First Home Owner Grant is “Boosted” in Queensland Today

Great news for First Home buyers with today’s announcement from the Queensland Government. The First Home Owner Grant is being doubled and is now $30,000 for eligible first-time home buyers.

The boost to the grant takes effect from Monday, 20 November 2023 until 30 June 2025.

Are you eligible for the First Home Owner Grant in Queensland?

The eligibility for this grant is specific. It applies to individuals:

• purchasing or building a new home valued at less than $750,000 (including land and any contract variations);
• aged 18 years or older; and
• have not previously owned a residential property in Australia

The eligible transactions for this grant includes new home purchases, off-the-plan purchases, substantial renovations, contracts to build, and owner-builder arrangements. It does not include homes have been lived in or sold as a place of residence at the time of completion.

Each state offers different grants and Queensland’s First Home Owner Grant is now among the highest in Australia. First home buyers in Queensland are being offered triple the amount in Queensland compared to what is available in states like New South Wales and Victoria. It will be interesting to see if other states follow suit.

The types of properties covered by the grant include:

• houses, units, duplexes, townhouses;
• granny flats built on a relative’s land;
• homes moved from one site to another (including kit homes or modular homes);
• homes in manufactured home parks; and/or
• substantially renovated homes.

This grant will be welcome news for first-time buyers who are currently navigating the property market.

With all grants there are often strings attached. The government has strict rules about who is eligible and often times the eligibility criteria extends beyond the settlement date.

It is important to know the conditions that apply after settlement. Common conditions are that you are required to live in the home for a certain period and/or timeframe and your, existing or future, partner/de facto/spouse can impact your eligibility for some grants.

The Government can claw back grants if your circumstances change. At Conveyancing Depot our conveyancing lawyers can help if you require advice on a grant you are applying for. It is important to get informed if you are going to be applying for any grants.

If you are buying property in Brisbane, Queensland or anywhere else in Australia we can help, just contact one our team at our law firm for conveyancing today.

Our conveyancers offer a friendly and professional service with quality advice.

Contact us on 1300 900 440 to discuss your property matters.