FIRST HOME BUYERS GRANT QUEENSLAND
Buying your first home is an exciting experience but may be a little daunting if you don’t know where to start. Understanding the home buying process and jargon can be tough especially when you’re buying for the first time.
If you’re ready to start the process of buying your first home, there are a few things to consider, including whether you can take advantage of the Queensland First Home Owner Grant.
WHAT IS THE FIRST HOME OWNERS GRANT?
FHOG is a government initiative gives eligible first-time home buyers $30,000 towards buying or building a new home in Queensland, helping them to get into the market sooner.
The increase of the grant to $30,000 through 30 June 2025 is a significant advancement in alleviating the financial burdens faced by many prospective home buyers.
The Queensland Government stated there’s no denying just how important this increase really is and underlining its purpose as a vital cost-of-living measure.
WHO IS ELIGIBLE FOR THE FIRST HOME BUYERS GRANT?
The eligibility criteria for first home buyers differs slightly between states and territories, but in Queensland, the following criteria apply:
- You must be a first home buyer as a person, not as a company or trust
- At least one applicant must be a permanent resident or Australian citizen
- Each applicant must be at least 18 years old
- You or your spouse, partner or co-purchaser must not have previously owned an interest in land in Australia which had a residence on it, before 1 July 2000.
- You or your spouse or partner cannot have lived in residential property which you owned from 1 July 2000
- You or your spouse, partner or co-purchaser may not have claimed the grant previously
- You must occupy your first home as your principal place of residence within 12 months of the construction or purchase of your home and the minimum period of occupancy is six continuous months
- You must be buying or building a brand-new home, valued under $750,000
HOW TO APPLY FOR THE FIRST HOME BUYERS GRANT
First-time homebuyers can apply for the grant by following a simple step-by-step application process available through the Queensland Revenue Office (QRO). First you will need to check the eligibility criteria. It’s also recommended you go through their eligibility tester to save you some time in case you aren’t eligible for the grant.
If you are eligible, you can apply in one of two ways: through an approved agent like a bank or other lending institution, or directly to the QRO. The former is a much faster way to get your application processed, as approved agents can confirm your eligibility and manage your application while you focus on saving money for your deposit.
If you’re applying online, you will need to follow the outlined steps and provide all supporting documentation.
Note that the grant isn’t paid out until the home is completed.
HOW TO FIND A PROPERTY
Finding the perfect property depends on your homeownership goals and lifestyle.
When purchasing your first home, consider factors such as proximity to schools, childcare, employment opportunities, shopping centres, healthcare, and public transport. Keep in mind that your first home may not be your forever home, so think about how this initial investment will appreciate over time.
If you're considering building instead of buying an existing property, we offer a variety of house and land packages in some of Southeast Queensland's most sought-after suburbs.
Talk to us today and find out how DRHomes can help you.
Have more questions? Get in touch.
Please note, this advice is general in nature and is not intended as legal advice.
