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The recent boost to the cost of living for first home owners has resulted in significant changes to the First Home Owners Grant in Queensland — making a huge difference for those looking to build their own house.
Building your own house in Queensland is an important milestone that not only affects your future but also your finances. For many aspiring homeowners in QLD, the prospect of having a home of their own is often overshadowed by intimidating factors like having enough funds for a down payment or being able to support a mortgage.
However, recent changes to the first home buyer grant in QLD mean that purchasing land and building a new home has become more accessible. We’ve written this article to help guide you through what the First Home Owners Grant QLD is, the recent changes (Nov 2023) and how it can help you in building your ideal home in Queensland.
Established by the Queensland Government on 1st July 2000, the First Home Owners Grant QLD aims to support first-time homebuyers in entering the housing market. Eligible individuals can receive a single lump sum payment which can be used in the purchase or building of a new home. The original amount for this grant was an amount of $15,000.
However, as of 20th November 2023, the Queensland government has doubled the First Home Owners Grant amount from $15,000 to $30,000, as part of efforts to relieve the cost of living for first-home owners in QLD. This bonus should be taken advantage of as soon as possible as it won’t last forever, in fact, this extension is planned to last only until mid-2025.
If you’ve been thinking of building a new home in QLD, this is the opportunity you’ve been waiting for. With the $30,000 from the First Home Owners Grant QLD, you’ll get a significant boost to your ability to manage the cost of building your own home, not to mention other benefits such as:
Before you apply for the First Home Owners Grant, you’ll need to meet the eligibility criteria.
The requirements are as follows:
If you’re eligible, you can apply online through the Queensland Revenue Office (QRO) website with the required documents, including:
Upon the success of your application for the First Home Owners Grant, you’ll receive a deposit of $30,000 into your given account to use for the construction of your new home!
This timely update of the First Home Owners Grant QLD is an open door that potential homeowners should seriously consider. After all, there’s no guarantee that the grant will stay as it is in the near future.
You’re going to need reliable and high-quality home-building provider for your custom home, so why not consider Cougar Homes? We are an award-winning builder in Cairns with many successful (and beautiful) homes in our portfolio. You can view some of our stunning home designs to get some inspiration, or if you already have something in mind, contact our friendly team today so that we can work to make your dream home a reality!