First Home Owners Grant QLD: Maximise It for Home Purchase
Ever heard of the First Home Owners Grant QLD residents have access to? If you haven’t, this article should help you learn more about it. This grant is something you need to take note of, especially if you’re worried about having enough money to start the home buying process.
Purchasing your first home can feel like an overwhelming process. This is due to the many financial hurdles involved. Fortunately, the Queensland Government offers the First Home Owners Grant (FHOG), which can provide a significant financial boost.
For eligible buyers, the FHOG offers a lump sum of $30,000 to help with the purchase of a new or substantially renovated home. If you want to make the most of this grant, here’s a primer on how it works, who qualifies and how it can be combined with other schemes and incentives.
What is the First Home Owners Grant?
The QLD First Home Owners Grant (FHOG) is a government initiative that can help first-time homebuyers enter the property market. In Queensland, the grant is currently valued at $30,000 (increased from $15,000 in November 2023) and is available until June 30, 2025. This grant applies to new homes or substantially renovated homes under $750,000.
Eligibility Criteria for First Home Owners Grant QLD
For first time home buyers, this grant is an excellent opportunity to offset some of the costs associated with buying a home. Before you start running these numbers in your head, you should be aware that specific eligibility criteria are in place to determine who qualifies. These include:
Personal Eligibility
- You must be over 18 years old.
- You must be an Australian citizen or permanent resident.
- Neither you nor your spouse can have previously owned a home in Australia that you lived in as your primary residence.
- You must move into the property and live there for at least six months within 12 months of purchasing or building.
Property Eligibility
- The home must be a new or substantially renovated property.
- The property must be valued under $750,000.
- Substantially renovated homes must involve significant structural changes, not just cosmetic updates.
Meeting these requirements helps ensure access to this $30,000 grant, which is a valuable resource in making home ownership more affordable.
Steps to Maximise the First Home Owners Grant in QLD
So, how do you fully capitalise on the First Home Owners Grant QLD (FHOG)? Here are some key steps to follow:
Combine the FHOG with Other Government Programs – One of the most effective ways to maximise the FHOG is to combine it with other first-home buyer schemes. For example, the First Home Guarantee allows eligible buyers to purchase a property with a deposit as low as 5%, without needing to pay for Lenders Mortgage Insurance (LMI). This scheme is particularly beneficial for those struggling to save a substantial deposit.
Use the Grant as Part of Your Deposit – While the First Home Buyers Grant QLD cannot always be used directly as a deposit, some lenders may accept it as part of your overall savings when calculating your borrowing capacity.
Seek Professional Assistance – Applying for the FHOG can be complex, with various documentation and timing requirements. Mortgage brokers near you, like those in our team here at NBHL, can help ensure that your application is completed correctly and submitted on time.
Apply on Time – Timing is critical when applying for the FHOG. If you’re buying an off-the-plan property, the grant is usually paid at settlement. For new builds, it’s paid at the first drawdown of funds. Make sure to lodge your application within 12 months of purchasing or completing your build. Delaying your application could result in missing out on the grant.
North Brisbane Home Loans Can Guide You on Your First Home Ownership Journey
The First Home Buyers Grant Brisbane residents can use to secure a home is an invaluable tool for first-time home buyers. If you find this and other grants confusing, NBHL can guide you. Contact us for a consultation and we’ll help your first home ownership dreams come true. Don’t miss the opportunity to take full advantage of the First Home Owners Grant QLD residents can use before it expires in June 2025.
Patrick Cranshaw, a Certified Mortgage Professional for over 21 years, founded North Brisbane Home Loans in 2002. His career began with ANZ Bank in New Zealand, where he progressed over 16 years to a Business Banking role in Virginia. After moving to Brisbane in 2000, Patrick led the QLD market for a home loan agency, helped set up the REMAX Real Estate Finance division, and practiced as a broker.
