The Queensland government has now doubled the first home owner grant to $30,000. The increased grant will be available for new home builds, granny flats and modular homes (valued under $750,000) until mid-2025.
We need more homes
Australia's housing crisis has made affordable accommodation scarce and prevented potential homeowners from entering the market due to high demand, limited supply, and skyrocketing property prices.
The reality is, Aussies must build more homes to combat the current housing crisis and skyrocketing rents.To address this issue, the Queensland government has increased the First Home Owners Grant to $30,000, providing a much-needed boost to eligible individuals in overcoming financial barriers to homeownership.
Deposits from $0-$5k
One major benefit of the First Home Owners Grant is that many banks and lenders will consider this towards your deposit. This, along with additional incentives like the Home Guarantee Scheme and Stamp Duty Concessions can substantially reduce the deposit savings you need to buy a home.
We also provide our $10,000 deposit boost in addition to the government incentives listed above. This means our clients can secure their own home with as little as $0-$10,000 upfront savings - lending and legal fees included.
Quick facts
- The First Home Owners Grant is for new homes (or substantial renovations) only. It plays a crucial role in addressing the crisis by offering financial assistance to first-time buyers and encouraging the construction of new homes.
- The increased grant of $30,000 is available from 20th November 2023 to 30th June 2025. It is estimated this doubling of the grant will support around 12,000 buyers to unlock their first home during this time.
- You will be able to apply for the increased grant from the first week of January 2024.
- You can apply for the First Home Owners Grant through an approved lender, mortgage broker or directly with the Office of State Revenue. Our lending specialists have access to a wide range of lenders and can assist you with your application.
Who's eligible?
- At least 18 years of age
- Aus. citizen or permanent resident (or applying with someone who is)
- First Home Buyers (All buyers have not previously owned property in Australia)
- The home will be your principal place or residence for 6 months within the first year
- Buying or building a brand new home or substantially renovated home
- Includes house, unit, duplex or townhouse; or granny flat built on a relative’s land
Visit https://qro.qld.gov.au/ for more information regarding the eligibility criteria.
New home qualifier
With Build Assist, we help you to use the first home grant and home guarantee scheme to your advantage. Better yet, we provide our $10,000 deposit boost plus+ $5,000 in rental assistance on select home packages.
Find out if you qualify for a new home purchase today!
