First Home Owners Grant QLD
Discover Your Eligibility for the First Home Owners Grant
If you're a first home buyer in Queensland, you might be entitled to the generous $30,000 First Home Owner Grant (FHOG). This grant can significantly boost your first home deposit, but certain conditions do apply. To qualify for the FHOG QLD, you must purchase a brand new home or commence building your home from scratch. The total value of your first home, including the land, must not exceed $750,000.
For the purchase or construction of a new home, the grant amounts are as follows: $30,000 for contracts signed between November 20, 2023, and June 30, 2025 (inclusive of both dates), and $15,000 for contracts signed before November 20, 2023.
Did you know? You can still be eligible for the FHOG QLD even if you purchase off the plan or an established home that has undergone substantial renovation. However, it's essential to note that cosmetic work like painting walls or sanding floors doesn't count as substantial renovation when it comes to FHOG eligibility.
Eligibility Criteria for the FHOG QLD
Here's what you need to know to determine if you qualify for the First Home Owner Grant in Queensland:
- You must be a natural person aged 18 years or older.
- Australian citizenship or permanent residency is required (or applying with someone who meets these criteria).
- You or your spouse must not have previously received a First Home Owner Grant in Australia.
- You must not have previously owned and lived in a property in Australia.
You may still be eligible if you've owned an investment property, provided you haven't lived in it. - Additionally, you must reside in your first home for at least six months within the first year of ownership.
How to Apply for the First Home Owner Grant in QLD
Applying for the First Home Owner Grant can be a daunting process, we recommend you mortgage broker or bank help you with completing the application form. You will also need to provide supporting documents with your application, these documents vary depending on your situation but you will definitely have to provide ID documents as well as the paperwork for your land and the building or purchase contract.
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Stamp Duty Exemptions for First Home Buyers in QLD
As a first home buyer in Queensland, you may also be eligible for savings on stamp duty:
- If purchasing vacant land for your first home, you pay no stamp duty for land valued at $250,000 or less. Concessions are available for land valued between $250,000 and $400,000.
- For a first home valued up to $500,000, you pay zero stamp duty, saving up to $15,925.
- Additional savings may still apply for homes valued between $500,000 and $550,000, gradually decreasing as the property value increases.
Ready to Buy Your First Home?
There are various paths to homeownership, and at LINK Advance, we can help you navigate them while maximizing the grants and concessions you're eligible for. Reach out to us today to learn more about how we can assist you in purchasing your first home.
Frequently Asked Questions
The First Home Owner Grant in Queensland is currently set at $30,000 for eligible first home buyers.
Let's talk.
Talk to the experts at LINK Advance today. We can check you eligibility for access to the First Home Buyers grant, as well as many other grants.
