$30,000 Reasons to Buy Now: Queensland Extends First Home Owner Grant

$30,000 First Home Owner Grant - Available for eligible first-time buyers who purchase or build a new home

In a significant move to bolster homeownership among Queenslanders, the state government has announced the extension of the First Home Owner Grant (FHOG) until June 30, 2026. This decision aims to provide continued support to first-time homebuyers and stimulate the housing market during these times of ongoing affordability challenges.

Understanding the First Home Owner Grant in Queensland

The FHOG is a financial assistance program designed to help eligible first-time homebuyers purchase or build a new home in Queensland. Under the current scheme, eligible applicants can receive a grant of $30,000, which is double the previous amount of $15,000. This increased grant applies to contracts signed between 20 November 2023, and 30 June 2026

Eligibility Criteria:

• Property Type: The grant is available for NEW homes, including newly constructed houses and units.

• Property Value: The total value of the home, INCLUDING land, must be less than $750,000

• Residency Requirement: Applicants must occupy the home as their principal place of residence for a continuous period of at least six months, commencing within 12 months of the completion of the transaction.

• Previous Ownership: Applicants must not have previously owned property in Australia that was used as a place of residence.

  
  

Additional Measures: Abolition of Stamp Duty for First Home Buyers

In addition to the FHOG extension, the Queensland government has abolished stamp duty for eligible first home buyers purchasing or building a new home. This initiative, effective from May 1, 2025, aims to reduce the upfront costs associated with home purchases, potentially saving buyers up to $17,000

Key Points:

• Eligibility: First home buyers purchasing or building a new home, regardless of the property's value, are eligible for the stamp duty exemption.

• Combined Benefits: When combined with the FHOG, first-time buyers can significantly reduce the financial barriers to entering the property market.

  
  

Application Process

How to Apply:

1. Determine Eligibility: Confirm your eligibility as per the criteria outlined on the Queensland Government's official website. Visit the website here

2. Prepare Documentation: Gather necessary documents, including proof of identity, contract of sale or building contract, and evidence of residency intentions.

3. Submit Application: Applications can be lodged online through the Queensland Revenue Office or via approved agents (usually the bank you're dealing with)

4. Await Approval: Once submitted, applications are typically processed within 10 business days, provided all documentation is in order.

If you are intending to proceed with lending as part of the FHOG process, its often a good idea to let the bank you're dealing with handle the submission of the grant. We do this with all our first time buyers and even help with completing the form. Reach out and speack to us if you need help understanding your eligibility for the grant or any aspect of home lending for first home buyers, where always happy to help.