3 min read
20 Nov 2023
Today’s announcement from the Queensland Government regarding the First Home Owner Grant is a substantial saving for home buyers. The government has decided to double the grant to $30,000 for eligible first-time home buyers, effective from Monday, 20 November 2023.
This initiative is a significant measure within a broader set of cost-of-living strategies aimed at assisting Queenslanders in entering the property market.
The eligibility for this grant is quite specific.
It applies to individuals:
The eligible transactions for this grant encompass new home purchases, off-the-plan purchases, substantial renovations, contracts to build, and owner-builder arrangements. It does not include homes have been lived in or sold as a place of residence at the time of completion.
The doubling of the grant is expected to support around 12,000 buyers in acquiring their first home by 30 June 2025, the expiration date of this boost. This measure places Queensland’s First Home Owner Grant among the highest in Australia, offering triple the amount available in states like New South Wales and Victoria.
This enhanced grant presents an opportunity to assist more first-time buyers in navigating the property market. The boost to the grant will continue through to 30 June 2025.
If you are considering buying a property with the assistance of a grant you need to ensure you are eligible. Some grants are more complex than others and as a part of your conveyancing advice we can assist with any queries you have about your eligibility for the grant.
It’s a significant step towards making home ownership more attainable for many Queenslanders. If you need conveyancing advice contact one of our conveyancing lawyers in Brisbane for further details.
It is important to note that these grants come with conditions that homeowners must continue to comply with. Failing to comply with the eligibility criteria will most likely result in the Government taking action to claw back the grant.
If you need assistance or advice on any Government grants or stamp duty please contact our state tax lawyers.
Disclaimer: This article has been prepared for general information purposes and may not apply to your situation. This information should not be relied upon for legal, tax or accounting advice. Your individual circumstances will alter any legal advice given. The views expressed may not reflect the opinions, views or values of PCL Lawyers and belong solely to the author of the content. © PCL Lawyers Pty Ltd.
If you require legal advice specific to your situation please speak to one of our team members today.
Brad Mayberry is a Senior Conveyancer with over 25 years’ experience within the property industry. Brad’s expertise spans all aspects of property transactions, instilling clients with the...
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