QUEENSLAND: GUIDE TO FIRST HOME OWNER ASSISTANCE

LEARN ABOUT THE ASSISTANCE

The Queensland First Home Owners’ Grant (QLD FHOG) is a Queensland State Government initiative to help first home owners to get their ‘new’ first home sooner. It is an amount of money paid by the Queensland Government to eligible first home owners.

Learn more about the QLD FHOG as well as other Queensland Government assistance for first home buyers below.

  • The QLD FHOG is $15,000 for eligible first home buyers who signed a contract prior to 1 July 2016
  • The QLD FHOG is $20,000 for eligible first home buyers who sign a contract between 1 July 2016 and 30 June 2017
  • The QLD Government has indicated the FHOG amount will return to $15,000 from 1 July 2017

Important Tip: Grants and Concessions tend to change at short notice, therefore please double check with your State government what is available in your area before buying your first home!

First home buyers are generally eligible for the QLD FHOG if they meet the following eligibility criteria:

  • You are at least 18 years of age;
  • You are an Australian citizen or permanent resident (or you are applying with someone who is an Australian citizen or permanent resident);
  • You are building or buying a ‘new‘ home;
  • The value of the home is under $750,000;
  • You or your other joint applicant(s) have not previously owned property in Australia; and
  • You move into the home as your principal place of residence within 1 year of completing the transaction and remain in the home for a continuous period of 6 months

A ‘new’ home is a house, apartment, unit or townhouse that:

  • Has not been previously occupied as a place of residence;
  • Has not been previously sold as a place of residence; or,
  • Is a ‘substantially renovated’ home

To find out the requirements to be classified as a ‘substantially renovated’ home please visit the Queensland Government first home owners website.

To search for a home that meets the ‘new’ criteria visit FHBA New Homes.

Generally speaking, when you buy and sell property, you need to pay a State tax known as transfer duty (or stamp duty).

However, as a first home buyer, you will likely be able to claim a first home transfer duty concession if you:

No transfer duty is payable where the home value is less then $505,000 (ie you will receive a full concession). A partial concession applies where the home value is between $505,000 and $550,000. To view the first home concession rates please click here.

If you are purchasing vacant land as your first purchase, you may be able claim a First Home Vacant Land concession if the vacant land is valued at less than $400,000. For details on this concession please visit the Queensland Government website or talk to a Mortgage Broker.

Applying for the FHOG and / or various duty concessions can be a little tricky. While you can check eligibility and apply online by yourself, we recommend you apply through the assistance of one of our FHBA Mortgage Brokers.

Our FHBA Mortgage Brokers are not only experts at finance matters such as home loans and the FHOG, but they are also specialists in helping first home buyers everyday. Our service is free of charge (should you proceed with a home loan option through us). We can check your eligibility, apply on your behalf and be with you every step, providing you with peace of mind that you haven’t missed anything.

You can find a FHOG eligible home at FHBA New Homes. Did you know that FHBA New Homes gives you access to the most FHOG eligible homes under the one roof?

FHBA New Homes works a bit like a Mortgage Broker (but rather then help you find a home loan, our New Home experts help you find a ‘new’ home). Your New Homes Expert can explore different homes from different developers to help you find a suitable property for your Great Australian Dream.

Like our Mortgage Broking service, FHBA New Homes is a free of charge service, as we are paid a referral fee from the property developer you choose to proceed with (if you do decide to proceed). This means we won’t be paid until you have decided on a home you like.

If you haven’t been introduced to FHBA New Homes Expert yet send us an email (enquiries@fhba.com.au) or complete the enquiry form and we will be sure to have your local New Homes Expert call you ASAP.

If you are thinking of purchasing an established (existing) home then:

  • Unfortunately you will not be eligible for the QLD FHOG, as one of the requirements is that it must be a ‘new‘ home
  • You may still be eligible for transfer duty concessions (see ‘are there any other entitlements I might be eligible for’ above)

If you would like assistance with purchasing an established home we recommend you book in a free consultation with an FHBA Service CommunityBuyers Agent.

CHECK ELIGIBILITY FOR GOVERNMENT INCENTIVES

FHBA’s new & innovative Eligibly Estimator allows you to self-estimate how your savings are tracking and whether you have enough saved to qualify for a home loan. Upon completion, we will instantly send you a complimentary Australian Property Monitors Postcode Report (Valued at $39.95)

Check how your tracking in 60 seconds!

Disclaimer: The FHBA Eligibility Estimator is intended as an approximate guide only. It uses a mixture of the data you input, median property prices from APM PriceFinder and estimated purchasing costs. You should not rely on the results of the Eligibility Estimator. Please contact an FHBA Coach who can arrange a more comprehensive estimate and advice based on your personal circumstances from a licensed professional.

We Need A Few Of Your Details

To see if your current savings are enough to buy in your selected suburb and to send you a complimentary FHBA Australian Property Monitors (APM) comprehensive postcode report for your selected suburb

Deposit Guide

  • 5%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 10%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

  • 20%

    Deposit Amount:

    Lenders Mortgage Insurance:
    (Indicative Only)
    Nil

    Stamp Duty:
    (Indicative Only)

    Mortgage Reg. Fee:

    Transfer Fee:

    Other Costs: $ 3,000

    Total Deposit + Costs Required:

    Surplus / (Deficit):

    Your Current Savings:

    First Home Owner Grant:

5%

10%

20%

Deposit Amount

Lenders Mortgage Insurance
(Indicative Only)

NIL

Stamp Duty
(Indicative Only)

Mortgage Reg. Fee

Transfer Fee

Other Costs

$ 3,000

$ 3,000

$ 3,000

Total Deposit + Costs Required

Surplus / (Deficit)

Your Current Savings

First Home Owner Grant

Fill in the form below to get your complimentary personalised deposit guide & your Suburb's Data report emailed to you within 48 hours!

TALK TO AN EXPERT

At FHBA we are passionate about helping aspiring first home buyers purchasing their first home.

Complete the form below for an obligation free call back from one of our experts.

We can help you with your first home search, home loan needs, Grant applications and/or any questions you may have.

Disclaimer: The information above is general in nature and should not be solely relied on. The source of this information was the QLD Initiatives website. This factual information was true at the time of writing (19 July 2016). FHBA recommends you speak with a licensed professional about your circumstances so you can find out if you are eligible for any Government assistance. FHBA does not recommend that you buy a new property simply so you can receive Government assistance. For more information on using our website please read our full Terms & Conditions policy.