First Home Owners Grant QLD 2024

If you’re in the market for a first home in Queensland, the First Home Owners Grant Qld can provide a useful cash boost. Strict conditions apply to be eligible for the Grant, so it’s worth taking a look to know what’s up for grabs, and how you can tap into the First Home Buyers Grant Qld.

Qld first home buyer grants and other support: What’s available?

A number of state and territory governments provide various types of support to first home buyers. Exactly what’s available varies according to where you buy. For Queensland first home buyers, it’s good to know the First Home Owners Grant Qld can be a source of additional funds designed to help you get into the property market sooner.

How much is the First Home Owners Grant Qld?

The First Home Owners Grant in Qld is currently valued at $30,000 when you buy or build a brand new home. This new, higher amount came into effect on November 20, 2023, as part of a raft of cost of living measures delivered by the government.

The home must be valued below $750,000 to be eligible, but you can choose from a new house, unit or townhouse, including one you buy off the plan or build yourself.

The First Home Owners Grant Qld can also be available if you buy an established home as long as it’s been substantially renovated. However, the Queensland Government says the property needs to have had considerable work done before you purchased it, with just about every room having been renovated.

No matter whether you are buying on your own or as part of a couple, you will only receive one $15,000 payment (if eligible). That’s because the First Home Owners Grant in Qld is paid per new home, not per applicant.

First Home Owners Grant Qld eligibility

As a first home buyer, the $30,000 First Home Owners Grant Qld can be a useful boost to help you into the property market. But you need to meet a number of conditions to be eligible. We’ve already noted that your home must be new or substantially renovated, and valued below $750,000.

You must also:

• be aged 18 years or over, and
• be an Australian citizen or permanent resident.

In addition, you or your spouse must not:

• currently own property in Australia that you live in, or
• have previously owned property in Australia that you lived in, or
• have owned a home before 1 July 2000, whether you lived in it or not.

You may be eligible for the First Home Owners Grant Qld if you have previously owned an investment property as long as you didn’t live in the place yourself.

Further conditions apply once you take ownership of your new home. As a guide, you must move into your new home within a year of the sale or construction being completed, and live there for at least six months.

How to apply for First Home Owners Grant in QLD

There are two ways to apply for the First Home Owners Grant in Qld as a first home buyer. One option is to fill out the paperwork available on the Queensland Revenue Office website.

Alternatively, you can submit an application through your lender or ask your mortgage broker to help with your application.

If you’re applying yourself, it’s important to be aware there are time limits to lodge an application. You must apply within one year of taking possession of your new home. Or, if you are building from scratch, your application needs to be lodged within 12 months of construction being completed.

It can be tempting to apply for the First Home Owner Grant before you find a place in Qld where you’d like to buy or build. After all, this would let you use the money to grow your deposit. The catch is that it doesn’t work this way in practice.

You need to submit a signed and dated contract to buy or build your new first home as part of your application for the Grant. The upshot is that you can include the First Home Owner Grant in your buying budget, but the cash isn’t released until you’ve signed on the dotted line to buy a place.

Are first home buyers in Qld exempt for stamp duty?

More good news for first home buyers in Qld – you may be eligible for savings on stamp duty, even if you’re buying an existing home rather than a new one.

As a first home buyer you can be eligible to pay zero stamp duty on vacant land valued up to $400,000. That’s a saving of up to $7,175 according to the Queensland Government.

Or if you’re buying a home that’s already been built, you may be eligible for a full waiver of stamp duty if your first home is valued below $550,000 – this can save you up to $15,925. If the home you buy is valued above $550,000 you may still be eligible to pay a concessional rate of stamp duty.

It’s worth highlighting that the upper price limit for a full stamp duty waiver is below the price limit of $750,000 for the First Home Owners Grant Qld.

Main image source: doolmsch/Shutterstock.com.