Brighter Buying

Changes to first home buyers grant: what you need to know

by Kate Watt, Marketing Manager 21 June 2018

The Queensland State Budget last week delivered some good news and some not so good news for first home buyers.

Let’s start with the good news: the Queensland First Home Owners Grant is continuing.

The not so good news: from 30 June 2018 (yep that’s soon) it will reduce from $20,000 to $15,000.

The grant was originally boosted from $15,000 to $20,000 about two years ago to help increase first home buyer activity.

With first home buyers now alive and well in Queensland, the Government has decided to reduce the temporary boost, meaning the grant will continue at the original amount of $15,000.

Eligibility conditions, which you’ll find on the Queensland Government website, remain unchanged:

  • You must be at least 18 years of age.
  • You must be an Australian citizen or permanent resident (or applying with someone who is).
  • You or yourspouse must not have previously owned property in Australia that you lived in.
  • You must be buying or building a brandnew home.
  • The value of the home including the land is less than $750,000.
  • You must move into the new home as your principal place of residence within 1 year of thecompleted transaction and live there continuously for 6 months.

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