Home buyers grant qld new home sold

First Home Buyers Grant in Queensland and Concessions

There are now a number of ways to better afford a home loan. Queensland Government offers a $30,000 first home grant to first home buyers who are building or buying a new home with a value less than $750,000. This must be new, so it could be an off-the-plan, a substantially renovated home (e.g. a transported & renovated house), a new house, or an owner-build contract. This grant could be a substantial help.

This applies to transactions entered into from 20 November 2023 until 30 June 2025. The grant will return to $15,000 after 30 June 2025. You should check eligibility requirements if you’re in the market. 

Here is one of our new home turnkey packages (all inclusive) in a lovely new area in Morayfield, coming up in July, which is listed under $730,000 and so eligible for first home buyer grant seekers.

Buying a new or established home – get relief on stamp duty

The Queensland First Home Concession offers a concession worth up to $15,925 on any home sold at less than $550,000. So, a unit or townhouse would probably be what you are buying at that price. 

For those buying a subsequent home or inheriting a home or even transferring half of a property to a spouse, before getting worried over the transfer duty, note you may apply for the Home Concession. Colloquially known as stamp duty, you can get some relief on the transfer duty applicable – only for the first $350,000 of home value though. If eligible, this concession may save you up to $7,175.To access either first home concession or home concession, you must move in within a year of transfer date and not rent out the place afresh once transferred (i.e. bought). 

You may calculate the value of transfer duty payable at: https://qro.qld.gov.au/duties/transfer-duty/calculate/transfer-duty-estimator/

To retain the home concession, you must not sell any part of the property. Foreign citizens can also apply for the Home Concession.

 

The National Scheme – First Home Guarantee helps first home buyers 

The First Home Guarantee (FHGB) is part of the Home Guarantee Scheme (HGS), an Australian Government initiative to support eligible home buyers to buy a home sooner. It is administered by Housing Australia. 

We all know it’s very difficult to save up today’s average 10% deposit and also pay LMI, the insurance that is usually required for <20% depositors. A portion, up to 15% of the value, of an eligible home buyer’s home loan from a Participating Lender can be guaranteed by Housing Australia. This guarantee then enables an eligible person/couple to buy a home with as little as 5% deposit (up to 20%) without paying Lenders Mortgage Insurance. 

For illustrative purposes, usual Lenders Mortgage Insurance on a $600,000 home with a 10% deposit is: $10,800.

Home buyers applying for the FHBG need to have between 5% and 20% of the value of an eligible property saved as a deposit. Note: there are home value price caps, which you can look up at Housing Australia. Sunshine Coast is a Regional Centre, so that cap is $700,000. Caboolture might fall into the ‘Rest of State’ category, which is capped at $500,000. 

Low Minimum House Deposit for the FHGB

The minimum deposit required for the FHGB is 5%, but Participating Lenders may require a higher percentage deposit based on individual financial circumstances. A written history of your savings towards the home purchase is always a good idea. 

Eligibility:

To apply for the FHBG, home buyers must be:  

  • applying as an individual or two joint applicants  
  • an Australian citizen or permanent resident at the time they enter the loan
  • at least 18 years of age
  • earning up to $125,000 for individuals or $200,000 for joint applicants, as shown on the Notice of Assessment (issued by the Australian Taxation Office) 
  • intending to be owner-occupiers of the purchased property 
  • first home buyers or previous homeowners who haven’t owned or jointly owned a real property in Australia (including owning land only) in the past ten years.

To find out more and find a participating lending institution, see the First Home Guarantee page.