Queensland First Home Buyer Grant to be reduced to $15,000

In today’s Queensland State Budget the Government has announced an extension of the First Home Buyer Rebate which was welcome news, however, the rebate amount will be reduced from $20,000 to $15,000 from July 1st.

Eligibility appears to remain the same.

  • You’re at least 18 years of age
  • You’re an Australian citizen or permanent resident (or you’re applying with someone who is an Australian citizen or permanent resident)
  • You or your spouse have not previously owned property in Australia
  • You’re building or buying a new home or apartment
  • The value of the home is under $750,000

A $5,000 rebate is a significant amount, particularly to first home buyers, so we recommend buyers who can to contract to purchase before July 1st.

Remember – as long as the contract has been signed, you will be eligible providing that the contract signing date is before or on June 30th. You do not have to have settled on your purchase. You can therefore enter into a contract to purchase an off-the-plan or new property before or on June 30 and be entitled to the $20,000 rebate – pending eligibility criteria being met of course.

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Written: 12 June 2018, Updated: 15 January 2020

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