Queensland FHOG Boost extended again to 30 June 2018
The Queensland (QLD) First Home Owners’ Grant (FHOG) is a state government initiative to help first home buyers to get their new first home sooner. The re-elected Annastacia Palaszczuk (Labor) Government has delivered on their pre-election promise and an early Christmas present for QLD’s first home buyers by announcing the extension of the First Home Owners’ Grant of $20,000 for a further 6 months until 30 June 2018.
This announcement has ended weeks of speculation in which aspiring first home buyers were unsure about whether the FHOG would be kept at $20,000 for a further period. As promised in November, Palaszczuk believes the FHOG will ensure more young people can enter the property market to strengthen their family’s future. Palaszczuk also anticipates the extension to cost the Queensland Government approximately $30 million.
Has the $20,000 FHOG delivered so far?
Since the grant was increased from $15,000 to $20,000 in July 2016, more than 10,000 applications worth $200 million have been approved – which is a significant increase prior to July 2016. In a further boost for the government, 80% of the applicants have been from first home buyers in regional communities such as Toowoomba. Therefore, the grant has delivered for both the government and aspiring first home buyers as it has resulted in a boost in construction activity and helped a significant number of first home buyers buy their slice of the Great Australian Dream.
What is the eligibility criteria?
To be eligible for the FHOG of $20,000:
- You must be at least 18 years of age.
- You must be an Australian citizen or permanent resident (or applying with someone who is).
- You or your spouse must not have previously owned property in Australia that you lived in.
- You must be buying or building a brand new home.
- The value of the home including the land is less than $750,000.
- You must move into the new home as your principal place of residence within 1 year of the completed transaction and live there continuously for 6 months.
Can I use the FHOG as a deposit?
Generally speaking YES you can use the FHOG as a deposit. If you are looking to use the FHOG as the entire amount of your deposit, the following requirements need to be met:
- You need to be renting at the moment and you need to show a satisfactory rental payment history over the last 6 months, to show you can afford loan repayments once you get your first home
- The property you are purchasing must be a ‘brand new’ apartment/townhouse/house that has never been lived in (as the Grants only apply to new houses)
- Good credit history
- Sufficient income to support the home loan repayments (complete the enquiry form below to find out!)
- The Grant must not exceed 5% of the total property purchase price
How can I get the $20,000 QLD FHOG?
If you are interested in entering the Queensland property market we encourage you to get in touch with an FHBA Coach. Reasons why you should engage an FHBA Coach to assist you include:
- We have access to hundreds of fantastic FHOG eligible properties in Queensland, ranging from new apartments to townhouses, terraces, duplexes and house & land packages
- Not only will your FHBA Coach assist you in obtaining the QLD $20,000 FHOG but they will also assist you in obtaining the FHBA 50 Rebate on your purchase. This could be thousands of extra dollars in your pockets for buying your first home through FHBA. Please note the FHBA 50 Rebate is only available through FHBA!
- Your FHBA Coach can also assist you in obtaining your first home loan
- FHBA’s new home & home loan services come at no charge to you
- An FHBA Coach will stay with you every step of the way
Got any further questions?
Simply complete an enquiry form for a free Discovery Session with an FHBA Coach who can assist you with things like your QLD FHOG eligibility; FHBA 50 Rebate eligibility and borrowing capacity.
First Home Buyers Australia