A total of $57.7 million in first home buyer grants has been handed out to Queenslanders between July 1 and November 30 this year.
Of the 3,391 Queenslanders that received these grants over this time, around 40% (1,371) benefited from the new Queensland First Home Owners Grant (QFHOG), collectively receiving $27.4 million.
— Leonie Mellor (@leoniemellor) December 12, 2016
The QFHOG, which commenced on 1 July 2016, is a temporary $5,000 boost to the old $15,000 ‘Great Start Grant’, providing $20,000 in total towards building or purchasing new properties under $750,000.
Time is running out for the extra $5,000
The QFHOG’s extra $5,000 is only available until the end of July 2017, with the grant scheduled to be reduced back to $15,000.
Queensland Treasurer Curtis Pitt said the QFHOG has not only helped families get a start with their new home – it has also created and secured jobs in the construction sector.
“We are almost halfway through the time limited period to apply for the $20,000 boosted grant, so I want to urge potential new home buyers to take a close look at the opportunities this grant could provide,” he said.
— Curtis Pitt MP (@Curtis_Pitt_MP) September 7, 2016
“This grant is going to be even more effective in regional Queensland, where $20,000 may be more than half of the 10% deposit on the median house price in many regional cities.
“It’s an initiative that will create more jobs and help more people into home ownership.”
First Home Buyers want greater government support
More than half of first home buyers think there should be more government help, according to a Mortgage Choice survey of over 1,000 first home buyers earlier in the year.
When asked whether the current first home owner grant in their state was sufficient, 57.3% of respondents said no.
This figure was highest in NSW, where over two thirds (67.2%) of respondents said no.
One in four first home buyers in Victoria didn’t even know what their grant was.
|Is the current first home owner grant offered in your state sufficient?||National||NSW||VIC||QLD||SA||WA|
|I don’t know what the grant is||15.9%||12.2%||25.2%||13.6%||9.2%||11.9%|
Source: Mortgage Choice, August 2016.
With regards to other government incentives, these were the programs respondents said would have helped them most:
- Removal of Stamp Duty: 47.4%
- A first home owner grant for established properties: 35.6%
- Allowing you to use your super to buy your first home: 14.5% (Read more about this here.)