So, you’re dreaming of owning your first home in Queensland and wanting to take advantage of every opportunity to make that affordable? Navigating the world of grants, schemes, and concessions can feel overwhelming. Don’t worry; we’re here to simplify it for you.
The key to unlocking these programs lies in understanding the type of first home you plan to buy or build. Are you considering buying land and building? Opting for a brand-new, off-the-plan property? Or perhaps an established home that’s already been lived in? Each path has its own set of rules.
Focusing on the First Home Owners’ Grant (FHOG)
This guide zeroes in on the First Home Owners’ Grant (FHOG). As of today’s date (25 February, 2025), the FHOG in Queensland provides eligible first home buyers with $30,000 towards buying or building a new home. This is a significant increase from the previous amount of $15,000, but it’s important to note that as of writing this article, the higher rate is only applicable until 30 June 2025
Important things to note
- The amount of the FHOG changes from time to time, this is correct as of the date above but it may or may not apply after 30 June 2025
- The FHOG is only available for new builds or properties.
- The new dwelling must be valued at less than $750,000 (inclusive of GST).
FHOG Eligibility at a Glance:
To qualify for the FHOG, you generally need to meet these criteria:
- Be at least 18 years of age.
- Be an Australian citizen or permanent resident (or applying with someone who is).
- You, or your spouse, must not have previously owned a property in Australia that you lived in.
- You must be buying or building a new home valued at under $750,000 (including GST).
- You must move into the property as your principal place of residence within 1 year of completion of construction or settlement and live there continuously for 6 months.
Navigating the Application Process
Applying for the FHOG involves a straightforward process. Usually, your bank or mortgage broker (like us!) can assist you with the application when you apply for your home loan.
- Ensure you meet all eligibility requirements.
- Gather all required documentation (proof of identity, contract of sale, etc.).
- Submit your application through an approved agent (usually your lender).
Brisbane Home Loans: Here to Help
Navigating the First Home Owners’ Grant and the broader home-buying process can be complex. That’s where Brisbane Home Loans comes in. We understand the ins and outs of the Queensland market and can help you determine your eligibility, guide you through the application, and secure the best possible loan for your needs.
Contact Brisbane Home Loans today to start your homeownership journey!
Disclaimer: This guide provides general information only and does not constitute financial advice. Eligibility criteria and grant amounts are subject to change. Always confirm the latest details with the Queensland Office of State Revenue or a qualified professional.
