Queensland's First Home Owner Grant doubles to get more first home buyers into the property market
The Palaszczuk Government is backing first home buyers, increasing the cap in the First Home Owner Grant scheme.
Eligible first home buyers will now be able to access $30,000 of government funding when securing their first home, double the $15,000 previously offered as part of the scheme.
The $15,000 boost will come into effect for transactions entered into on or after Monday, 20 November.
The increase means Queenslanders will have access to the equal highest First Home Owner Grant in Australia, triple the grants available in New South Wales and Victoria.
It is estimated this doubling of the grant will support around 12,000 buyers to unlock their first home by 30 June 2025, when the boost is set to expire.
The Government will use funds available through the progressive Coal Royalties regime to give back to first homeowners.
Over the last three years, the Palaszczuk Government has supported more than 24,000 households into their first home through $365 million in grants.
Between 2016 and 2021, rates of home ownership in Queensland increased from 62.2 per cent to 63.5 per cent.
Premier Annastacia Palaszczuk says she wants to see home owner ship rates continue to rise.
“I know how much cost of living is impacting Queenslanders, especially first home buyers," Palaszczuk says.
“Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation. I want to see home ownership rates continue to rise, which is why our government is stepping up to lend a helping hand.
“The existing first home owner grant has been very successful, which is why our government is doubling the grant program - meaning eligible first home buyers will receive $30,000 cashback. I hope this puts the dream of owning a first home within reach of more Queenslanders."
Treasurer of Queensland Cameron Dick says with evidence that there is some capacity emerging in housing construction, now is the time to get more Queenslanders into their own home.
“Queensland’s strong budget position gives us the flexibility to adapt to changing conditions like this, by reinvesting the proceeds from progressive coal royalties," Dick says.
“Getting more Queenslanders into their own home is something the LNP could not do, because they would hand these progressive royalties back to coal companies, royalties that are helping to pay for this increase to the First Home Owners Grant.”
The Palaszczuk Government is investing $5 billion into social and affordable housing, which include $1.25 billion over five years for social housing supply and homelessness support.
Their $70 million Build-to-Rent Pilot Project has approved three developments which will deliver 1200 apartments to the rental market, including up to 490 at discounted rent.