In November 2023, the Palaszcuk Government along with the Minister for Housing, Meaghan Scanlon, announced that they are fighting the cost-of-living crisis by backing first home buyers.
As part of their new policy, eligible first home buyers can now receive a First Home Owners Grant (FHOG) payment of $30,000, for any contracts entered from the 20th of November, 2023. This effectively means that the FHOG has been doubled from $15,000 prior to this date.
This policy is expected to last until Mid 2025. This increase means first home buyers will have access to the highest FHOG in Australia and triple the amount that is available to most other first home buyers buying in other states & territories.
What are the eligibility criteria?
- You must be buying or building a brand-new home valued less than $750,000.
- You must be 18 years or older and it must be the purchase of your very first home.
- The home must not have been lived in before or sold as a place of residence when completed.
- You must reside in the property for a minimum period of 6 months.
- Substantially renovated homes may qualify on a case by case basis.
What if I want to buy an established home?
Generally speaking, when you buy property, you need to pay a state tax known as transfer duty (or stamp duty). However, as a first home buyer you will be able to claim a exemption for stamp duty for homes valued under $550,000. This applies to brand new houses and established homes.
If you are thinking of building, if you purchase a vacant land for $400,000 or less you will also qualify for the stamp duty exemption.
For more information on the FHOG, click here.
Can I use the FHOG as a deposit?
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.
The best part is that you can use the $30,000 FHOG as part of your deposit. Find out how here.
You can also apply for the FHBG scheme, which allows you to buy your first home with a 5% deposit. If you didn’t know this, you may be in a position to purchase your first home sooner.
Our FHBA Coaches are experts in assisting aspiring first home buyers use the FHOG as part of their deposit. Get pre-qualified at no obligation or cost right here.
Where are the FHOG Eligible Homes?
At FHBA, we can assist you find a home that is eligible for the $30,000 FHOG in Queensland as we have many options that fall under the $750,000 price cap for the Grant.
Are you looking for a townhouse?
Simply click here to see if any of our options suit you.
You may also qualify for a additional rebate called the FHBA 50 Rebate if you like one the properties you see.
Written By,
First Home Buyers Australia
