 year, and live there continuously for at least 6 months.
- You must be buying or building a new home (one that hasn’t been lived in by anyone else) with a total value of less than $750,000.
Certain exemptions to the above criteria may apply, under specific circumstances.
How Much is the First Home Owners Grant QLD in 2024?
For contracts signed prior to 20th November 2023, the grant for first home buyers was $15,000. However, for contracts signed on or after that date (up until 30th June 2025), the grant amount will increase to $30,000!
For owner-builders, the above dates refer to when the property foundations are laid, rather than to when the contract was signed.
First of all, make sure you’re eligible to apply for the grant. Do some research so you’re familiar with the criteria and you know what counts as a “new home”.
You’ll need to fill out an application form, available through the Queensland Revenue Office or an approved agent (such as a bank or non-bank lender). Along with your application, you’ll need to supply photo ID, evidence of income, a contract of sale and proof that you’re an Australian citizen or permanent resident.
The fastest way to secure the grant is by applying through your lender since they’ll be able to confirm your eligibility and then manage the application on your behalf. Alternatively, you can apply online through the Queensland Revenue Office.
Additional Assistance for First Home Buyers
In addition to the First Home Owners Grant, first-time home buyers may be eligible for additional assistance programmes, including:
- Stamp duty concessions.
- The First Home Guarantee.
- First Home Super Saver Scheme (FHSSS).
- Regional Home Building Boost Grant.
To find out more about additional assistance for first home buyers, talk to an experienced mortgage broker.
Ask Professional Lending Solutions About the First Home Buyers Grant QLD
The increased First Home Owners Grant QLD is a fantastic opportunity for savvy first-time home buyers. How can you make sure you don’t miss out? Start by getting the right advice.
At Professional Lending Solutions, our expert brokers specialise in guiding first home owners through the entire property buying process. From understanding eligibility criteria to navigating the application process, our team can provide tailored advice and support, every step of the way.
Take your first step towards homeownership with confidence. Contact Professional Lending Solutions today for expert assistance on how to access the First Home Buyers Grant QLD and secure your first home loan.
Phil’s journey from banking to mortgage brokering reflects a career driven by a commitment to personalised service and tailored financial solutions. With a distinguished background in banking, including roles at NAB, ANZ and Lloyds TSB Bank in the UK, Phil spent 12 years developing expertise in personal and commercial finance, while also completing a Bachelor of Business (Finance), followed by an MBA majoring in International Business.