First Home Owners Grant QLD

Need help with the first home owner grant in Queensland? The first home owner grant or the home builder grant QLD offers the boost you need. Let us assist you in knowing what Government support is available for grants and how much you could save!

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    First Home Buyers Grant QLD

    The QLD first home owners' grant equips first-time buyers with the added support to get into the market at the earliest. You can avail of the first home buyers grant for up to $15,000 when you plan to buy or build a new house valued at less than $7,50,000. 

     

    The first home buyers grant funds for new homes, units and townhouses. Do not worry if you have planned to build a house on your own and still wish to opt for first home owner grant offers.

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    QLD Stamp Duty Concessions

    Do you want to know how much is stamp duty in QLD? The market value of the house you are buying plays a role in deciding the stamp duty in QLD. You can claim concession for stamp duty in Queensland with the first home owner grant QLD 2022 only if you meet eligibility conditions.

     

    The accommodation for first home buyer stamp duty in QLD is not limited to an Australian citizen or permanent resident. However, the government certainly demands to meet the eligibility measures.

    Find out if you're eligible for the First Home Owner Grant!

    Frequently asked questions about FHOG for QLD

    FHLDS is one of three schemes from the Australian Government designed to support eligible home buyers to purchase their homes sooner with a deposit as low as 5%. The goal of the scheme is to eliminate the expensive barrier of Lenders Mortgage Insurance (LMI) that would usually apply to purchasers with less than a 20% deposit. This may lead to a saving of roughly $8000 to $16000 which over time can add up to much more as it is commonly added to the loan (capitalised), meaning it’ll also attract interest. For clients participating in this scheme, the Australian Government is guaranteeing up to 15% of the purchase price in case of default, eliminating the LMI requirement. This scheme applies to established properties.

    The National Housing Finance and Investment Corporation (NHFIC) has the task of overseeing the scheme. Eligible first home buyers can apply for a loan through the panel of Lenders who have been authorised to participate in the scheme. See First Home Loan Deposit Scheme offered through 25 new lenders – NHFIC

    You can check your potential eligibility on the NHFIC website for the First Home Loan Deposit Scheme.  First Home Loan Deposit Scheme – Overview (nhfic.gov.au)

    The following conditions will generally apply:

    • Australian citizens who are at least 18 years of age. Permanent residents are not eligible
    • Applicants must not have previously owned or had an interest in a residential property, either separately or jointly with someone else (this includes residential strata and company title properties, regardless of whether it was an investment or owner-occupied property and whether it was ever lived in)
    • Only singles with a taxable income of up to $125,000 per annum and couples with a combined taxable income of up to $200,000 per annum may be eligible
    • Couples are only eligible for the Scheme if they are married or in a de facto relationship. Other persons buying together, including siblings, parent/child, or friends, are not eligible
    • The Scheme will only apply to Owner Occupied home loans paid on a principal and interest basis (property investment and Interest Only loans are excluded). If the loan relates both to the purchase of vacant land to the construction of a house on the land, the loan may still be eligible even if the terms of the loan agreement permit Interest Only payments for a specified period
    • Applicants must have a deposit of between 5% and 20% of the property’s value
    • Your maximum property purchase price is subject to the suburb and postcode of your new property. You can check the property price threshold for your property’s suburb and postcode using NHFIC’s property price threshold tool

    You can only receive the Government Guarantee once. If you have entered the Scheme but were unable to purchase a property in time, you can request another place.

    For a property to be eligible it must be a ‘residential property’ – this term has a particular meaning under the Schemes. Eligible residential properties include:

    • an existing house, townhouse, or apartment

    For more information about the other schemes available to First Homeowners, please see Support to buy a home – NHFIC

     Yes, you can. The FHLDS can be combined with other state and territory-based home buying assistance programs such as the First Home Owners Grant.  Queensland First Home Owners’ Grant | Homes and housing | Queensland Government (www.qld.gov.au) This means that as well as buying a home with a lower deposit, you may be able to avoid paying all or a part of your Qld Transfer Duty. Concessions for homes | Homes, and housing | Queensland Government (www.qld.gov.au)

    Eligible first home buyers can apply for First Home Loan Deposit Scheme through participating Lenders.  Your expert Brisbane Home Loans Broker will assist you with this during the application process. For the 2021/22 financial year, there have been 10 000 places available since 1 July 2021.  The Australian Government has announced changes and additional places will be available for the new financial year beginning 1 July 2022.  There are no costs or repayments associated with FHLDS, however, buyers are responsible for meeting all costs associated with the home loan and guarantee.

    NHFIC does not accept applications directly and does not maintain a waiting list for places under the scheme.

    There have been 10 000 places available for the financial year 1 July 2021 to 30 June 2022. The Prime Minister has announced substantially more places in the three available schemes for the new financial year. Contact your Brisbane Home Loan Specialist for assistance in available places as we near the end of the financial year.

    Please see the link for up-to-date property caps.  Please note it is best to access these via the link as they may change from time to time. media-release-new-property-price-caps-for-first-home-loan-deposit-scheme-and-family-home-guarantee.pdf (nhfic.gov.au)

    Yes, you can apply as an individual applicant, then only you will need to satisfy the eligibility criteria. Please note that this means that only you are then named on the scheme reservation and loan application. Your spouse/partner’s income will not be able to be included in servicing calculations.

    There are several other fees that you will incur when you purchase your first home.  You need to check with your Conveyancer and Broker/Lender as to what those will be. These include Conveyancing/Legal fees, Building Inspection, Transfer fees, mortgage registration fees, Council rates adjustment, and possibly a Borrower application fee.

    Each Lender has their criteria for what savings they will class as genuine savings.  As a base, it is funds that you have saved over time, three months or more.  However, some lenders will allow you to use rent paid over 12 months through a Real Estate agent if the rental ledger is available and shows you have always paid on time. Your Brisbane Home Loans Expert will provide you with detailed advice about each Lender’s requirements

    Yes. However, Participating Lenders will apply their own additional criteria for loans offered under the Schemes, In addition, not all Participating Lenders will offer the same home loan products. Your Brisbane Home Loans Broker is a Product Specialist who will guide you through this process so that you are aware of additional criteria for each lender before you decide.

    Yes.  While you can reserve a place for the scheme, all lenders will require the land to be titled before issuance of an NHFIC guarantee – meaning that the land will need to be titled prior to the end of your 90-day pre-approval period.

    No. If you currently own land or any residential property in Australia, then you are not eligible for any of the schemes currently in place.

    NEW HOME GUARANTEE (NHG)?

    Like FHLDS but designed to support first home buyers to build or buy a new home with a deposit of as little as 5% rather than an existing home. Whilst the eligibility requirements are similar, the Property price caps are higher to provide a stimulus for the residential construction market during a challenging economic period.  To aid this, higher property price caps and shorter building timeframes apply for eligible properties purchased under this scheme. For more information please see: New Home Guarantee – Overview (nhfic.gov.au)

    FAMILY HOME GUARANTEE (FHG)

    This scheme has been set up to support eligible single parents who have at least one dependent child and wish to purchase a family home with as little as a 2% deposit. Please see this site for more information. Family Home Guarantee – Overview (nhfic.gov.au)

    Ready to buy your first home? Get your free home loan quote today.