Hey there, future homeowner! We know the struggle of trying to figure out all those grants and schemes available for first-time buyers.
If you live in Queensland, you have likely heard the exciting news… The First Home Owner Grant (FHOG) has now been increased to $30K! This is the highest FHOG available nationally.
When it comes to getting your slice of the pie, there are some important things you need to know before you start planning to buy your new home with the grant. Keep reading to learn more!
How do I know if I'm eligible?
As the name suggests, the FHOG is available to Queenslanders who have not yet purchased their first home or received the FHOG in another state or territory within Australia.
Other eligibility criteria include:
+ 18 years or older
+ An Australian citizen or permanent resident (or applying with someone who is)
+ You must live in your new home for at least 6 months
+ Property price is less than $750,000
Further eligibility criteria apply, visit qro.qld.gov.au to use the eligibility tester.
How long is the $30K FHOG available for?
The updated grant will be available for eligible transactions between 20 November 2023 and 30 June 2025 where you are building a new home valued less than $750,000 (including land and any contract variations).
To read more, visit qro.qld.gov.au.
What other first home buyer incentives are available to me?
Although buying your first home can feel overwhelming, there are lots of resources and incentives available to help you get there!
In addition to the FHOG, you may also be eligible for the First Home Concession which gives you savings off the stamp duty on your new home. This means that for homes under $500K, you could have all stamp duty waived. For purchases between $500-$550K, you can also receive concessions to reduce the amount of duty payable. To read more, visit qro.qld.gov.au.
The Federal Government also offer the First Home Guarantee (FHBG) to give first home buyers in Australia access to their new home with as little as 5% deposit and without paying Lenders Mortgage Insurance. To read more, visit housingaustralia.gov.au.
When and how do I apply for the FHOG?
You can apply for the FHOG within one year of your home being completed, or one year from the final inspection certificate being issued. To access the new $30K FHOG, you will be able to apply from 1st January 2024. When the time comes, you can either apply directly through the Queensland Revenue Office or through your mortgage provider.
You can read more on how to apply at qro.qld.gov.au.
Where do I start looking for my new home?
Great question, so glad you asked! We have tonnes of beautiful home designs as well as house and land packages tailored specifically to first home buyers.
If you need help deciding, you can always reach out to our team! Our experienced New Home Specialists are well versed in all things first homes and would love to help you get another step closer to yours.
*Please note, any information given to you by Simonds is general information only and will depend on your own personal and financial circumstances. We recommend that you make your own independent enquiries and seek professional advice from a qualified financial planner, bank or broker. Eligibility criteria that is not determined by Simonds Homes applies, please go to qro.qld.gov.au to learn more.
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Simonds acknowledge Aboriginal and Torres Strait Islander peoples as the First Australians and Traditional Custodians of the lands where we live, learn and work.