| November 20, 2023 | 3 min read
In a pivotal move aimed at bolstering the prospects of home ownership, the Queensland Government has announced a groundbreaking decision to double the First Home Owner Grant to $30,000 for eligible first-time home buyers, effective from November 20, 2023.
This initiative, part of a comprehensive suite of measures targeting the cost of living, marks a significant stride in facilitating Queenslanders' entry into the property market.
The eligibility criteria for availing this grant are precise and tailored to empower individuals striving to step onto the property ladder.
This grant is applicable to individuals:
Purchasing or constructing a new home valued at under $750,000, encompassing the cost of land and any contractual variations.
Aged 18 years or older and without prior ownership of a residential property in Australia.
The grant extends to diverse property transactions such as new home purchases, off-the-plan acquisitions, substantial renovations, construction contracts, and owner-builder arrangements. However, it excludes properties that have been previously lived in or sold as a primary residence upon completion.
The spectrum of properties covered by this grant is broad, encompassing houses, units, duplexes, townhouses, granny flats on family land, relocated homes, homes within manufactured home parks, and substantially renovated dwellings.
The decision to double the grant is anticipated to support approximately 12,000 aspiring homeowners in securing their first property by the deadline of June 30, 2025. This move firmly positions Queensland’s First Home Owner Grant among the most generous nationwide, offering triple the amount available in states like New South Wales and Victoria.
This amplified grant serves as a beacon of hope for first-time buyers, providing a compelling avenue to navigate the complexities of the property market. Notably, this increased grant will remain in effect until June 30, 2025.
Navigating the Grant: Legal Considerations
Prospective property buyers seeking to leverage this grant must ensure their eligibility aligns with the outlined criteria. While some grants entail complexity, our conveyancing advice can illuminate any queries concerning eligibility.
This enhancement marks a significant stride toward realizing the dream of home ownership for countless Queenslanders. For tailored conveyancing advice, our team of conveyancing lawyers in Brisbane stands ready to assist you.
It is crucial to underscore that these grants entail specific conditions that homeowners must diligently adhere to. Failure to comply with the eligibility criteria may prompt government action to recover the grant.
For comprehensive assistance or advice pertaining to Government grants or stamp duty, our team of state tax lawyers is available to provide guidance.
