Queensland Government Doubles First Home Buyer Grant to Boost Housing Affordability
Queensland Government Doubles First Home Buyer Grant to Boost Housing Affordability
The Queensland government has announced a significant boost to its Homes for Queenslanders program by doubling the Queensland First Home Owner Grant to $30,000 in the North Queensland region. This move aims to address the state’s housing supply and affordability challenges. The grant, applicable to new builds, will be available for eligible Queenslanders until June 30, 2025, making it the highest grant available in mainland Australia. Premier Steven Miles emphasized that the initiative is part of a $3.1 billion investment, marking the single largest investment in Queensland’s housing system.
The Doubled First Home Owner Grant
In a major development to address housing supply and affordability concerns, the Queensland government has doubled the Queensland First Home Owner Grant to $30,000 for new builds in the North Queensland region under its Homes for Queenslanders plan. This initiative is a crucial step towards supporting first-home buyers, facilitating faster home builds, and working to end homelessness in the state.
Experts Perspective
Premier Steven Miles announced a $3.1 billion investment into the Homes for Queenslanders program earlier this week, describing it as the single largest investment in Queensland’s housing system. The doubled First Home Owner Grant, available until June 30, 2025, is now the highest grant available in mainland Australia, providing substantial financial support for eligible Queenslanders.
The Premier highlighted the significance of this initiative. It stated, “Under our Homes for Queenslanders Plan, we are going further with a Queensland Home Finance Loan Pilot supporting Queenslanders living in regional locations.” He emphasized the non-partisan nature of the move and expressed the need for bipartisan support at the state level, noting the absence of a similar initiative at the national level.
Comprehensive Homes for Queenslanders Plan
The Queensland government is not only doubling the First Home Owner Grant but is also exploring additional measures for homeowners, including adopting the federal government’s Help to Buy Scheme for low- to middle-income families. The comprehensive Homes for Queenslanders plan aims to deliver an additional 1 million homes across the state by 2046.
Anticipated Beneficiaries/ Looking Ahead
The doubled First Home Owner Grant is anticipated to support approximately 12,000 buyers in unlocking their homes by the grant’s expiration in June 2025. Despite the criticism from some quarters, Queensland-based mortgage brokers have praised the move, particularly highlighting its potential to assist regional customers significantly. The $30,000 grant, coupled with the $750,000 property price limit, is expected to encourage more individuals in regional areas to consider building rather than opting for established dwellings.
How to Take Advantage?
In conclusion, the Queensland government’s decision to double the First Home Owner Grant underscores its commitment to addressing housing affordability and supply challenges. This initiative, along with the broader Homes for Queenslanders plan, aims to create a more inclusive and accessible housing market for Queenslanders. For those interested in taking advantage of this opportunity, or more detailed insights into the market, Book your consultation now or give us a call at 1300 GETLOAN.
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