What grants are available for home buyers in Queensland?

The First Home Owner Grant (FHOG) stands as a valuable opportunity when purchasing a property for the initial time in Queensland. Eligible first-time home buyers in Queensland can receive a grant of $15,000 towards purchasing or constructing a new home. To qualify for this grant, prospective buyers must purchase a brand new home or build a home from scratch, with the total value of the property, including the land, not exceeding $750,000.

While the FHOG in Queensland primarily applies to new homes, there are exceptions. Buyers who purchase an off-the-plan property or an established home that has undergone substantial renovations may also be eligible for the grant. It's important to note that substantial renovations involve significant structural changes, such as altering foundations or floors, rather than cosmetic updates like painting walls or sanding floors.

Several conditions must be met to be eligible for the First Home Owner Grant in Queensland:

Firstly, the applicant must be a natural person aged 18 years or older and either an Australian citizen or a permanent resident.

Additionally, the applicant or their spouse should not have previously received a First Home Owner Grant in Australia and must not have previously owned a property in Australia that they lived in. However, owning an investment property is allowed as long as it was not the primary residence.

Furthermore, the recipient of the grant is required to live in their first home for a minimum of six months within a year of becoming the owner.

In addition to the FHOG, there are other existing grants that can aid first home buyers in Queensland. By taking advantage of these grants, buyers could potentially accumulate up to $55,000 in financial assistance, enjoying a smoother path towards homeownership.

Can Kiwis get the FHBG in Queensland?

Moving on to the eligibility of New Zealand citizens, they are considered permanent residents of Australia and therefore qualify for the Australian government's First Home Owners Grant and other associated benefits.

What is the First Home Guarantee Scheme or FHBG?

Announced in the 2022-2023 Federal Budget the government will allocate the scheme to first home buyers who meet their requirements. From 1 July 2022 50,000 recipients of the scheme will pay only 5% deposit on their home loan. 

The FHBG Eligibility requirements for homebuyers are:

  • applying as an individual or couple (married / de facto)
  • an Australian citizen(s) at the time they enter the loan
    at least 18 years of age
  • Single applicants must have a taxable income of less than $125,000, while couples must have a combined taxable income below $200,000 for the previous financial year. It is important to provide the relevant Notice of Assessment from the Australian Taxation Office (ATO) for the preceding financial year when applying for this scheme.
  • intending to be owner-occupiers of the purchased property
    first home buyers who have not previously owned, or had an interest in, a property in Australia.
  • Under the FHBG, home buyers can purchase a residential property with a price cap $700,000 in the Brisbane City and regional centre and $550,000 for the rest of the Qld state. The property may be an existing house, townhouse or apartment, a house and land package, land/and a separate contract to build a home, an off-the-plan apartment or townhouse.

Is there Stamp Duty for first home buyers in Qld?

If you're buying your first home in Queensland (QLD), you may qualify for a reduction in the amount of money you have to pay for stamp duty. Stamp duty is a tax you pay to the Queensland Government when buying property.

If you're purchasing vacant land to build your first home and the cost of the land is $400,000 or less, you won't have to pay any stamp duty. This means you can save $7,175, which is the usual amount you would have to pay for stamp duty.

If the value of your first home is up to $500,000, you won't have to pay any stamp duty. This allows you to save up to $15,925, which is the maximum amount of stamp duty rebate available for first home buyers in QLD.

Furthermore, there may still be some savings on stamp duty if the value of your first home falls between $500,000 and $550,000. As an example, if your first home is worth $530,000, you would pay $6,300 in stamp duty, saving you $3,500 compared to the regular cost. 

To learn more about Stamp Duty in Queensland read: our guide 

and try our: transfer duty calculator.

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Conveyance Deposit FAQs 

Do I need a deposit to buy a house in Australia? 

Acquiring a house in Australia requires careful consideration of various factors, including the need for a deposit. To secure a home loan, it is generally expected that buyers provide a deposit ranging from 10% to 20% of the property's value. However, aiming for a deposit of approximately 20% is advisable to avoid the additional expense of Lender's Mortgage Insurance (LMI). It's worth noting that low deposit home loans do exist, but they often come with higher mortgage insurance costs and may involve additional requirements and conditions.

Can you buy a house in Queensland without a deposit?

When it comes to purchasing a house in Queensland without a deposit, it is more common to obtain low deposit home loans rather than no deposit home loans. However, some lenders may consider no deposit home loans on a case-by-case basis, provided the buyer can fulfil certain conditions. In most cases, securing a guarantor home loan is the primary way to purchase a home without a deposit.

Can I buy a house with a 10% deposit in Australia?

In Australia, it is possible to buy a house with a 10% deposit, but it's generally recommended to save as much as you can before purchasing a home. Ideally, aim for a 20% deposit if possible. However, if you're borrowing more than 80% of the property value, you will likely need to pay for Lenders' Mortgage Insurance or Low Deposit Premium.

How much do you need to save for a house deposit Australia?

When saving for a house deposit in Australia, a good goal to aim for is saving 20% of the purchase price of the house, along with enough money to cover the additional costs associated with buying a house.

Do you lose your deposit if finance falls through Qld?

In Queensland, if a purchaser is unable to secure finance and defaults on the contract, the vendor (seller) may have the right to either compel the purchaser to proceed with the purchase or keep the entire deposit and potentially sue for damages. There may also be additional costs or consequences related to this situation. To read more about this consult our post on Losing your Deposit here

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How much does it cost to build your own house in Qld?

The cost of building your own house in Queensland (Qld) can vary depending on several factors. As of April 2022, data from the Australian Bureau of Statistics (ABS) suggests that the average cost of building a home, including houses and units, was approximately $473,000. However, it's important to note that this is just an average and actual costs can vary based on the size, design, location, materials, and other factors specific to your project. Building a new home is exciting but it's crucial to carefully consider your budget and work with professionals to ensure a smooth and successful construction process.

Can you sell a house within 6 months of buying it Australia?

In Australia, you have the freedom to sell your house at any time after the settlement, which is when the property ownership is transferred to you. However, it is generally recommended to wait at least two years before selling. Selling your home early can come with certain financial risks. It's important to consider the costs associated with buying the property, such as legal fees, stamp duty, and other expenses, as well as the costs related to selling, including real estate agent commissions and marketing expenses. Additionally, you should factor in your moving expenses. By waiting for a couple of years, you may have a better chance of recouping your initial investment and potentially making a profit from the sale of your property.