FIRST HOME OWNER GRANT TO DOUBLE IN QLD TO $30K
It has been announced that the first home owner grant in Queensland will double to $30K from Monday 20 November 2023 until 30 June 2025.
This will definitely be welcome relief for some, however this will only apply to first home buyers buying or building a new home valued at less than $750,000.
THE INCREASE WILL DEFINITELY HELP SOME FIRST HOME OWNERS, HOWEVER THERE ARE STILL A FEW HURDLES FOR FIRST HOME BUYERS:
1. Building or buying new under $750K may not be an option
For a lot of the population of Queensland there will be very few properties available that will come under the $750k threshold, without having to relocate or add extended travel time to work.
2. Current shortage of land and new builds
Queensland is experiencing a shortage of land and/or completed projects that are available to purchase.
3. Inflation
Land and construction prices have had large increases across Queensland since the COVID pandemic. There is a risk that a policy like this could reignite further price increases both in land and construction costs.
4. Transfer Duty (Stamp Duty)
For properties under $500k there is an exemption for transfer duty for first home buyers, however with inflation across the market this band has been eroded and very few people are actually eligible.
ELIGIBILITY REQUIREMENTS:
For the full eligibility requirements for the first home owner grant in Queensland please click on the link below:
https://qro.qld.gov.au/property-concessions-grants/first-home-grant/eligibility/
