Queensland government extends First Home Owners’ Grant boost
Today (13/06/2017) the Queensland government announced the Queensland First Home Owners’ Grant (QLD FHOG) will remain at $20,000 until 31 December 2017. Previously the QLD FHOG was due to decrease from $20,000 to $15,000.
Why did the government decide to keep the FHOG boost longer?
“The Palaszcuk government recognises how difficult it is for first-home buyers to get into the housing market” said Treasurer Curits Pitt. “This is one of the most effective ways of helping families to get a start with a new home” Mr Pitt added.
The effectiveness of grants in helping first-timers has been questioned in the past, however, those people who do receive the FHOG really notice the difference as they can ultimately:
- enter the property market sooner; or,
- consider other housing options previously unaffordable
Who is eligible for the $20,000 QLD FHOG?
To receive the $20,000 QLD FHOG you must be an eligible first home buyer and enter a contract to purchase or build a brand new property under $750,000 before 31 December 2017. The definition of a new property and who is an eligible first home buyer has not changed.
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, duplexs 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 finance for your first home
- FHBA’s new home services come with no charge to you
- An FHBA Coach will stay with you every step of the way
To learn more and get started simply complete an enquiry form below for a free FHBA Discovery Session.
Case study: How can Scott & Sarah can get the $20,000 QLD FHOG
Disclaimer: This case study is for illustration purposes only. Your circumstances may differ to Scott & Sarah. You should seek professional advice before making a property or financial decision.
Meet Scott & Sarah (fictional characters). Scott & Sarah are an engaged couple who have never owned a property before. They are currently renting a 1 bedroom apartment in the suburbs of Brisbane. They have been saving hard for a deposit so they could buy a brand new home before 30 June 2017 and qualify for the $20,000 FHOG, but they haven’t quiet saved enough for a deposit just yet.
Today Scott & Sarah heard that the $20,000 QLD FHOG will be extended until 31 December 2017. Scott & Sarah are hopeful of saving their deposit goal before the end of the year so they can enter into a contract for a brand new home before 31 December.
Here are some examples of properties Scott & Sarah could consider which will be eligible for the $20,000 QLD FHOG:
Option 1: Off-the-plan
- ‘Off-the-plan’ residential properties (such as this apartment project in Woollongabba) are considered ‘new’ for the purpose of first home buyer eligibility.
- ‘Off-the-plan’ means the project is proposed to be constructed but no construction has taken place yet. If Scott & Sarah sign the contract to buy the property before 31 December 2017 they will be eligible for the $20,000 FHOG despite construction not due to be completed until mid way through 2018.
Option 2: Under construction
- ‘Under construction’ residential properties (such as this house and land option in Burpengary) are considered ‘new’ for the purpose of eligibility for the QLD FHOG.
- ‘Under construction’ means the project / property construction has already commenced but has not been completed. It’s ok if construction isn’t due to finish until next year, so long as Scott & Sarah sign the contract to buy the property before 31 December 2017.
Option 3: New property – construction completed
- ‘Construction completed’ residential properties (such as this townhouse in Loganlea) are considered ‘new’ for the purpose of eligibility for the QLD FHOG if no one has lived in the property previously.
- ‘Construction completed’ means the construction of the new property has been already completed. So long as Scott & Sarah sign a contract to purchase the property before 31 December 2017 (& meet the other QLD FHOG criteria) they will receive $20,000 from the Queensland government.
As Scott and Sarah are planning to have a couple of children they have decided to go for a house & land package (option 2) so there is enough room for their growing family. This 4 bedroom house & land package already under construction is selling for $460,000. Scott & Sarah are aiming to save a 5% deposit themselves and so far have saved $18,000. This means they have approximately $5,000 to go.
If they can save the deposit and sign the contract before 31 December 2017 they will be eligible for the $20,000 QLD FHOG. In addition, if Scott & Sarah use FHBA’s services they will also be eligible for the FHBA 50 Rebate which is approximately $20,000 on this option. In total, between the QLD FHOG and FHBA 50 Rebate Scott & Sarah will receive approximately $40,000 in financial assistance.
But I’m not from Queensland!
The FHBA 50 Rebate is available Australia wide! Learn more about the FHBA 50 Rebate here
To see the latest government grants and incentives for first home buyers in your state visit our FHBA Grant Info Hub
I’ve still got questions (or I want to get started!)
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