The QLD Government Boosts First Homeowners Grant for Aspiring Homebuyers

In a significant move to support aspiring homeowners, the Queensland Government has recently announced that the First Homeowners Grant has doubled from $15,000 to $30,000 in an incentive to get young Queenslanders into the property market sooner.

The new grant only applies to buying or building a new home valued under $750,000. It came into effect in November 2023 and will end in mid-2025. After announcing the boost, Premier Annastacia Palaszczuk described it as a “pre-Christmas bonus”.

So, what does this mean for future homeowners? Luckily, we’ve got everything you need to know!

What is the First Homeowners Grant?

The First Homeowners Grant in Queensland offers valuable assistance to first-time homebuyers, giving them an added boost to enter the property market sooner.

For those who meet the eligibility criteria, this grant provides financial support of $15,000 or $30,000, assisting with purchasing or constructing their new home. Whether opting to buy an existing home or embark on a self-build journey, eligible individuals can benefit from this valuable initiative.

How do I know if I’m eligible?

Several criteria must be met to qualify for the increased First Homeowners Grant in Queensland. Firstly, you should be in the process of purchasing or constructing a new home, and its value should be at most $750,000. Additionally, you must be at least 18 years old, and this property must mark your initial residential ownership in Australia.

The eligible home types include houses, units, duplexes, townhouses, and even structures like granny flats.

Moreover, the grant extends its coverage to various scenarios, including acquiring a new home, engaging in an off-the-plan purchase, undergoing a substantial renovation, entering a contract to build, or participating in an owner-builder transaction. The flexibility of the grant allows for diverse pathways to home ownership.

While this doesn’t address the issue of inflation directly, the government anticipates that this incentive will assist approximately 12,000 buyers in stepping onto the property ladder by June 30, 2025.

If you would like to learn more about your eligibility for the First Homeowners Grant, please contact one of our property finance specialists today.