Qld government doubles grant for first home buyers
The Palaszczuk government has raised the First Home Owner Grant to $30,000 in a bid to ease cost-of-living pressures.
Previously, eligible Queensland first home buyers had access to a $15,000 helping hand when making their first foray into the property market. However, from 20 November buyers will now have access to $30,000 worth of government funds.
The additional $15,000 boost will be available for transactions that take place on or after 20 November, and will expire on 30 June 2025.
But as under the previous eligibility requirements, only purchasers of new-build homes valued at $750,000 or less will be eligible for the grant.
“I know how much cost of living is impacting Queenslanders, especially first home buyers,” said Premier Annastacia Palaszczuk. “Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation.”
In order to cover the cost of the grant program, the Palaszczuk government is drawing funds from the coal royalties regime. The premier explained: “We can only do this because we’re making sure coal companies pay their fair share.”
Treasurer Cameron Dick agreed that “Queensland’s strong budget position gives us the flexibility to adapt to changing conditions like this, by reinvesting the proceeds from progressive coal royalties.”
“With evidence that there is some capacity emerging in housing construction, now is the time to get more Queenslanders into their own home.”
The Queensland government estimated that the expanded grant scheme will help 12,000 buyers purchase their first home before the 2025 deadline.
“All Queenslanders should have a place to call home,” stated the Minister for Housing, Meaghan Scanlon.
“More than 200,000 forms of housing assistance were provided to Queenslanders last financial year alone. We hope this helps put home ownership in reach for young Queenslanders.”
The Queensland government reported that the First Home Buyer Grant is only one strategy the government is using in its attempt to ameliorate the tough conditions faced by the state’s buyers and renters.
“Helping first home buyers is just one of many ways our government is responding to national housing pressures,” stated Ms Scanlon.
Recently, Queensland introduced new strata reform laws to make it easier for body corporates to sell up, with the ultimate aim of increasing housing supply.
In April, the government also invested $14 million into two social and affordable housing hubs in Townsville and Gympie to help vulnerable and flood-affected Queenslanders.
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