Cost of living boost for first home buyers

• Palaszczuk Government backing first time home buyers by doubling grant, as part of a raft of cost of living measures delivered by the government.
• The government is doubling the First Home Owner Grant, taking the total to $30,000 for eligible first home buyers.
• This will come into effect from Monday, 20 November.
• This means more Queenslanders have access to a helping hand when entering the property market.

The Palaszczuk Government is backing first home buyers, through increases to the First Home Owner Grant scheme.

The improved incentive includes doubling the First Home Owner Grant, taking the total to $30,000 for eligible first home purchases.

The $15,000 boost will come into effect for transactions entered into on or after Monday, 20 November.

This increase means Queenslanders will have access to the equal highest First Home Owner Grant in Australia, triple the grants available in New South Wales and Victoria.

It is estimated this doubling of the grant will support around 12,000 buyers to unlock their first home by 30 June 2025, when the boost is set to expire.

The Government will use funds available through the progressive Coal Royalties regime to give back to first homeowners.

Over the last three years, the Palaszczuk Government has supported more than 24,000 households into their first home through $365 million in grants.

Between 2016 and 2021, rates of home ownership in Queensland increased from 62.2 per cent to 63.5 per cent.

Quotes attributable to the Premier

“I know how much cost of living is impacting Queenslanders, especially first home buyers.

“Our government is committed to easing these pressures by delivering the largest cost of living relief package anywhere in the nation.

“I want to see home ownership rates continue to rise, which is why our government is stepping up to lend a helping hand.

“The existing first home owner grant has been very successful, which is why our government is doubling the grant program - meaning eligible first home buyers will receive $30,000 cashback.

“I hope this puts the dream of owning a first home within reach of more Queenslanders.

“We can only do this because we’re making sure coal companies pay their fair share.”

Quotes attributable to the Treasurer:

“With evidence that there is some capacity emerging in housing construction, now is the time to get more Queenslanders into their own home.

“Queensland’s strong budget position gives us the flexibility to adapt to changing conditions like this, by reinvesting the proceeds from progressive coal royalties.

“Getting more Queenslanders into their own home is something the LNP could not do, because they would hand these progressive royalties back to coal companies, royalties that are helping to pay for this increase to the First Home Owners Grant.”

Quotes attributable to the Minister for Housing:

“All Queenslanders should have a place to call home.

“Helping first home buyers is just one of the many ways our government is responding to national housing pressures.

“We are delivering thousands and thousands of homes as part of our Big Housing Build.

“More than 200,000 forms of housing assistance were provided to Queenslanders last financial year alone.

“We hope this helps put home ownership in reach for young Queenslanders.” 

FURTHER INFORMATION:

Palaszczuk Government’s housing action:

• Investing an historic $5 billion into social and affordable housing
• This includes $1.25 billion over five years for social housing supply and homelessness support
• Our $70 million Build-to-Rent Pilot Project has approved three developments which will deliver 1200 apartments to the rental market, including up to 490 at discounted rent
• Further investment to unlock land supply for the private housing market includes the $171.2 million Catalyst Infrastructure Fund and the $50 million Growth Acceleration Fund
• $455.3 million to expand government employee housing
• And a further $64.3 million to purchase and lease more emergency accommodation in Brisbane’s inner city.
• The only plan the LNP has for Queensland housing is to partner with the non-for-profit sector, similar to 2012 when the LNP then committed to sell off 90 per cent of the State’s social housing.

First Home Owner Grant regional breakdown (July 2015 – April 2023):

• Over 9,425 grants worth $161 million paid to home buyers to help them buy their first home in Brisbane and Redlands.
• Over 1,397 grants worth $23.6 million paid to home buyers to help them buy their first home in Central Queensland. 
• Over 2,454 grants worth $41.1 million paid to home buyers to help them buy their first home in Far North Queensland.
• Over 5,092 grants worth $88.6 million paid to home buyers to help them buy their first home on the Gold Coast.
• Over 6,305 grants worth $107.3 million paid to home buyers to help them buy their first home in Ipswich. 
• Over 6,783 grants worth $112.8 million paid to home buyers to help them buy their first home in Logan.
• Over 6,849 grants worth $115.3 million paid to home buyers to help them buy their first home in Moreton Bay.
• Over 5,016 grants worth $85.2 million paid to home buyers to help them buy their first home on the Sunshine Coast.
• Over 2,403 grants worth $40.5 million paid to home buyers to help them buy their first home in Townsville.
• Over 2,546 grants worth $43.2 million paid to home buyers to help them buy their first home in the Wide Bay.

First Home Owner Grant Eligibility

You must be buying or building a new home valued less than $750,000 (including land and any contract variations). You must be 18 years or older and this must be the first residential property owned in Australia.

The home:

• must not have been lived in or sold as a place of residence at the time of completion
• could be a

• • house, unit, duplex or townhouse; or a granny flat built on a relative’s land
  • home that has been moved from one site to another (including kit homes or modular homes)
  • home in a manufactured home park
  • substantially renovated home

• must be one of the following eligible transactions

• • new home
  • off-the-plan purchase
  • substantial renovation
  • contract to build
  • owner–builder.

ENDS

Media Contacts: 

Courtney Thompson (Premier's Office) - 0433 585 570

Geoff Breusch (Treasurer's Office) - 0417 272 875

Francis Dela Cruz (Housing Minister's Office) - 0420 592 078