Queensland’s First Homeowners Grant Soars to $30,000

Unlocking The Homeowner’s Dream

In a significant move to support aspiring homeowners, the Queensland government recently announced a substantial increase in the First Homeowners Grant (FHOG) (Queensland Government, 2023). This boost, effective from November 20, 2023, is set to empower first-time buyers by doubling the grant to an impressive $30,000. In this blog, we will delve into the details of this exciting development and its potential impact on the Queensland property market.

The Premier’s Commitment to Homeownership

Premier Annastacia Palaszczuk’s Vision

Premier Palaszczuk, recognising the challenges first-home buyers face, has expressed her commitment to alleviating the financial pressures associated with homeownership in The Queensland Cabinet and Ministerial Directory media statement on the “Cost of living boost for first-home buyers”. The government’s latest move is part of a broader strategy to deliver the most extensive cost-of-living relief package in the nation.

The Premier acknowledges the impact of the rising cost of living on Queenslanders, especially first-home buyers. By doubling the FHOG, the government aims to make the dream of homeownership more achievable for a broader segment of the population (Queensland Government, 2023).

Unpacking the First Homeowners Grant Increase

Major Leap: From $15,000 to $30,000

The FHOG in Queensland is set to undergo a remarkable transformation, soaring from $15,000 to an impressive $30,000 for eligible first-home buyers. This financial boost is expected to provide a substantial helping hand to those entering the property market for the first time.

Equal Highest Grant in Australia

Queensland’s FHOG increase positions it as a nationwide leader in supporting first-home buyers. With this enhancement, Queensland now offers the equal highest First Homeowner Grant in Australia, surpassing grants available in New South Wales and Victoria.

Estimated Impact

The government estimates that this doubling of the grant will support approximately 12,000 buyers in unlocking their first home by June 30, 2025, when the boost expires (Queensland Government, 2023). The substantial financial injection aims to catalyse home purchases and contribute to the growth of the housing market.

Opening Doors to Homeownership

Queensland’s bold decision to double the First Homeowners Grant to $30,000 marks a significant stride in supporting aspiring homeowners. Premier Annastacia Palaszczuk’s commitment to easing the financial burden on Queenslanders, especially first-home buyers, reflects a proactive approach to addressing the challenges of the property market. The doubled FHOG is not just an increase in dollars; it’s an investment in dreams, stability, and the future of Queenslanders (Queensland Government, 2023).

This move aligns with broader government initiatives aimed at making housing more accessible, and it paints a promising picture for those embarking on the exciting journey of purchasing their first home in the Sunshine State (Queensland Government, 2023).

First Homeowner Grant Eligibility

You must be buying or building a new home valued at less than $750,000 (including land and any contract variations). You must be 18 years or older and this must be the first residential property owned in Australia.

The home:

must not have been lived in or sold as a place of residence at the time of completion, could be a;

  • House, Unit, Duplex or Townhouse; or a Granny flat built on a relative’s land
  • Home that has been moved from one site to another (including Kit homes or Modular Homes)
  • Home in a manufactured home park
  • Substantially Renovated Home

must be one of the following eligible transactions.

 

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