Grant boost to give local buyers a chance
THE first home buyers grant has been doubled from $15,000 to $30,000, which came into effect on November 20 and will be available until June 30, 2025.
The Queensland Government has made the temporary change as an incentive to assist in the cost of living crisis, to allow more Queenslanders the chance to buy their first home.
Doubling the grant will allow 12,000 first home buyers to purchase their first home before the boost expires, and was made possible due to profits made by coal royalties.
To be eligible for the first home buyers grant, it must be your first home you’ve purchased, you must be 18 years or older, and the property must be new (never lived in) or about to be built, valued under $750,000.
Hazelden Realty owner, Tamara Hazelden, said this boost won’t make buying houses easier, but will assist in helping first home buyers getting into the market.
“I’m so excited because in the last year and a half, we haven’t seen a lot of first home buyers purchasing in our local area, so now I’m super excited with all the local land developments happening,” she said.
“I certainly think it’s going to help with people’s situations, in just knowing that deposit amount of $30,000 is going to be covered when building or buying a new home.”
Tamara mentioned there are a few housing developments being built locally, such as on Coonowrin Road and in Aura, making it even more exciting for first home buyers to buy their first property.
“I think when it comes to builds in places like Aura which is so close now, it is certainly going to instil confidence into the buyers now with their preapproval in purchasing plans,” she said.
Queensland premier, Annastacia Palaszczuk, said without the coal royalties in place, the state government would not have been able to provide this funding boost.
“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,” she said.
“We can only do this because we’re making sure coal companies pay their fair share.”
