Increase in first home buyer grant for Qld

If you are a first-home buyer seeking to invest in an off-the-plan apartment in Queensland, then you are in luck!

There is an increase in Queensland for first-home buyers of $5,000 from 1 July bringing the gross amount offered to $20,000. For many young Queenslanders this could be the funding boost they need to get a deposit together.

To be eligible you must:

  • Have never owned a property before
  • Be over 18-years-old
  • Be an Australian citizen or resident
  • Buy an apartment which has never physically been occupied under $750,000, and
  • The contract must be signed after 1 July 2016 or before 20 June 2017.

This is a positive step forward and goes some way towards addressing affordability issues which have made it difficult for fledgling buyers to get into the market. It could be the much-needed $20,000 which takes you from a one-bedroom unit to a two-bedroom townhouse.

The 12-month increase implemented by the Palaszczuk Government replaces the Queensland First Home Owners’ Grant with the ‘Great Start Grant’.

The first home-buyers represent a significant portion of the property market. The Urban Development Institute of Australia (Queensland) said first-home buyers comprised 15.2 per cent of the state’s housing market in the year to April 2016 (for the purchase of both new and existing properties).

Written: 23 June 2016

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