Are you a first home buyer trying to enter the market? We know entering the market in today’s climate is no easy feat but with the help of the Queensland Government and its First Home Owner Grants, you may be able to get a great deal and save money in the process.
As buying a home is likely to be one of the biggest purchases you will ever make in your lifetime, it is important to be aware of any help available to make this happen. Read below to see what government assistance is available in Queensland:
First Home Owners Grant
The Queensland First Home Owners’ Grant offers first home owners a grant of $15,000 towards buying or building their new house, unit or townhouse.
To be eligible for the grant:
- You must be at least 18 years of age
- You must be an Australian citizen or permanent resident (or applying with someone who is)
- You or your spouse must not have previously owned a property in Australia
- You must be buying or building a brand new home (a great option for off-the-plan or newly complete)
- The value of your home is less than $750,000
- You must intend to move into your new home as your principal place of residence within 1 year of the completed transaction and live there continuously for six months.
Transfer Duty concessions
This concession means that eligible first-home buyers won’t pay any transfer duty on homes costing less than $500,000 and vacant land less than $400,000.
Queensland housing finance loan
If you’re struggling to get your loan approved, this one’s for you. The Queensland housing finance loan is a low-deposit home loan that supports those who can afford to buy a home but are struggling to get private finance from a lender.
This loan offers a variable or fixed interest rate with an attractive minimum deposit of 2% of the purchase price, or the difference between the maximum loan you are eligible for and the purchase price of the property.
If you are interested in learning more about what grants are available as a first home owner, speak with your mortgage broker.