Queensland Doubles First Home Buyers Grant

Dreams of securing a slice of the Queensland real estate pie could now be closer to reality, as the state government has recently announced an increase in support for first home buyers. The First Home Owners Grant (FHOG) has been bolstered to an impressive $30,000, effective between November 20, 2023, and June 30, 2025. This initiative will certainly bring home ownership much closer for many looking to get their foot onto the property ladder.

Decoding the First Home Owners Grant

The FHOG serves as a one-time financial incentive designed to help prospective homeowners make their initial foray into the property market. In a significant uplift, the grant amount has surged from the previous $15,000 to an ample $30,000, applicable for qualifying transactions during the aforementioned timeframe.

This would apply for new properties that are either purchased or being built, up to a maximum purchase price of A$750,000.

Qualifying for the Grant

To tap into this lucrative grant, there are several criteria to meet:

  • Be an individual over the age of 18—corporations and trusts need not apply.
  • Hold Australian citizenship or permanent residency, either yourself or with your partner.
  • Be a first-timer in receiving the FHOG and not have owned a residential property in Australia.
  • If investment properties are in your portfolio, fret not, provided they weren't your homestead, otherwise known as your primary residence.
  • Don’t forget, the home must become your principal place of residence for at least half a year after purchase.

Securing the Grant

Gearing up to apply for the FHOG is straightforward. You can reach out directly to your experienced mortgage broker, or alternatively, the Queensland Revenue Office remains a repository for necessary forms and detailed information.

Perks Beyond the Grant

The FHOG isn't the sole advantage awaiting Queensland’s first home buyers. The stamp duty concession is a notable addition, sparing those with homes valued at or below $500,000 from this hefty expense, equating to potential savings of up to $15,925.

Grant's Ripple Effect on Buyers

This enhancement of the FHOG transcends mere monetary gain. It represents a pivotal stride towards democratising property ownership for Queensland's aspirant homeowners. By easing the often prohibitive costs, the grant bridges the gap between renting and owning, benefiting not only the individuals but invigorating the construction sector as well.

Conclusion

Whether you’re looking to purchase your first home in Queensland, or simply looking to understand how this new initiative could impact property values in Queensland, it’s important to review this new initiative closely.

 

To Your Financial Success!

Jarrad Brown is an Australian-trained and qualified Fee-Based Financial Planner Global Financial Consultants Pte Ltd providing specialist financial advice and portfolio management services to Australian professionals in Singapore. Jarrad Brown is an Authorised Representative of Global Financial Consultants Pte Ltd - No: 200305462G | MAS License No: FA100035-3

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General Information Only: The information on this site is of a general nature only. It does not take into account your individual financial situation, objectives or needs. You should consider your own financial position and requirements before making a decision.

*Please note that Jarrad Brown is not a tax agent or accountant and none of the content outlined here should be taken as personal advice. You should consult your tax agent and financial adviser to review your current personal finances and financial goals to consider whether this strategy is appropriate for you.

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