QUEENSLAND GOVERNMENT DOUBLES FIRST HOME OWNER GRANT

The Queensland Government has recently unveiled a significant boost for first-time homebuyers by doubling the First Home Owner Grant. Starting from Monday, 20 November 2023, the grant has surged from $15,000 to $30,000 for eligible individuals stepping into the property market.

This strategic move is a notable victory for first home buyers and is anticipated to play a pivotal role in supporting the industry’s efforts to meet Queensland’s portion of the national five-year target of 1.2 million homes. With the current shortfall in reaching this target, the increased grant is expected to provide the necessary stimulus to propel the construction of more homes.

The additional $15,000 injection is designed to offset rising construction costs incurred due to the government’s recent modifications to the National Construction Code (NCC).

Eligibility

• Buying or building a new home valued less than $750,000 (including land and any contract provisions)
• Buyers must be 18 years or older and this must be the first residential property owned in Australia
• The home must not have been lived in or sold as a place of residence at the time of completion
• Includes house, unit, duplex or townhouse; or a granny flat on a relative’s land; kit or modular homes, substantially renovated home.
• Must be one of the following eligible transactions:
  • New home
  • Off-the-plan purchase
  • Substantial renovation
  • Contract to build
  • Owner-builder

For further details on eligibility requirements, interested parties can refer to the Queensland Government’s website. This initiative not only empowers first home buyers but also fuels momentum in the construction sector, fostering economic growth and addressing the housing needs of Queensland.

Information sourced from Master Builders QLD.