The Queensland Government has made a significant move towards supporting new homeowners in the state. The government has taken the decision to double the First Home Owner Grant, providing a substantial boost to those buying their first home.

THE INCREASED GRANT

The increased grant will rise from $15,000 to a notable $30,000, giving first-time home buyers a substantial leg up. This new arrangement will come into effect from the 20th of November, making it a timely benefit for many potential homeowners.

This move will put Queensland on par with the highest First Home Owner Grant in Australia, and three times the grants offered in New South Wales and Victoria.

EXPECTED IMPACT

 The government expects this initiative to assist approximately 12,000 buyers by the 30th of June 2025, when the boost is due to come to an end. This means that numerous Queenslanders will be able to make their dream of owning a home a reality.

FUNDING THE GRANT

The increased grant is to be funded through the progressive Coal Royalties regime, allowing the government to give back to first-time homeowners. Over the past three years, this scheme has already helped more than 24,000 households into their first homes, through $365 million in grants.

GROWTH IN HOME OWNERSHIP

Between 2016 and 2021, rates of home ownership in Queensland have risen from 62.2% to 63.5%. This indicates a positive trend, which this new boost to the First Home Owner Grant is expected to continue.

“Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation.” – Premier

ADDITIONAL MEASURES

In addition to the increased First Home Owner Grant, the Queensland Government is also investing in various other initiatives. These include:

• Investing $5 billion into social and affordable housing

• Approving three developments under the $70 million Build-to-Rent Pilot Project

• Allocating $171.2 million to the Catalyst Infrastructure Fund

• Providing $455.3 million to expand government employee housing

These initiatives are designed to further support potential homeowners and ease the pressure of rising living costs.

FIRST HOMEOWNER GRANT ELIGIBILITY

To be eligible for the increased First Home Owner Grant, several conditions must be met. The home must be new and valued less than $750,000, including land and any contract variations. Other details regarding eligibility can be found in the original announcement.

In summary, the Queensland Government’s decision to double the First Home Owner Grant is a substantial move towards supporting new homeowners in the state. This initiative, combined with other measures, is expected to increase home ownership rates and ease pressure on first-time buyers.