Are you dreaming of owning your first home in Queensland? Well, there's some great news for you! The Queensland Government has just doubled the First Home Owners Grant to a whopping $30,000. This change, effective from 20 November 2023 until 30 June 2025, is a game-changer for first home buyers like yourself.

Let's dive into what this means for you and how you can make the most of it.

What is the First Home Owners Grant?

First things first, let's unpack what the First Home Owners Grant (FHOG) really is. Simply put, it's a one-off payment aimed at helping first home buyers like you get your foot in the door of the property market. Previously set at $15,000, this grant is now a generous $30,000 for eligible transactions made during the specified period, up to the eligible purchase price limit of $750,000 for building or buying a new home.

Eligibility Criteria

Now, you're probably wondering if you're eligible for this first homebuyer grant. Here are the key points:

• You've got to be a real person (not a company or trust) and at least 18 years old.
• Either you or your partner must be an Aussie citizen or permanent resident.
• Neither you nor your partner should have previously received a FHOG anywhere in Australia.
• You shouldn't have owned property in Australia that you've lived in before.
• And, if you've had an investment property, that's fine as long as you haven't lived in it.
• Also, remember you need to live in your new home for at least six months within the first year of owning it.

Applying for the Grant

Applying for the FHOG is a simple process. You can get help from an Ally Home Loans Mortgage Broker or go straight to the Queensland Revenue Office website. They've got all the forms and info you'll need.

Case Study: Chris and Taylor's Journey

Let's look at a real-life example. Chris and Taylor are a young couple looking to buy their first home. They find a new townhouse valued at $700,000. With the FHOG, they receive $30,000, which significantly boosts their deposit. This lowers their mortgage and makes their dream home more affordable.

Additional Benefits for First Home Buyers

Apart from the FHOG, you've got other perks to look forward to as a first home buyer in Queensland. One major bonus is the stamp duty concession. If your first home is valued up to $500,000, you're exempt from paying stamp duty. Imagine that – saving up to $15,925! Even if you're buying land to build your first home, there are concessions if the land is valued between $250,000 and $400,000.

Impact of the Grant on First Home Buyers

This bump in the FHOG is more than just extra cash in your pocket. It's a significant step towards making homeownership more accessible for young Aussies like you. With the housing market often being a tough nut to crack, this increased grant can be the difference between renting and owning. It makes new homes more attainable and stimulates the construction industry – a win-win for the economy and first home buyers.

Case Study: Emma's Solo Adventure

Consider Emma, a single professional aiming to buy her first apartment. She's eyeing a new unit priced at $500,000. Thanks to the FHOG, her initial financial burden is reduced significantly, making her dream of independent living a reality much sooner than expected.

Conclusion

So, there you have it! The doubled First Home Owners Grant in Queensland is a fantastic opportunity for you to take that leap into homeownership. It's not just about the financial assistance; it's about making those first steps towards your dream home more achievable.

Whether you're a young couple like Chris and Taylor or a solo buyer like Emma, this grant could be the helping hand you need. So, don’t sit on the fence – if you’re eligible, go for it! The path to your first home might be smoother than you think.

Don't miss this chance to make the most of the First Home Owners Grant. Book your free meeting with Ally Home Loans today, and let's turn your dream of owning your first home into a reality.

Ally Home Loans Pty Ltd is your ally in finance for all of your home loan, investment property, business and commercial financing needs. With our wide range of lending solutions, expertise in financial planning and investment strategies, and extensive experience in working with both Australian residents and Australian expats, we are your partners for your lending needs.

Book an obligation-free, complimentary consultation here today.

Ally Home Loans Pty Ltd is an Authorised Credit Representative (Credit Representative Number – 494608) of My Local Broker (Australian Credit License – 481374). Important Disclaimer: Your complete financial situation will need to be assessed before acceptance of any proposal or product.