The Recent First Home Owners Grant Announcement!
The recent release of Queensland’s State Budget means a change for First Home Buyers where the increased $20,000 First Home Owners Grant has not been extended and will be reduced to $15,000 from the 30th of June 2018.
The increase in the First Home Owners Grant was implemented in 2016 and saw the number of Queenslanders scoring the $20,000 grant double compared to those who took advantage of the scheme when they received $15,000.
In the first seven months of 2016-17, a recorded $46.8 million was released to 2,340 applicants wanting to construct or buy a new house, unit or townhouse worth up $750,000.
The extension of the $15,000 First Home Owners Grant will come into effect from the 1st of July 2018 and will continue for 12 months.
Although there has been a reduction in the amount available to applicants, this is still a great incentive to help First Home Buyers enter the property market, particularly when competing with continual housing price growth.
With the help of the First Home Owners Grant, Stamp Duty Concessions and the First Home Super Scheme, First home buyers have great opportunities available to them to enter the property market.