Are you currently saving up so you can buy your first home? If so, the First Home Owners Grant QLD (FHOG QLD) could help you reach your goal sooner than you thought.
Saving for a house deposit these days is not easy. When you combine the rising cost of living with the official cash rate increases and skyrocketing property prices, it’s no wonder it now takes the average Australian couple almost 5 years to save for a deposit.
But for eligible buyers, the QLD First Home Owners Grant can provide a much-needed boost towards homeownership.
What is the First Home Owners Grant QLD?
The FHOG QLD is a state government initiative designed to help eligible applicants buy or build a new home. It offers financial assistance to cover the costs associated with owning a new home, including buying a newly constructed home or an off-the-plan property. It can also be used to build your own home from scratch.
First introduced back in 2000, the First Home Buyers Grant QLD has undergone several significant changes, including adjustments to the grant amount, eligibility criteria and the type of property it can be used for. With this in mind, it’s worth checking the Queensland Government website to confirm the latest details.
How Much is the QLD First Home Owners Grant?
For contracts signed between 20 November 2023 and 30 June 2025, the FHOG QLD is currently set at $30,000. For contracts signed before 20 November 2023, this amount drops to $15,000. This applies to eligible first home buyers who are building or buying a brand-new home.
For owner-builders, the above dates apply, not to when contracts were signed, but to when foundations for the building were laid.
What Are the First Home Owners Grant QLD Eligibility Criteria?
Keep in mind that specific First Home Owners Grant QLD eligibility criteria apply. For example, you:
- Must be an Australian citizen or permanent resident aged 18 or over.
- Can’t have received a First Home Owners Grant previously (anywhere in Australia).
- Must not have previously owned property in Australia that you also lived in (so owning an investment property that you never lived in won’t necessarily make you ineligible).
- Must live in the property for at least 6 months, within the first year that you become the owner.
- Have to buy or build a new home with a value of $750,000 or less (this includes the price of land).
- Will need to buy a new home, an off-the-plan home or a property that has been substantially renovated (and hasn’t been lived in since the works were completed). Alternatively, you’ll need a contract to build or will need to verify you’re an owner-builder.
Keep in mind that certain actions could disqualify you from receiving the QLD First Home Owners Grant, such as if you deliberately try to dodge any eligibility restrictions.
How Do You Apply for the First Home Buyers Grant QLD?
Before applying for the First Home Buyers Grant QLD, make sure you meet all of the relevant eligibility criteria. If you’re unsure, talk to your broker for some expert advice. Your broker can also assist you with completing the necessary paperwork, which will need to be submitted through an approved financial institution (such as a bank or non-bank lender) or directly to the State Revenue Office.
Talk to SCF Solutions About the First Home Owners Grant QLD
Buying your first home can be daunting, but the First Home Owners Grant QLD can make things easier. Whether you’re aiming to buy or build a new home, this initiative could be just the financial boost you need to make your homeownership dreams a reality.
At Sunshine Coast Financial Solutions, we understand the importance of making informed financial decisions. That’s why our expert team is here to guide you through the entire process, from pre-approval right through to settlement. Don’t let uncertainty hold you back from buying your first home. Take the first step towards homeownership today by booking an appointment with SCF Solutions.