The Queensland government is doubling grants for people buying or building their first home.
Key point
- The First Home Buyer Grant in Queensland has been increased to $30,000.
- This grant is applicable for the acquisition or building of new properties with a value under $750,000.
- This initiative comes in response to a significant decline in lending for new homes, reaching 20-year lows, and a 10-year low in new home approvals.
Eligible Queenslanders are expected to be able to apply for the enhanced grant from the first week of the upcoming year. Over 24,000 first-time homebuyers took advantage of the previous $15,000 grant, and the Palaszczuk Government anticipates that this increase will enable an additional 12,000 Queenslanders to own property.
The $30,000 grant is three times the amount offered by the governments of New South Wales and Victoria. Premier Annastacia Palaszczuk describes this move as a crucial component of the “largest cost of living relief package anywhere in the nation.”
“I want to see home ownership rates continue to rise, which is why our government is stepping up to lend a helping hand,” she said.
Premier Palaszczuk emphasizes the government’s commitment to supporting rising home ownership rates. The financial implications of this change amount to $210 million. Premier Palaszczuk underscores the necessity of this increase in addressing the escalating cost of living, expressing the hope that it will make the dream of owning a first home more attainable for Queenslanders. She emphasizes that this is made possible by ensuring coal companies contribute their fair share.
The revised scheme positions Queensland on par with Tasmania and is more generous compared to other states and territories.
The grant is applicable for the purchase or construction of new properties, provided their value is under $750,000, and will remain available until June 30, 2025.
Over the past three years, approximately 24,000 households throughout the state have benefited from $365 million in homebuyer grants. Queensland Treasurer Cameron Dick encourages individuals to take advantage of the increased capacity within the housing construction sector, emphasizing that now is an opportune time for people to either build or buy.
Test your eligibility for the first home owner grant，Click here: https://qro.qld.gov.au/property-concessions-grants/first-home-grant/tester/
